Earned wage access has become a must-have benefit for hourly-wage Americans. 83% of workers want on-demand access to pay, and 81% are willing to leave a job to find a benefits package that includes it.
And it’s not for trivial reasons – more than 75% of Americans are living paycheck-to-paycheck. Missed payments, late fees, and credit card debt loom over household budgets. Financial stress is a serious concern amongst American workers, and that’s had a serious impact on business performance over the last few years.
Earned wage access isn’t panacea. It can’t solve financial problems overnight, nor will it suddenly triple your team’s productivity. But it’s a low-effort, high-impact way for businesses to instill trust in your employees that they can take control of payday as they need it.
Plus, even modest retention gains from an EWA offering can turn into thousands of dollars saved for the business. Explore below how these business leaders have used EWA to improve their employee experience and found bottom-line gains at the other end.
Jiffy Lube Franchise Sees Results with EWA
While it might not immediately spring to mind, auto technicians are one of highest-churning employee segments in the country. Almost half of service techs will change jobs or leave the industry in a given year.
A Jiffy Lube franchise saw an opportunity to step in. By offering EWA, they brought a benefit that was no-cost to the business while providing some economic stability for their staff. That helped metrics downstream, like retention, productivity, and engagement.
Taco Bell Helps Local Employees with Payday Control
Fast-food is where millions of Americans get their start. 3.2 million Americans worked in fast-food in 2023, and many – if not most – will leave in short order. With 90-day retention rates hovering above 50% and annual rates north of 100%, turnover and staffing are a constant strain on quick-serve restaurants (QSRs).
Taco Bell franchises aren’t immune to the industry trends. But Cathy Remedies, the Director of Operations for an 11-location franchisor, saw EWA as a way to differentiate their hiring package and entice their team to stick around, even just for a bit.
Skilled Nursing Leader Sees EWA Need Across Incomes
Senior living and home health care are among the highest-turnover sectors of the healthcare industry. Workers are often just starting in the industry, building hours for a credential, or working a second job. Almost 80% of staff in home health will churn each year, putting agencies and healthcare facilities in a constant scramble to find talent.
Vered Healthcare is a senior living facility in Florida and in a constant battle with staffing agencies to entice and hire employees. To keep up with agencies that offer daily payroll or to differentiate from those that don’t, the team at Vered sought to add EWA to their mix.
Planet Fitness Leaders Found 'Easy EWA' with Tapcheck
Gyms are a particularly challenging place to staff. Many are open 24 hours a day, and each requires dozens of people with varied skill sets to keep it moving. Trainers, front desk staff, cleaners, maintenance – it takes a mini army.
And similar to other industries, many of these staff live paycheck-to-paycheck. On-demand access to pay gave the Gym Management Services team, a Planet Fitness franchise, a secret weapon in the employee engagement and retention game. But the best part? Adding this high-impact benefit was no cost and no sweat.
Business leaders throughout the country and across industries are finding that EWA is an easy, impactful way to foster financial stability and flexibility in their staff.
By providing on-demand access to pay, they’re empowering their teams to get gas, pay bills, buy groceries – taking control of payday.
Interested in learning more about how Tapcheck can improve your employee's financial well being? Request a Demo.
