Earned wage access benefits have become a hiring and retention hack for leaders in the quick-serve restaurant industry. Competing with gig work apps like DoorDash and Uber Eats, plus the transitory nature of shift work, has left franchise leaders looking for any edge they can find to hire and keep their staff.
There remains some hesitation from business owners to add a benefit like EWA. Anything that requires extra resources in installation or upkeep is going to be a tough sell. And as for the benefit itself – what if employees don’t use it? What if they abuse it? The list of reasons why not feels compelling, at least until you hear from leaders who’ve actually brought the benefit to their employees. It’s much easier to set up, and much more impactful to their teams, than you might think.
Hear directly from Traci Larson, Human Resources Director for Iron Arch Management, an 18-location McDonald’s franchise, on the power and ease of EWA.
Investing in Your Team with EWA
Sometimes, the key to keeping employees is just demonstrating that you care for their long-term success and well-being. While instant pay access won’t be the only thing that keeps your crew members happy, it’s a genuine symbol that as a leader, you’re aware of what they need.
Protecting Your Team from Poor Alternatives
The reality is, if an employee needs quick access to cash to make a payment, buy groceries, or get gas, they’re going to find a way. But many of those avenues can lead to dark financial corners – deepening debt, unbreakable loan cycles, and a burdensome feeling that comes from money owed back to others. By offering EWA, you can break those cycles by giving your team access to their own money whenever they need it.
EWA Improves Budgeting, Not Discourages It
A common worry from business leaders is that if they grant instant pay access to their teams, many of them will abuse it to their detriment. But in practice, that’s not the story we see. Generally, employees know what works best for their financial situations and should be empowered to make the right choices. Additionally, Tapcheck provides hundreds of financial wellness resources built right into the app, making financial education a core part of what you offer your teams with EWA.
Getting Set Up is Easier Than You Think
Even if business leaders buy in to the power of EWA on their employees’ financial lives, a tedious or time-consuming process can be a deal-breaker. It’s critical for leaders to ask prospective providers not just about integration and setup, but also about ongoing support and maintenance. Tapcheck provides 250+ integrations as well as hands-on support from onboarding to everyday usage.
Help Teammates Build Better
Not every employee will need to access their paychecks early. But for those who do, it provides a dignified way to take control of payday without accruing debt. For those who don’t intend to transfer wages early, the financial education resources alone provide enough value for leaders to consider adding the benefit. An EWA benefit like Tapcheck can go beyond a hundred dollars before payday – it can help your teams build for a smarter financial future.
Interested in learning more about how Tapcheck can improve your employee's financial well being? Request a Demo.
