SALT LAKE CITY--(BUSINESS WIRE)--Nearly seven in 10 (68%) U.S. workers live paycheck-to-paycheck, according to a new report launched today from Everee and Checkr. The 2022 State of the Worker Report, which set out to uncover U.S. workers’ financial health and the perceptions of background checks and hiring processes, found a few factors that contribute to the financial instability of today’s workers.
The report found that 64% of workers are stressed about their finances and 68% live paycheck-to-paycheck, including a third of workers who make over $100,000 per year, indicating that pay cycles aren't matching workers' needs. Furthermore, 54% of workers have to wait at least two weeks to get paid when 79% want to be paid within a week.
"Due to several factors, including the pandemic and rising inflation, many workers are struggling financially," says Everee CEO Brett Barlow. "When they’re forced to wait two weeks to receive money they’ve earned, it adds to the stress. At the same time, it’s harder than ever to hire. Businesses that implement faster pay strategies will support the financial health of their workers and stand out during the hiring process.”
The U.S. labor shortage presents an opportunity for businesses to understand what’s driving employees to leave the workforce. While the 2022 State of the Worker Report reveals pay was the most important factor when choosing where to work, a lack of opportunity, limited benefits and a slow hiring process were major deterrents for workers as well.
"Employers often don't think about the background check as a point of friction in their hiring process. In fact, many companies are constricting their talent pool without the right technology. In the current hiring environment, employers need to onboard seamless and integrated background check technology that reduces bias and moves qualified candidates through the funnel quickly," says Checkr CPO Denise Hemke. "Candidates have a lot of choice, so businesses need to move fast. And there are modern solutions out there that help companies build a candidate-centered experience into their workflow."
The report found organizations still have a long way to go when it comes to building a truly equitable operation. Just slightly more than half of workers (52%) are confident their employers are unbiased.
Other report findings include:
- 71% of people under 35 live paycheck to paycheck and 65% of people over 35
- 1 in 3 workers has experienced a financial crisis that’s led to missing work
- 72% workers don’t know why the 2-week pay cycle exists
- 20% of workers plan to stay at their job less than a year
- 20% of workers have removed themselves from a job opportunity because the background check process took too long
- 81% of workers want a chance to explain their background check if it’s not clear
Read the full report at everee.com/stateofworker.
About Everee
Everee is a workforce payments platform that makes it simple to pay people as often as daily, a benefit workers love. With Everee’s full-service HR and payroll platform, businesses can manage, schedule and pay hourly workers all from a mobile app. Our technology solutions, including an API and embeddable components, streamline how companies pay 1099 and W-2 workers at scale. With Everee Credit, employers can pay workers faster without cash flow challenges. Learn more: https://www.everee.com/
About Checkr
Checkr's mission is to build a fairer future by designing technology to create opportunities for all. Established in 2014 and valued at $4.6 billion, Checkr builds people infrastructure for the future of work. We believe all candidates, regardless of who they are, should have a fair chance to work. That's why we've designed a faster—and more fair—way to screen job seekers. Many of the fastest-growing businesses in the world use Checkr's technology to easily initiate and review background checks. Our customers include Lyft, Instacart, Netflix, Adecco, Airbnb, Drift, Coinbase and more than tens of thousands of customers from SMBs to Fortune 500 employers. Join us in the effort to promote fair chance at checkr.com and on LinkedIn, Facebook, and Twitter.
