With 64% of Americans living paycheck to paycheck (LendingClub Report), and 62% of Americans reporting finances as their top stresser (ZayZoon Report), the ability to financially empower your employees through extra benefits can be a game-changer for your business.
By offering earned wage access (EWA) to employees, businesses can help financially empower employees and help them avoid asking for an advance or take out a payday loan when they need cash fast, all at no cost to you.
This is an easy-to-set-up, extra benefit that businesses can offer employees that also help attract and retain talent, boost employee engagement, and reduce absenteeism. Keep reading to learn more about how you can help employees when life's unexpected expenses arise with earned wage access.
As businesses continue to face challenges when it comes to employee retention, engagement, and cost-saving methods, staying competitive with your benefits package can be paramount.
Here are some reasons why businesses get started with earned wage access (EWA):