In what continues to be dubbed the Great Resignation, employers are looking for creative ways to retain and attract talent. An Early Wage Access (EWA) policy – a revolutionary employee benefit program that offers employees access to their pay within an hour of working a shift – might just be what gives companies the edge. Indeed, companies using these benefit programs experienced 19% lower turnover rates. Of those companies that have already added early wage access to their compensation packages, 89% of employees reported feeling more motivated and productive at work when they had access to their wages before payday and 74% reported having fewer unplanned absences. But with many states rife with onerous employment laws, what do employers need to know about early wage access?
Early Wage Access: What Is it?
Early wage access or earned wage access (EWA) is an innovative method of delivering wages promptly at the close of the workday or shortly thereafter. Traditionally, payroll is run most often on a bi-weekly basis. But now, employers – by linking up with EWA providers – can offer employees immediate access to earned wages for hours already worked. Rather than waiting for their bi-weekly pay day, an employee can access earned wages within hours of performing work.
This program differs from the practice of payday lending. With EWA programs, employees have already performed the work for which they are being paid. This program simply allows them to receive their earned...
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