Branch Messenger has launched the Branch Pay feature, a technology directly connected to an employee’s schedule that is designed to give hourly workers instant access to earnings after each shift.
The Branch technology will allow workers to tap into wages at a cadence dictated by the number of hours worked in a given pay period. Requiring no integration with a retailer’s existing payroll system, the employee can opt into Branch Pay after downloading the Branch application and connecting it to their bank account.
The AI-enabled technology is designed to help enterprises attract and retain talent, at a time when employee turnover can cost U.S. companies more than $160 billion per year. For the employee, it is designed to provide financial freedom and flexibility against the two-week pay period, which can add severe financial stress.
As many as 70% of hourly employees had borrowed money from friends and family in the last three months, and more than 75% were incurring hefty overdraft and late fees to help deal with unexpected expenses, according to Branch user data.