Sixty percent of U.S. employees live paycheck to paycheck. Two weeks or a month can be a long time to wait when money is needed now. Payday loans are no answer. So how can a company offer immediate access to earnings without creating an accounting and HR nightmare?
Earned wage access (EWA) is the answer. Without penalizing the company or the employee with a fee or other charge, Instant Financial’s EWA solution, Instant Pay, is the new way for companies to support employees’ financial wellness through on-demand cash availability.
This playbook examines what EWA is and isn’t, showing decision makers why companies like McDonald’s and Uber have made it a featured recruiting and retention tool. You’ll also learn:
- Why the number of companies expected to offer EWA is expected to quadruple to 20% from just 5% in 2021
- How EWA increases employee retention by 36% with 91% of employers saying it’s a recruiting advantage
- How EWA works and the five questions every senior leader should ask about any EWA program