4 Reasons Why Your Company Should Enroll in Earned Wage Access (EWA)

No matter how small or big your business is, you will face the hard reality that it must adapt to technology and the new system it births. Otherwise, you will be stuck with paper trails and more tedious work for you or your employees.

According to a study from the ICSID- about 90% of all small and medium businesses rely on digital tools for internal communication and productivity, over 80% for internal systems and management (including financial and logistics), and more than 40% use technology for sales. These findings further prove that businesses are reliant on technology.

Hardships of Not Using Technology In Your Business' Internal Management and Systems

Unless your business can live through sheer manual labor and face-to-face interactions, technology cannot be absent in a company environment and internal systems. After all, technology's purpose is to make a man's boulder of responsibilities easier to push uphill.

Aside from the corporate Sisyphus journey of handling tasks that companies undertake daily, we must emphasize the lifeblood of every institution- the employees. Productivity improved by technology will still be powerless in the face of financial stress.

“A quick and penniless solution would be to include Earned Wage Access in your company’s benefits.”

Companies that focus on improving results without taking time to care for their employees are bound to fail in the long run. Today's workers do not stay in companies because of the pay and easier workload alone. They also factor in the benefits that make them feel like they are taken care of by the company. So, without the additional financial technology that implements perks or financial wellness benefits in your internal system, your company metrics might decrease in the long run.

A quick and penniless solution would be to include Earned Wage Access in your company’s benefits.

What is Earned Wage Access (EWA)

EWA is a benefit service that democratizes payroll, allowing employees to choose when they want to get paid from their accrued daily wages before the end of the pay cycle. In short, employees can access their earned wage whenever they need it, with the amount set by the company.

To find how Earned Wage Access works in detail, check out our Youtube Video that talks all about it!

4 Reasons Why Your Business Should Enroll in Earned Wage Access (EWA)

There are many factors to business success, however, the four items below determine your overall workforce and company morale. Here are the benefits your company will enjoy through Earned Wage Access (EWA):

1. Increase in Productivity

When employees are assured that they don't have to experience holding on to their last paper bill until the next payday, their financial stress will decrease. They now have the opportunity to pay bills on time, pay for emergency payments, and in general, be assured that they can access the money they earned as they are earning it, or all without waiting for payday. Earned Wage Access eases the financial worries of your employees, so they can focus more on the task at hand.

2. Improve Employee Retention

Employee retention is the ability of your workers to stay in your business. When your employees feel like the benefits are simply not enough or that your company does not cater to their financial wellness, they will develop wandering eyes until they land on a company that they think is better. Your employees are not merely your assets, but they are humans who still need to nurture, and then, in turn, they will nurture your company.

3. Prevent / Resolve Health Issues

Sudden health problems are not new for anyone. It is a problem many employees and employers like to avoid financial loss. However, sometimes bodies are unpredictable. To reassure your employees that no matter what medical emergency, you need to help them have access to emergency funds whenever they need them. "Best wishes" or "get well soon" cards can't compare to the peace of mind when it comes to medical costs.

4. Fast Recruitment

The tough competition of businesses has left employment in the hands of applicants, or those companies that have the most desirable benefits. Including EWA in your business makes your business ahead of the rest. It's by no means a replacement for payroll, but a perk that draws in applicants and boosts company visibility in the workforce.

Payday Today as Your Earned Wage Access (EWA) Partner

This technology is increasing in trend, and although there are a few EWA systems worldwide, we already have it here in the Philippines. Many local companies have already added this technology to their systems and saw the advantages it has brought. This financial technology that Human Resources (HR) can manage along with the payroll is getting nothing but good feedback and growing in popularity.

This system may sound too beneficial for employees, but employers will also reap the positive impact because of this. They still have control over how much an employee can request, as to effectively manage the utility of the perk, and they don't have to make additional expenses at all. All the employees get are from their wages and will be deducted during the next payout.

These company benefits are just on the top sheet of the list. If you want to know more about how Payday Today can help you, you send an email to [email protected] or [email protected]. You may also call the telephone number (032) 231 7623.