Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
But it just sets it for you, so you don't have to think about it.
is that separate from their salary it depends it really depends some will do it as a incentive so for example with the momentum on up plan you're doing it out of your own paycheck so there's no bonus necessarily but then when you have deposited for a given amount of time where you hit a certain threshold employers are then giving you a bonus like when you open a new checking account at a bank and you get that hundred dollars you know six months later or whatever
Kind of the same idea for being in the program for following through on it.
They might kick in a little bit or some really progressive employers might go ahead and do, you know, a one to three percent match similar to what you would see in a retirement account just to keep people going with it.
There are other incentives.
Some employers have rewards programs where you can get, you know, gift cards or different things if you enroll in the program, which that's also happened with health benefits where they might cut you a discount on a Fitbit or something.
Just to get you into the program.
There's a lot of experimentation that's going on generally, and there's no set standard.
So, I mean, it can even be a conversation that you have with your HR department if your employer doesn't have something like this just to talk about it.
Similarly, if you have younger employees that are opting out of the retirement plan because they're staring down student loan debt, you know, you have to you have to think about that tradeoff.
You're offering the 401k, obviously, to help them in the future.
And they're working for that money.
And so it's it's really problematic if they feel like they can't participate in those programs because they have this other issue.
So there are two basically two types of apps.
The first one is set up by your employer, and you can download it through them, like through your HR department.
Your pay information is in there, what you're getting paid, where the direct deposit goes.
And then if you need a loan or you have to move money around, you can take out what you've earned up to that point within a pay period, or you can pay bills using what you've earned up to that point.
And then when you get your regular direct deposit, it'll just be short that amount.
That can just help people smooth out the cash flow issue.
There is another app called EarnIn.
Showing 141–160 of 178 · page 8 of 9
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