Forward-thinking organizations have discovered a secret weapon to boost morale, productivity, recruitment, retention — and employee financial wellness. For many employers who value the well-being of their workforce, earned wage access (EWA) has become a cornerstone of their benefits offering. And with Express Wages, this solution costs them nothing.
EWA lets your employees access wages as they’re earned, without having to wait for the next scheduled payday — and without requiring a payday advance. Let’s say your paychecks are distributed on the 1st and 15th of each month — on the 15th, a worker gets paid for days 1-15. With EWA, that employee could access unpaid wages for the time they’ve already worked at any point in the pay cycle. So if their car breaks down on the 7th, they can access the money earned during the first week of the pay period to foot the repair bill.
Access to earned wages can help your workers avoid depleting their savings, raiding their 401(k) or taking out a high-interest, predatory payday loan. And companies enjoy a less financially strained worker who can be more productive on the job — and less likely to miss work due to a financial emergency or stress-related health condition. But benefits for employers don’t stop there.
Become a Talent Magnet
When asked, more than three-fourths of workers surveyed by ADP said they thought it was important for employers to offer EWA, so it’s not surprising that 93% of employers that have implemented EWA said it helped them recruit and retain staff. Competing for talent is the norm now, so offering EWA can give you an edge over your competitors that don’t. It can also help you keep your best employees longer — workers are less likely to leave a job with EWA for one that does not offer this valuable benefit.
Fast, Free Morale Booster
EWA is a financial lifeline that can boost employee satisfaction, especially for financially stressed employees. It also lets them know that your organization values and cares about them — and is actively seeking ways to alleviate their financial anxiety and build a more supportive corporate culture. While EWA providers have different policies, Express Wages does not charge any fees to employers, allowing you to provide this in-demand employee benefit without increasing payroll costs.
Express Wages: A Financial Wellness Advantage
Fewer than half of Americans — 44% — said in a recent Bankrate survey that they can cover an unexpected $1,000 expense, an amount that wouldn’t pay for a serious auto transmission repair or one night in a hospital. And if you think that higher wage earners aren’t under serious financial pressure, think again. Of those making over $100,000 per year, more than 60% report they’re living paycheck to paycheck, according to a December 2023 LendingClub report. Moreover, a Federal Reserve Bank of Philadelphia survey shows that, as of April 2024, 63.4% of workers earning more than $150,000 or more say they can’t pay some or any of their bills.
EWA can help employees of all income levels cover unexpected expenses. But that’s where most programs stop. Express Wages also provides financial education and advice to help workers increase their financial wellness across many areas, including budgeting, debt management, investing and retirement planning.
Unlock Employee Potential and Productivity
When employees are distracted and worried about a stack of bills on the kitchen counter, they’re not fully focused on their work. EWA gives them the financial flexibility they want and need to feel more secure — and remain more engaged on the job.
Lift up Your Workforce
When implemented through Express Wages, EWA provides a valuable benefit to employees and employers — all at no cost to the organization. If you’re looking for an easy and effective way to boost morale, recruit and retain top talent, improve your company culture and elevate the financial wellness of your workforce, Express Wages has tools that can set you apart.
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