A Franchisee Looks for Some Help

Stonebriar Auto Services, operating 64 Jiffy Lube locations across the United States, recently implemented an innovative on-demand pay solution that's changing the game for their 460 employees. This no-cost, integrated benefit is proving to be a win-win for both the company and its workforce.

The Challenge

Like many businesses in the auto services industry, Stonebriar faced two significant challenges:

1. Employees needing access to wages were relying on expensive check-cashing services
2. Financial stress among employees compounded due to the traditional biweekly pay cycle

Fast Fact: Half of Americans say that financial stress impacts their mental health, a trend that shows up across all age groups and demographics

The Solution

To address these issues, Stonebriar partnered with Tapcheck to offer on-demand pay. This solution allows employees to access their earned wages before payday, providing financial flexibility and reducing stress.

Key Benefits:

1. No cost to the employer
2. Full integration with existing payroll system (isolved)
3. Easy implementation and management
4. Potential for improved employee retention

78% of employees with high financial stress say it impacts them at work

Implementation and Adoption

Alan Barrington, head of HR at Stonebriar, was initially cautious about implementing a new benefit. However, Tapcheck's seamless integration with their payroll system made the process surprisingly smooth.

"This benefit is hands-off, it helps the employee, it's fully integrated, and it doesn't cost the company. It's a no-brainer for us," said Barrington.

The results have been impressive:

• 30% of employees use the service every or every other pay period
• $1.1 million in transfers funded to employees in less than a year
• Early impact on employee retention and hiring

Real-World Impact

The Stonebriar team found that employees are using on-demand pay for several key things:

• Meeting regular expenses that don't align with the pay cycle (e.g., rent, car payments)
• Covering unexpected costs like dental emergencies
• Avoiding predatory check-cashing services

"Just having Tapcheck as an option has helped a lot of people," said Barrington.  

The Business Case for On-Demand Pay

For Stonebriar, offering on-demand pay has become a powerful tool for:

1. Recruitment: attracting new talent with a valuable, useful benefit
2. Retention: supporting employees and encouraging further growth with the business
3. Financial wellness: empowering employees' financial literacy at no cost to the business

46%: current turnover rate in the auto tech industry

275 million: workdays lost nationally to employee stress

Wrapping Up

The implementation of on-demand pay at Stonebriar Auto Services demonstrates how innovative financial benefits can address real employee needs while also supporting business goals. As the company continues to monitor the impact of this program, early indications suggest it's a valuable addition to their benefits package.

For businesses facing similar challenges with employee financial stress and retention, on-demand pay solutions like Tapcheck may offer a compelling, cost-effective solution worth exploring.