The labor market is much different than it was just a decade ago. Like our everyday lives, access to (and reliance upon) technology has become as routine as access to other basic needs. As a result, any new benefits a business offers needs to fold nicely into our daily habits.
In today’s workplace, innovative solutions are crucial for attracting and retaining top talent. For this reason, benefits like earned wage access (EWA) are gaining traction. They offer a way for employees to get on-demand access to their pay before payday, enabling them to keep up with expenses that are ever-present.
Recently, we had the privilege of speaking with Tommy Comer, CHRO at Commonwealth Senior Living, about his experience implementing an EWA program. He shared the importance of this benefit and the key factors to consider when choosing an EWA provider.
You can rewatch the full webinar here!
Integration is Key
One of the most critical factors in selecting an EWA solution was its ability to integrate seamlessly with existing payroll systems,particularly because operations are built around those legacy systems.
"It had to integrate well with our payroll solution because that certainly wasn't going anywhere. And ours is notorious for being challenging [to integrate with]," said Comer.
This was especially important to Commonwealth’s decentralized payroll teams who might not be able to communicate with the home office immediately. Putting together a seamless integration can be a challenge for providers so prospective buyers would do well to ensure all systems can be worked with, noted Comer.
Cost Breakdowns
Another non-negotiable factor was cost.
"It had to be no cost for us. That was kind of a non-starter. But I wanted something that had some option for the employee to have a no cost [transfer]. Tapcheck does have that. And I think that was how I started to narrow it down." - Tommy Comer, CHRO at Commonwealth Senior Living
Ultimately, this benefit is built to help employees. Offering several options with different cost breakdowns can ensure all users can find the on-demand pay support they need.
Speed of Implementation
The speed of implementation can make or break a new initiative.
“Although earned wage access might be less than othersoftware initiatives, It’s still an implementation. I was impressed by how quickly they were able to get it up and running, even if it wasn’t as big of arollout as other strategies.”
In a landscape where turnover and hiring is happening everyday, each day lost to integration slowdowns can negatively impact the business bottom line. Finding a provider that can help you unpack an EWA solution efficiently is critical.
The Bigger Picture: Why EWA Matters
Beyond these practical considerations that Tommy mentioned,it's important to revisit why EWA is becoming increasingly vital in the modern workplace:
- Financial Wellness: By providing employees access to their earned wages before payday, EWA helps reduce financial stress and promotes overall well-being.
- Recruitment and Retention: In a competitive job market, offering EWA can be a significant differentiator, helping to attract and retain top talent.
- Productivity Boost: Employees who are less stressed about their finances are often more focused and productive at work.
- Reduced Absenteeism: Access to earned wages can help employees handle unexpected expenses without missing work due to financial emergencies.
- Improved Employee Satisfaction: Showing that you care about your employees' financial well-being can significantly enhance job satisfaction and loyalty.
Wrapping Up
As Tommy summed up, "[Tapcheck] checked a lot of boxes." When considering an EWA solution, it's crucial to look for a provider that offers seamless integration, flexible cost options, and quick implementation.
Tapcheck's ability to meet these criteria, coupled with the broader benefits of EWA, makes it a compelling choice for companies looking to enhance their employee benefits package.
By prioritizing your employees' financial wellness through solutions like EWA, you're not just offering a perk – you're investing in the overall health and success of your organization.
