HomeTalent ManagementRewards & BenefitsEmployee BenefitsThe impact of earned wage access on employee financial stability and mental health

The impact of earned wage access on employee financial stability and mental health

  • 2 Min Read

Employees have the flexibility to work whenever they want, and sometimes whenever they want. Being paid in a flexible manner, however, remains a new phenomenon. In this talk, Earnin’s Ratesh Dhir provides an introduction to earned wage access (EWA) – a new option for paying workers

Featured Image

Financial ‘wellness’ is becoming increasingly top of mind for employees and employers alike. With a myriad of options and existing benefits, how do you choose one that makes a true improvement to employees’ lives? Increasingly, forward-thinking employers, from small businesses to Fortune 100’s, are adopting earned wage access (EWA) as part of their benefits offering.

Earned wage access is a service that allows workers to obtain wages that they have earned, but have not yet been paid, prior to the worker’s regularly scheduled payday. With over 50% of employees likely to change jobs for more frequent pay (JD Power Banking and Payments Intelligence Report, March 2022), EWA is critical to recruiting, retention and productivity. Additionally, EWA can provide employees direct positive results, helping them avoid costly payday loans and overdraft fees, while paying bills on time and helping to save money.

In this Lightning Talk, Earnin discuss the steps to implement this powerful financial wellness benefit in your organization (even one the size of Walgreens) in a matter of days – not months.

Takeaways:

  • Learn how significant the demand for earned wages access is becoming.
  • See various ways EWA enhances the workplace for employees and employers.
  • Understand how you can deploy this simple but powerful benefit as a competitive advantage for retention and recruitment.

 

Was this article helpful?

Related Articles

Empowerment analytics: How and why should we measure empowerment?

The simple definition of empowerment is authority and power connected to people. But measuring how people are feeling in relation to empowerment...

  • Ashley T Brundage
  • Sep 22, 2023

Wrong fit, right fit: Addressing the trillion-dollar disengagement conundrum

You don't have to look any further than the estimated $8.8 trillion of lost productivity loss Gallup attributes to disengagement to see that the...

  • André Martin
  • Sep 18, 2023

Elevating employee engagement and productivity in a hybrid workplace 

In a rapidly evolving landscape of work, the role of Human Resources (HR) has never been more pivotal. The questions surrounding employee engagement...

  • HRD Connect
  • Sep 12, 2023

Personalized learning paths: 'Choose your own adventure' L&D to drive resilience, engagement, and profit

When Virtual Assistant Platform, Time Etc, collected employee feedback on what they wanted most from leadership, they found the top answers were...

  • Kimmie Hammett and Adam Hickman
  • Sep 8, 2023

Digital innovations in pre-boarding to boost new-hire retention

Starting a new job is stressful. First, there’s the pressure of meeting new people and remembering names and faces. On top of that, there's...

  • Craig Hamill
  • Sep 5, 2023

The power of virtual onboarding: How to build a loyal and engaged workforce

When organisations face emergent challenges, leaders and teams in business need to rapidly assess the situation, reorient themselves, focus on what...

  • ashish kumar
  • Aug 28, 2023

Separating affective, behavioral, and cognitive components to drive total employee engagement

A quick Google of “employee engagement” gets me 44 million hits. That is a lot to wade through for a manager who just wants to know how to...

  • Paul Spector
  • Aug 25, 2023

The leader-as-coach model: a critical paradigm for employee retention and professional development

Employee retention is a hot topic in this post-COVID reintegration period because talent is so difficult to come by. However, Gen-Y Millennials...

  • Paul Falcone
  • Aug 15, 2023

Events

HRD Roundtable: Combating 'Quiet Quitting'…

08 June 2023
  • E-Book
  • May 12, 2023

HRD Network Roundtable: The Retention…

15 June 2023
  • E-Book
  • May 12, 2023

Manage change and drive value…

01 June 2023
  • E-Book
  • May 12, 2023