Highlights
- On-demand pay, also known as earned wage access (EWA), allows employees to receive the money they’ve earned before their usual payday.
- By offering EWA to their employees, companies can alleviate financial stress and boost employee retention.
- At EPAY, we partner with DailyPay to offer a leading earned wage access solution. Request a demo today to see how it can help your business.
Attracting talent is one thing, but keeping employees happy and engaged is a whole different story. In today’s competitive job market, companies need innovative solutions to retain their valuable workforce. One solution that is gaining traction is on-demand pay, also known as Earned Wage Access (EWA).
On-demand pay empowers employees with greater financial control, boosting morale and loyalty – a win-win for both workers and employers. Curious to learn how it works and how it can benefit your business? Dive in!
What Is On-Demand Pay?
On-demand pay, also known as earned wage access (EWA), instant pay, or off-cycle pay, is a flexible payroll option that allows employees to access the money they’ve earned before their regular payday.
Employees with on-demand pay can receive their earned wages early, in a variety of ways:
- Direct deposit: They can access funds through their existing direct deposit.
- Prepaid card: Some providers offer a prepaid card for easy access.
- Mobile app: Many providers offer a user-friendly mobile app for on-demand pay access.
Unlike payday lenders, EWA providers typically don’t charge interest.
On-demand pay is especially useful for hourly workers, who often rely on having access to their earnings more quickly. Though this payment method is quite recent, many organizations are already recognizing its benefits. And as for employees, they love it!
What Are the Benefits of On-Demand Pay?
On-demand pay benefits are about more than just convenience. For many workers, this innovation helps ease everyday financial worries. Right now, 41% of U.S. workers are living paycheck to paycheck, so a program with EWA can help ease their burden.
Some of the main benefits of on-demand pay include:
- Attract talent. Offering on-demand pay benefits to prospective employees is a great way to garner interest in the job you’re hiring for. Since it’s a newer industry offering, not all competing companies can offer the same luxury of having instant access to your earned wages.
- Increase employee retention. Not only is EWA a smart way to attract employees, but it’s also a smart way to retain employees. Once employees can reap the benefits of having early access to their earned wages, it would be difficult to adjust without them.
- Boost employee satisfaction. Employee satisfaction is key to a successful workforce. When employers offer on-demand pay benefits to their employees, they’re offering a way to lessen financial stress—which can be crippling these days. A satisfied employee is a successful employee.
- Provide financial support to employees. By having access to on-demand pay benefits, employees can choose when and how they receive their earned wages. This completely changes the stress that comes with waiting for payday, struggling to pay bills, and trying to avoid late fees.
Pay Employees WHEN and HOW they Want with EPAY
Employee retention is crucial for a successful, thriving business. Employers who prioritize strategies to retain their workforce gain a significant advantage.
At EPAY, we’ve partnered with American financial services company DailyPay, a pioneer in the on-demand pay industry. Its On-Demand Pay Benefit Program has changed the way employees can access their earned wages—and has opened the door for new opportunities to build financial stability.
Through our partnership with DailyPay, we offer on-demand pay to our EPAY customers. Our user-friendly payroll and time and labor platform makes it hassle-free for both employers and employees. Want to learn more about our on-demand pay capabilities? Request a demo today.
