Employees Adopt EWA Quickly
Earned wage access is not a hard sell to employees — in fact, it’s one of the best employee benefits a business can offer. While each company’s adoption rate will differ, employees typically jump at the chance to immediately access the money they’ve earned rather than wait for a traditional pay cycle.
Demand For EWA
If a business doesn’t offer EWA, it might have questions about whether there is a real demand.
Companies report that signups can range from 30 percent in the first month to up to 80 percent rather quickly once the program starts.
What businesses find is that EWA is very appealing to workers because it’s an employee financial wellness benefit that makes a meaningful difference in their lives. It’s so impactful, it’s one of the best company benefits for employees.
Employee Benefits of EWA
EWA is one of the best employee benefits because it helps employees manage their finances better. If employees have emergency expenses, they can access their earnings for a small fee to help. But that’s not all EWA can do for them. Employees have said they can manage their monthly expenses better with EWA, too.
That financial lift comes after employers learn about the struggles of their employees. Often employers do not realize their employees have severe financial problems or are looking to their employers for financial wellness benefits.
Business Benefits of EWA
EWA doesn’t only work for employees. It helps with recruitment and retention efforts too. Employees quickly sign up for EWA and tell others about their positive experiences. It helps differentiate businesses from competitors and those looking to hire in tight labor pools. And once employees use it, it can be hard for them to go to another job that doesn’t use EWA. The fact that it benefits both businesses and employees makes it one of the best company benefits for employees.
Most importantly, employees with less financial stress are more likely to be engaged in their work. Employees using EWA are better able to plan their finances and leverage them to control their financial situation. It is no surprise it doesn’t take long for employee adoption rates to increase because EWA is one of the best employee benefits for them.