What is Financial Flexibility and Why Does it Matter to K-12?
Since the launch of the Wagestream partnership, which is available to K-12 districts who use Frontline Absence Management, we’ve been talking a lot about financial flexibility. But what does that really mean and why is this absolutely critical for K-12 school districts?
Our lives are becoming increasingly flexible with the growing popularity of on-demand products and streaming services. If you really want to, you can order same day delivery for just about anything these days. Booking appointments can even happen with the click of a button. However, when it comes to the way many of us get paid, it’s still quite old school. When you consider how district staff gets paid, in particular substitutes, it can sometimes be months before they receive a paycheck. By offering substitutes flexible access to their pay when they want it, as they earn in, your district can increase fill rates, foster financial wellbeing, and minimize stress.
Wagestream Fast Facts:
Financial Flexibility in School Districts
There are federal and state funding limitations that cause the timing of pay to be a very real detractor for individuals who would otherwise be interested in subbing at a district. Financial flexibility is the notion that with the right, sophisticated, user-friendly technology, pay at a school district could become on-demand with very little lift from the district or its employees.
Financial flexibility at a school district is the idea that a substitute, for example, could work a job and then access those earned wages instantly if they needed to. When gas is more expensive than usual, or bill cycles don’t align with pay cycles, district employees wouldn’t have to seek out predatory loans or high interest credit. Instead, they could just have simple, secure access to the money they have already earned.
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We see this a lot in organizations that have front line workers, and it is a powerful benefit for organizations to attract and retain top talent. That’s why Frontline Education is exclusively partnering with Wagestream to bring financial wellbeing to substitutes at districts who use Frontline Absence Management.
Financial wellbeing is when you:
- Have control over day-to-day, month-to-month finances
- Have the capacity to absorb a financial shock
- Are on track to meet your financial goals
- Feel secure about your financial future
- Have the financial freedom to make the choices that allow you to enjoy life
Want to learn more about financial flexibility and Wagestream? Explore this powerful benefit