Earned Wage Access Quickly Adopted By Employees
Tapcheck Team
June 03, 2020
Earned wage access is not a hard sell to employees — in fact, it’s one of the best 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 Earned Wage Access (EWA)
If a business doesn’t offer earned wage access, it might have questions about whether there is a real demand.
Companies report that signups can reach up to 80 percent rather quickly once the program starts.
What businesses find is that EWA is very appealing to workers because it’s a financial wellness benefit that makes a meaningful difference in their lives. It’s so impactful, it’s one of the best company benefits for workers.
Employee Benefits of EWA
EWA is one of the best employee benefits because it helps workers manage their finances and monthly expenses better. If employees have emergency expenses, they can access their earnings for a small fee to help.
That financial lift comes after employers learn about the struggles of their staff. 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 personnel. 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 workers 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.
Most importantly, employees with less financial stress are more likely to be engaged in their work. It is no surprise it doesn’t take long for employee adoption rates to increase because EWA is one of the best company benefits for them.
