Bridging the Gap: How Earned Wage Access is Transforming Employee Expectations

Employees’ financial needs are changing, and employers must adapt to keep pace. Earned Wage Access (EWA), also known as same day pay, is a rising solution that allows workers to access their earned wages before the traditional payday.

This innovative benefit can reduce financial stress, increase engagement, and improve retention—but only when implemented thoughtfully.

Data from the 2024 Getting Paid in America survey, TimeForge’s study on same day pay, and Visa’s insights on EWA provide a comprehensive look at how employees and employers view financial wellness.

What is Earned Wage Access?

Earned Wage Access (EWA) lets employees access wages they’ve already earned, rather than waiting for a set payday.

Unlike paycards or payday loans, EWA doesn’t involve debt or hidden fees. Here's a quick breakdown of the differences:

• Paycards: Prepaid cards that employees can load with their wages. These may carry fees for withdrawals or inactivity, reducing their appeal as a cost-effective option.
• Payday Loans: Short-term, high-interest loans that often trap employees in cycles of debt.
• EWA: Provides immediate access to earned income without interest, often integrated seamlessly into payroll systems.

EWA empowers employees to handle unexpected expenses, avoid debt, and gain financial peace of mind—all without the burdens of traditional pay alternatives.

Key Insights: The Case for Earned Wage Access

1. Employees Want Financial Flexibility

According to the 2024 Getting Paid in America survey, 54% of employees are open to or already using EWA, though some remain unsure of its benefits.

TimeForge’s 2024 same day pay study found that 70% of employees would use EWA if their employer offered it. 56% of job seekers prioritize companies that offer same day pay.

Visa’s 2019 report highlights that 95% of employees would prefer working for an employer who provides EWA.

2. Financial Stress Impacts Productivity

Visa’s findings reveal that 84% of employees spend time at work worrying about personal finances.

TimeForge and Visa agree that financial stress doesn’t just harm employees—it costs employers billions in lost productivity and higher turnover.

3. Retention and Engagement Depend on Modern Benefits

68% of employers believe EWA can reduce turnover (TimeForge).

79% of employees would switch to an employer offering EWA (Visa).

4. Cost and Transparency Are Key

60% of employees wouldn’t pay a fee for EWA, according to the Getting Paid in America survey.

Visa notes that employees prioritize security, cost, speed, convenience, and ease when accessing their earnings.

What This Means for Employers

1. Offer Timely Pay Solutions

EWA isn’t just a perk; it’s a practical tool that improves financial stability and workplace satisfaction. Implementing EWA can position your business as an employer of choice.

2. Focus on No-Fee, Transparent Options

Employees shouldn’t have to pay to access their hard-earned money. Offering no-fee EWA demonstrates your commitment to their well-being and builds trust.

3. Combine Technology with Human Touch

While automation is valuable, employees prefer transparency and trust. Balancing technology with human oversight ensures they feel supported.

4. Prioritize Education

Many employees remain unsure about EWA. Educating them about how it differs from payday loans or paycards can increase adoption and satisfaction.

How TimeForge Makes EWA Work

At TimeForge, we believe employees should have access to their wages when they need them, without added stress or cost.

Our no-fee Earned Wage Access solution helps businesses:

• Reduce turnover by meeting employee expectations.
• Improve productivity by reducing financial distractions.
• Maintain compliance with seamless integration into payroll systems.

?? Ready to modernize your payroll strategy and boost retention? Learn more about Earned: Same Day Pay by TimeForge.