Competition for the most talented employees is fierce in today’s job market. As organizations compete for highly skilled and engaged workers, offering innovative benefits has become more important. One innovative benefit that has gained significant traction in recruitment and retention in recent years is earned wage access, or EWA, which gives employees early, on-demand access to their wages before payday.
RECRUITMENT ADVANTAGES
Offering earned wage access as a part of your employee benefits package offers recruitment advantages that you need in this competitive job market. Some of the recruitment advantages that accompany on-demand access to earned wages include the following:
- It distinguishes your company as one that sees and responds to its employees’ needs – physical, mental, and even financial
- it sets you apart from your competitors and, in many cases, might be the perk that helps a candidate choose between two otherwise comparable offers
- it contributes to your employer branding and word-of-mouth advertising as employees share their experience with friends and family members
- it helps you appeal to younger workers, who are looking for benefits that offer work-life balance, flexibility, and care for the whole person
Employers offering access to earned wages receive two times more applicants per requisition than those without. Offering EWA is a great way to stand out in a challenging climate.
RETENTION BENEFITS
EWA goes above and beyond bolstering your recruitment efforts to retain existing talent. Employees with on-demand access to their earned wages experience less financial worry and stress, improved financial stability, better job satisfaction, and increased engagement and loyalty. Employees who offer earned wage access achieve an average of 29% reduction in turnover.
THE FUTURE OF EWA
The future of Earned Wage Access looks promising. As more employers recognize this benefit’s value, we expect to see a continued increase in its adoption across organizations and industries. As EWA becomes a standard benefit, employees not offering early access to wages will feel the greatest impact.
Additionally, we expect continued integration between major payroll providers and benefit providers, making it easier for employers to implement these (and other) new benefits. Finally, we anticipate leading EWA providers like ZayZoon to continue expanding their financial wellness offerings, empowering employees to achieve financial independence and reach their long-term goals.
Offering EWA Benefits
Offering EWA benefits can give companies a significant edge in recruiting and retaining employees. Addressing financial stress and demonstrating care for employees’ well-being can foster a positive work environment that attracts and retains top talent.
Today, organizations that offer Earned Wage Access rise above their competitors in demonstrating their commitment to all aspects of employee well-being. Still, employees will come to expect EWA benefits as part of any standard benefits package tomorrow.
Whether you’re hoping to rise above the competition or meet employee expectations in the future, the next step is adopting and offering on-demand access to earned wages. ASAP Payroll can help you leverage the ZayZoon platform. Get started today!
