To combat a tight job market and a seemingly shrinking workforce, employers are looking for creative ways to retain and attract talent. An Earned Wage Access policy – a revolutionary employee benefit program that offers employees almost instant access to their pay – 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 earned 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 earned wage access to implement a program successfully?
Earned Wage Access (EWA): What Is it?
Earned wage access or early wage access is an innovative method of delivering wages. Traditionally, payroll is run most often on a bi-weekly or monthly 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, the key is that employees have already performed the work for which they are being paid. This program simply allows them to receive their earned compensation...
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