What’s Happening and How Rellevate Can Help
Today’s economy has often been characterized as a jet airplane trying to navigate a soft landing… Well, one wheel (unemployment) has made runway contact. While the unemployment rate only rose a tenth of a percent, it landed on a sweet spot number that holds significant importance to the Fed’s Central Tendency for a normal, balanced economy. Now they just need to get the other wheels down.
Core Components for the Fed’s Central Tendency for a Normal, Balanced Economy:
- Real GDP growth of 2-3%
- Unemployment at 4%
- Inflation at the 2% target
- Benchmark interest rate between 2.5% and 3%
While last week’s Fed Job Report checked one of these boxes, it also reported that a record 272,000 jobs were added (far outpacing economists’ expectation of 180,000 jobs), thereby tightening the labor market further and making hiring/retaining workers an increasingly difficult challenge for businesses
“Employers in a tight labor market have to do extraordinary things; they have to cast a wider net, they have to actively recruit non-traditional candidates, they have to offer more attractive job conditions, more flexibility, to employees”
-Julia Pollak, Chief Economist, ZipRecruiter
Rellevate’s On-Demand Pay Platform Is A Turnkey Solution For Attracting And Retaining Employees
On-Demand Pay (or Earned Wage Access) is one of the best and easiest ways to hire and retain your best workers, with Rellevate leading the charge in EWA/On-Demand Pay innovation
The number of Employers now offering this benefit has exploded from 5% in 2021 to over 50% today with thousands of companies now offering early Pay Day solutions (including Walmart, McDonald’s, Dollar Tree, Kroger, Hilton, Target, and Uber) and billions of dollars in payroll being advanced
Rellevate’s EWA solution (Pay Any-Day) helps cash-strapped workers by giving them the ability to receive a portion of their wages whenever they need, thereby allowing them better cash controls, money management and overall savings tools
