The economic crisis caused by the pandemic has resulted in nearly two-thirds of households not earning a living. Moreover, half of them experienced a decline in their income, as indicated by their first study Asufín (Association of Financial Users) regarding the financial situation created with Covid.
Meeting their needs has become an increasingly complex task for many Hispanic families. But this may cease to be a reality thanks to the development of new technologies in business matters, allowing Get paid as soon as you finish your work without having to wait until the last day of the calendar. Although the root of the problem will remain the same, whether due to low wages, instability, excessive timeliness or poor spending, investment and debt decisions, charging early without explanations or without paying crazy interest can help everyone who is in Bad economic situation.
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These services come at a much-needed time as Covid-19 has severely damaged household liquidity. For this reason, these platforms, while not solving structural problems such as low income for Spanish families, allow them to face unexpected events by guaranteeing access to this money in seconds.
The companies that started offering this benefit believe that many workers, especially temporary workers, will make it to the end of the month better if they are offered fast and discreet collection every working day. They just have to order it with a single click and pay a fee through the mobile application.
As indicated in Article 29.1 of the Labor Law, a worker is entitled to a free advanceBut the procedures are longer and more complex and the beneficiaries either ask their superiors for explanations or feel obligated to give them access to their own.
The spread of this type of Startups In Spain over the past year, this is partly due to the success of fundraising for other similar companies, particularly in the UK and US.
WagestreamOne of these platforms of British origin that landed in Spain at the beginning of July. With Wagestream you just have to submit three euro As a fixed amount in each required transfer. At the end of the pay period, any part of the salary that has not yet been used will be charged as usual. Thus, it is not an interest-free loan.
Saving is another advantage offered by this new technology, as part of the salary can be managed in a parallel account or even monitor daily earnings, as well as taking away the stress of the monthly payroll cycle. At the touch of a button, you can view and approve wages accrued and submitted by your employer. Therefore, in the long run, the goal of this application is to improve the financial situation with which the process begins.
On the other hand, one of the new aspects of this platform is “Coach”. It is a product that allows the workers themselves advice and training on their capital. Based on the personal test, which evaluates the indicator of financial health, the level of liquidity and debt, some service providers are created that will help improve your financial situation through specific and simple tricks and tools.
The concept behind this initiative, Financial health is still an unknown thing in our country. However, their numbers support its importance: 77% of workers feel less stressed as a result of using their services, 43% were not forced to apply for a loan and 38% said they avoided getting into debt.
In order for an employee to access this service, it is necessary that both the company and the payroll provider are integrated into Wagestream. Thus salary in real time becomes a social benefit provided by companies to help their employees improve their financial health صحته
There are already many companies that have joined this process of economic and commercial revitalization. Currently, there are more than 300 that provide these services to their workers. Burger King, Adecco Group, Bupa, or Hilton are just four examples of this. The list of names is growing, since not only employees experience an improvement in their quality of life, but also the entrepreneurs themselves will get the best results, as the feeling of belonging to the staff and motivation will increase.