Thursday, July 20, 2023
Why HR Needs to Consider Earned Wage Access in Employee Benefits Plan
As an HR professional, you want to ensure that your organization is offering the best possible benefits to its employees.
One benefit that is gaining popularity in recent years is Earned Wage Access (EWA). EWA allows employees to access a portion of their earned wages before payday, providing them with financial flexibility and reducing their reliance on high-cost alternatives like payday loans.
Here's why HR needs to consider EWA or flexible payroll as part of their employee benefits plan:
1. Improved Financial Wellness
Many employees live paycheck to paycheck, making it challenging to manage unexpected expenses or emergencies. EWA provides them with an opportunity to access their earned wages before payday, giving them greater financial flexibility and control over their finances. This benefit can help alleviate the financial stress that employees may experience, leading to improved financial wellness and better performance at work.
2. Reduced Financial Stress
Financial stress can be a significant source of anxiety for employees, leading to decreased productivity and increased absenteeism. EWA can help reduce this stress by providing employees with access to a portion of their earned wages when they need it. By offering this benefit, HR can help employees feel more secure in their financial situation, leading to increased job satisfaction and engagement.
3. Increased Employee Retention
By offering EWA, HR can show employees that they care about their financial well-being. This financial benefit can help increase employee loyalty and retention, leading to a more stable workforce and reduced turnover costs for the organization. In a competitive job market, offering unique benefits like EWA can help set an organization apart and attract top talent.
Let’s improve your employee benefits today!
EWA is a simple and effective way to improve employee benefits and help employees achieve greater financial security. If you're looking for an affordable and impactful way to enhance your organization's benefits package, consider adding EWA to your employee benefits plan.
Paywatch offers a comprehensive EWA solution that can be easily integrated into your existing payroll system. Contact us today to learn more!