High is a social enterprise fintech that enables companies to free up working capital with their payroll funds. This means that businesses can now access affordable funds to grow or optimize their finances without borrowing.
At the same time, Hi allows employees free and flexible access to their earned pay whenever they wish. This increases their financial resilience by balancing their cash flow and eliminating the monthly payday celebration-and-hunger cycle. As an employee benefit, it can help your organization attract and retain the best talent and increase attendance, retention and productivity.
Can access to real-time payments help with the cost of living?
Absolutely. From energy bills to gas pump prices, from groceries and council taxes to mobile phone and broadband connectivity, households are experiencing huge increases in spending.
As a result, people are relying on credit cards, pay-day loans, and buy-now-pay-letter financing programs, and are waiting for pay-outs later that month.
Monthly pay became popular for a number of reasons: greater cash flow forecasting, reduced administration, lower costs, and later digital payroll skills. But all of these benefits are for the employer, not the employee. And the monthly salary check is so ingrained in our lives that we no longer question it.
But people should be able to dispose of their money freely and pay when they want it.
It improves financial well-being, including access to daily, weekly or monthly salaries based on employee discretion. This reduces the need for short-term loans, allowing people to have more control over cash flow. Employees can also access real-time pay updates, which helps them budget.
Wages In the light of an employee’s fate and the crisis of life, isn’t it time to drop the idea of a monthly pay-slip?
What are the benefits to employers of giving employees real-time access to their pay?
Benefits are a key differentiator for employers. Taking care of employees’ financial and spiritual well-being, changing employee pay or providing other benefits, is important for attracting and retaining talent.
Access to real-time pay can be a big draw in terms of employee benefits, as 61% of employees find instant access to their earned wages attractive.
In addition, 94% of employees are concerned about money and 77% say it interferes with their jobs. More frequent payments to employees have the potential to attract and retain talent, increase employee well-being, increase productivity, and reduce absences.
High not only helps companies attract and retain talent, but also helps companies free up cost-effective capital by providing payroll funding, a High First. This opens up a new source of working capital for companies to use to optimize cash flow without gaining a balance sheet. So it is a win-win situation for workers and employers.
What’s next for hi?
At Hi we have big ambitions. After partnering with MasterCard to launch our Salary Access Card and recently joining the prestigious Start Path Engagement Program, we want to grow our business worldwide.
Our Series A Funding Round will allow us to continue to develop our products and services and expand into the next phase of our growth plan to expand to the United States, Europe and Asia.