Time is an important factor for workers and can often mean the difference between paying a bill on time, taking out a payday loan or being hit with a late fee. According to the Financial Health Network (CFSI), financially underserved Americans pay $173 billion each year for alternative financial services. It's About Time follows the stories of several American workers living paycheck-to-paycheck, and how the rigid batch payroll system has inflicted hardship and financial stress.
By ignoring pay timing as a variable, vulnerable workers get exploited and monetized by the financial system, said Safwan Shah, PayActiv founder and CEO. It's About Time is meant to shine a light on the colossal cost of waiting to get paid and how our heroic partner businesses are bringing financial security, dignity and savings to their workforce.
Featuring commentary from CEOs, academic researchers, financial health experts and employees, the film is intended to highlight issues with the rigid batch payroll process, and the importance of pay timing. In addition to providing an inside look at the employee benefits of receiving timely access to wages, the documentary also demonstrates the measurable business benefits for employers, such as increased productivity and reduced turnover.
I first heard Safwan speak at the Conscious Capitalism CEO Summit last fall, where I watched him wake up a room filled with CEOs and Presidents who had all missed this immense blind spot, said Corey Blake, Founder and CEO of Round Table Companies, and the publisher of Conscious Capitalism Press. Millions of people suffer at the hands of timing of pay, and I am immensely proud to have worked with Safwan to bring this documentary to fruition.
The documentary launches on the heels of Safwan Shah's recent book release, also titled It's About TIME How businesses can save the world (one worker at a time), which shares a look at how workers came to be paid in this country, how an industry of predatory practices has resulted in massive financial stress, how lower-income workers are excluded from our financial system, and the role pay timing plays in American society.
To view the film, visit ItsAboutTimeTheFilm.com. For each person that shares the video on their social channels, PayActiv will contribute $5 towards a financial wellness fund to help paycheck-to-paycheck workers*. For real-time updates on local screenings and showtimes, follow PayActiv on Twitter and Facebook.
The release of the documentary follows a year of tremendous growth for the company, including processing more than $1 billion in earned wage access for workers nationwide during 2018. PayActiv is helping users save millions of dollars in overdraft and late fees as well as avoid high-interest payday loans and better manage their finances. In addition to providing timely access to earned wages, the PayActiv holistic solution includes features like electronic bill pay, budgeting & savings tool, financial literacy & counseling, discounts and access to Uber & Amazon without a need for a debit or credit card.