How Employers Can Help
Employee Purchasing Programs
Low-interest Installment Loans
Likewise, employers aren’t liable for repayments, so these programs can help give employees much-needed cash without any financial risk for the employer.
However, it’s important to have a fully detailed policy before allowing employees to receive a payroll advance. Considerations regarding what happens if the employee quits before making up that time, how frequently requests can be made and how far in advance payments can be received are all important aspects to outline in your policy.
At the end of the day, any effort to help employees avoid financially stressful situations can improve their health and the health of your business.