As the open enrollment season approaches, employers are presented with a unique opportunity to reassess and enhance their benefits offerings. While traditional benefits like health insurance and retirement plans aren't going anywhere, forward-thinking companies are always looking for ways to offer employees more.
With financial stress levels pushing ever higher, workers are keeping an eye out for financial wellness programs and options to address that stress. One such solution that's gaining traction is earned wage access, also known as pay on-demand or early access to pay.
This open enrollment season, proactive employers are bringing earned wage access into the benefits fold. The impact? Seeing engagement levels rise while turnover levels drop.
The Importance of Financial Wellness Benefits
In today's fast-paced world, employees are seeking more than just a paycheck. They're looking for employers who understand and support their overall well-being, which includes their financial health. By offering earned wage access as part of your benefits package, you're not just providing a financial benefit – you're demonstrating a commitment to your employees' financial wellness and peace of mind.
What is Earned Wage Access?
Earned wage access allows employees to access a portion of their earned wages before their scheduled payday. EWA provides employees with greater flexibility and control over their finances, helping them avoid predatory payday loans or late fees on bills.
Why Consider Adding Earned Wage Access During Open Enrollment?
- Enhanced Employee Engagement: When employees feel financially secure, they're more likely to be engaged and productive at work. Earned wage access can alleviate financial stress, allowing your team to focus on their jobs rather than worrying about making ends meet.
- Meeting the Moment: Employees will already be reviewing their benefits plans for changes or upgrades. Building in an EWA benefit during this time ensures it’s top-of-mind for employees that are already examining their benefits.
- Competitive Edge in Recruitment: In a tight labor market, offering unique benefits like pay on demand can set your company apart from competitors. It shows that you're innovative and truly care about your employees' financial well-being.
- Improved Retention: Employees who feel supported by their employer are more likely to stay long-term. A comprehensive benefits package that includes financial wellness options like earned wage access can boost loyalty and reduce turnover.
- Cost-Effective Implementation: Unlike some benefits that can be costly to implement, earned wage access solutions like Tapcheck are often easy to integrate with existing payroll systems and come at no cost to the employer.
Making the Most of Open Enrollment
As you prepare for open enrollment, consider how adding earned wage access to your benefits package could positively impact your workforce. Here are a few steps to get started:
- Learn more about the impacts EWA has on employee engagement and productivity.
- Discuss your options with a Tapcheck representative to learn how easy Tapcheck is to bring to your business.
- Implement the EWA benefit through your payroll and/or timekeeping systems with Tapcheck’s in-house, full-support integration.
- Communicate the new benefit during open enrollment presentations and materials to drive registrations and get the most impact.
Wrapping Up
Open enrollment is more than just a time to renew existing benefits – it's an opportunity to innovate and show your employees that you're invested in their overall well-being. By adding earned wage access to your benefits package, you're not just offering a financial tool; you're providing a pathway to greater financial stability and peace of mind for your workforce.
As you navigate this open enrollment season, consider how pay on demand could transform your benefits offering and contribute to a more engaged, financially secure, and satisfied team. Your employees – and your bottom line – will thank you.
