SAN JOSE, Calif.--(BUSINESS WIRE)--PayActiv, a game-changing financial wellness benefit offered in partnership with employers, has been named as one of Human Resource Executive® magazine’s Top HR Products of 2016.
PayActiv’s solution is unique within the financial wellness and workplace benefit marketplace in that it is offered by employers as a membership program, providing employees with rapid, secure and convenient access to small dollar amounts, as well as free bill pay, bank transfer, budgeting and savings tools. Employees can access earned – but as of yet, unpaid – income up to $500 instantly to address immediate needs without the fear of late fees, overdraft fees, or additional debt.
Human Resource Executive selected PayActiv due to the impact the free-to-employer service provides in increasing employee retention, recruitment and engagement. Financially stressed employees get the peace of mind that the employer really cares for them by solving the root cause of their difficulties.
“We strive to provide the millions of people drowning in fee-debt traps, a ramp into better financial health. Our mission is to get people out of debt through faster access to their earned funds versus predatory loan option, we are the guardrail that an employer can instantly offer to their employees.” said Safwan Shah, CEO and Founder of PayActiv. “Being honored among Human Resource Executive’s best products for 2016, inspires us to carry on our innovations in promoting positive financial behaviors.”
PayActiv’s groundbreaking solutions promote financial wellness to assist the 90 million U.S. workers living paycheck-to-paycheck. With the PayActiv service, employers are presented an opportunity to invest in their most valuable asset – their employees. Not only are employees able to access their earned but currently unpaid income with zero interest rate, they are also able to pay bills, access cash, budget for day to day expenses and start saving. With PayActiv, employers are able to address turnover, accidents and productivity by easing some of the financial stress of their employees.
Human Resources Executive will honor PayActiv and the other winners at an awards luncheon at the HR Tech Conference on October 4th. For more information on the conference, please visit www.HRTechConference.com.
Headquartered in Silicon Valley, PayActiv is a financial technology company that offers a comprehensive suite of turnkey, employment-based financial wellness offerings. As a certified B Corp., the company’s mission is to bring viable alternatives to conventional small dollar and expensive lending products that lead individuals into a downward spiral of indebtedness. For more information, visit www.payactiv.com.