11/15/2021

Employers Have Advantages with Earned Wage Access

How EWA can boost productivity

The relationship between American companies and their employees is undergoing a dramatic shift for the first time in decades. Today, it’s a worker’s market. Across the wage scale, employers are willing to pay and train more, take chances on people without relevant qualifications, and show greater flexibility in where and how people work. Merchants who are taking these steps are looking to stay competitive in a landscape where workers are leaving their jobs at historically high rates.

One way employers are seeing this new trend play out is how employees would like to be paid. Today’s consumers want to use contactless payment technologies to purchase items instantly, and that sentiment is becoming similar for the work environment. Workers don’t want to wait every two weeks for a payday or rely on a paycheck to access their wages. As a result, workers want to be paid now rather than later.

The Role of Earned Wage Access (EWA)

A recent Harris poll revealed four out of five workers in the U.S. between the ages of 18 and 44 believe they should have access to earned wages at the end of each day. The survey also revealed that eight in ten workers would prefer to have their pay automatically deposited into their bank accounts the day they earn it. A large majority (78 percent) said on-demand pay would increase loyalty to an employer.

Please select this link to read the complete article from OSAP Member Infintech.