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Strengthen Employee Recruitment & Retention with AnyDay Earned Wage Access

Learn how AnyDay's Earned Wage Access improves recruitment and retention by offering on-demand pay, enhancing employee satisfaction.
AnyDay Financial
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June 12, 2024

2024 brings the continuation of labour challenges across hospitality, health care, manufacturing and retail, among other industries. With the combined weight of the cost of living crisis, large-scale layoffs and resignations, and a growing apathy among a new generation of employees, the modern workforce is in upheaval. In these transformative times, innovation in day-to-day people management is essential. As an employer, knowing what your workers need is imperative. As an HR leader in 2024, it’s never been more imperative to understand how to positively impact your people, without materially affecting your organization’s bottom line.

A game-changing employee financial benefit:

Employee benefits, especially financial ones, have always been a key ingredient to keeping employees motivated and loyal. In this ever- evolving economic landscape, financial benefits for employees, in particular, are more essential than ever. Did you know that there is a payroll enhancement in HR technology that is quickly becoming the most sought after employee financial benefit globally? 

By leveraging emerging financial technology, employers now have the ability to enhance their current payroll offering without increasing payroll dollars.

In our post-COVID, staff shortage, non-committal working world that we find ourselves in, employers need to offer employee benefits that go beyond competitive wages and support the overall financial wellness of their employees. Earned Wage Access (EWA), or on-demand pay of accrued wages solves for this. 

At AnyDay, we’re excited to announce the launch of Earned Wage Access (EWA) across North America! 

Want to learn more about AnyDay’s EWA solution and how it can benefit your organization? Download our white paper, The Era of On-Demand Pay now.

Happy employees get paid, any day:

EWA is gaining significant traction and proving to be a game-changer in enhancing both employee loyalty and financial well-being. With almost 90% of employees expressing a desire to stay with a company that offers flexible access to their earned wages (or instant pay), it's time for businesses to seriously consider making payday any day for their workforce.

What is Earned Wage Access?

Earned Wage Access is a progressive employee benefit, empowering workers with the ability to access a portion of their earned yet unpaid wages before the traditional pay cycle. EWA addresses the contemporary financial challenges faced by employees, steering them away from high-interest credit card reliance, predatory payday loans, and burdensome bank overdraft fees.

EWA revolutionizes traditional pay cycles by offering employees the flexibility of next-day pay, instant pay, and even same-day pay options. Financial freedom becomes an everyday reality, providing employees with the convenience, flexibility and control to manage their finances according to their individual needs and schedules.

These days, financial challenges impact all income brackets. Financial stress is widespread, affecting employees across the board. According to a recent Morgan Stanley report, even those earning $100,000 or more annually, 52% report feeling stressed by their finances. This shows that people from all industries are impacted, not just shift or service workers.

Offering Earned Wage Access becomes an informed choice for companies seeking to prioritize the financial well-being of their employees and provide a responsible alternative to prevalent financial challenges.

The Benefits of Earned Wage Access for Employees:

Breaking the Paycheck-to-Paycheck Cycle:

Living paycheck to paycheck has become a reality for many employees. With EWA, your people no longer have to rely on high-interest credit cards or payday loans to cover unexpected expenses.

Eliminating Predatory Financial Practices:

EWA provides a responsible and sustainable alternative for employees facing financial challenges, so they no longer have to rely on credit or loans that often deepen the financial burden. 

Reducing Financial Stress:

By offering EWA, companies contribute to reducing financial stress among their workforce. This, in turn, can lead to increased focus, job satisfaction, and overall well-being.

The Positive Impact on Employers:

Increased Employee Loyalty:

A survey found that 81% of employees prefer employers who offer Earned Wage Access. By providing this benefit, companies can enhance employee loyalty and motivation.

Improved Job Performance and Engagement:

Companies that offer EWA report a remarkable 86% improvement in job performance and engagement among their workforce. Access to earned wages on-demand can be a powerful motivator.

Decreased Employee Turnover:

The same survey revealed a 72% decrease in employee turnover after the implementation of Earned Wage Access. Retaining valuable talent becomes more achievable when employees feel financially supported.

Seamless Integration for a Smooth Experience:

Implementing EWA doesn't have to be a daunting task. AnyDay offers an automated Earned Wage Access program with seamless payroll integration. This means easy setup for HR and payroll teams, simple client onboarding, and a customized employee activation strategy.

AnyDay’s Earned Wage Access:

Designed with employers in mind, AnyDay's Earned Wage Access (EWA) solution is the perfect fit for Human Capital Management providers, HR leaders, payroll providers, professional employer organizations, and businesses looking to address the financial realities and challenges experienced by their workforce. With AnyDay, employers can proactively support their employees, granting them on-demand access to their already-earned funds precisely when they need them.

This innovative solution not only aligns with the financial well-being of your workforce but also has the potential to be a game-changer for your team! The ability to access funds and cover expenses before the traditional payday can make a significant difference, fostering a positive and supportive work environment. Partner with AnyDay and empower your workforce with financial flexibility and security.

How does it work?

For Employer:

• Seamless AnyDay EWA integration with existing payroll and time & attendance systems.

• Access to a comprehensive AnyDay dashboard for insights on funds, advances, employee adoption, and participant tracking.

• Customizable withdrawal limits; additional options for risk control and reporting.

• Funds secured at insured banks, with transfers from pre-funded employer accounts or AnyDay’s low-to-no cost working capital facility.

For Employee:

• Easy one-time AnyDay EWA activation, with a personalized card for wage access.

• Mobile app shows available earned wages, providing financial transparency.

• Quick, one-touch access to accrued pay, plus alerts for available advances.

• Options for direct bank transfers or access through physical/virtual debit cards.

• End-of-period wage reconciliation, with the app featuring budgeting and financial wellness tools.

• Immediate, interest-free access to accrued pay anytime, enhancing financial well-being.

How much does AnyDay’s EWA feature cost?

The new EWA feature is free for you, the employer, and free for the employee to access when using their AnyDay card and wallet.

In a society where millions of households continue to struggle financially, offering Earned Wage Access is not just a benefit but a responsible choice for companies aiming to prioritize their employees' financial well-being. 

Make payday any day for your people with AnyDay EWA – a win-win solution that benefits both employers and their valuable workforce. Learn more about how AnyDay can support you in creating a more financially empowered and loyal workforce.

Download the The Era of On-Demand Pay white paper now to learn more.
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