Empeon, the enterprise-grade Human Capital Management (HCM) platform for health systems, is partnering with Tapcheck, a prominent and award-winning provider of financial wellness solutions, to provide on-demand, same-day pay offerings to Empeon customers of all sizes, from SMBs to Enterprise. Empeon anticipates this partnership will provide financial flexibility for countless employees nationwide.
More than 60% of American workers live paycheck-to-paycheck, and 40% of Americans cannot cover a $400 emergency expense. The partnership aims to reduce employee stress and improve quality of life by increasing access to wages. Studies show that on-demand pay employee wellness benefits, also known as Earned Wage Access (EWA), substantially alleviate financial stress for employees and contribute to making every Tapcheck employer an “Employer of Choice.”
“Many healthcare workers face overwhelming stress to make ends meet. Waiting two weeks for a paycheck can be a considerable financial hardship,” said Morris Isaacson, executive vice president of marketing and sales at Empeon. “Tapcheck opens up a new way for our customers to think about payday. We strongly believe this level of flexibility and autonomy is invaluable for today’s workforce.”
Tapcheck’s Earned Wage Access solution is a free product for employers that helps attract and retain talent in a competitive job market, resulting in a significant bottom-line impact on the business. Almost 90% of employees say they would work longer for an organization that offered this benefit. Companies that provide EWA saw a 50% reduction in turnover and a 49% increase in employee productivity. Tapcheck’s EWA program shows industry-leading engagement and impact, contributing to positive business and employee financial wellness outcomes.
Empeon’s platform is a comprehensive all-in-one HCM solution with features including onboarding, HR, time and benefits management, payroll, and scheduling. Tapcheck integrates seamlessly into Empeon’s software to automate the on-demand payment process, allowing companies to offer the benefit without increasing HR workloads.
“Employees deserve control over their earnings, something that Tapcheck enables for hundreds of thousands of American workers, particularly within the healthcare industry,” said Ron Gaver, Tapcheck’s CEO. “Providing on-demand pay allows people to cover bills and financial emergencies without taking out a high-interest, predatory payday loan or incurring bank fees. By partnering with Empeon, a company that puts employees first, we further advance our mission to provide these critical benefits to millions of Americans.”
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