As a small business owner, the idea of implementing an earned wage access (EWA) program might seem daunting at first. However, the reality is that the process is much simpler than you might think. In fact, with the right EWA provider, you can streamline the implementation process and start enjoying the benefits of EWA with minimal time commitment.
In this article, we will guide you through the easy steps to implement earned wage access in your small business, allowing you to enhance employee satisfaction, boost productivity, and reduce turnover.
Asure has partnered with ZayZoon to provide employers with Earned Wage Access for their employees. There is no cost to the employer. Learn more here.
Earned Wage Access (EWA) Helps Your Employees and Your Business
Earned Wage Access (EWA) has gained significant popularity as a terrific option for employees, and for good reason. This innovative financial tool offers numerous benefits that address the financial well-being and overall job satisfaction of employees. Here are some key reasons why EWA is a compelling choice for employees:
EWA allows employees to access a portion of their earned wages before their scheduled payday. This flexibility empowers them to meet unexpected expenses, cover emergencies, or manage financial obligations without resorting to high-interest loans, credit card debt, or payday advances. By bridging the gap between paychecks, EWA provides employees with greater control over their finances and helps them avoid financial stress.
Improved Financial Stability
Many employees struggle to make ends meet due to irregular expenses or unforeseen financial emergencies. EWA enables employees to proactively manage their financial situations, reducing the risk of falling into financial instability. By accessing their earned wages when needed, employees can avoid late fees, penalties, or missed payments, thus enhancing their overall financial well-being.
Enhanced Employee Satisfaction
Financial stress can significantly impact an employee’s job performance, productivity, and overall satisfaction. With EWA, employees’ experience increased peace of mind and reduced financial anxiety, leading to improved focus, engagement, and job satisfaction. Knowing that they have a safety net in the form of EWA allows employees to focus on their work and deliver their best performance.
Recruitment and Retention Benefits
Offering EWA as an employee benefit can give businesses a competitive edge in attracting and retaining top talent. In today’s job market, where employees seek holistic benefits beyond traditional compensation, EWA demonstrates an employer’s commitment to supporting the financial well-being of their workforce. It showcases a progressive and caring company culture, making the organization more attractive to potential candidates and fostering loyalty among current employees.
Financial Education Opportunities
EWA providers often offer additional resources, including financial education materials and tools, to help employees make informed financial decisions.
These resources can empower employees to develop healthy financial habits, improve their financial literacy, and gain better control over their long-term financial goals. By equipping employees with the knowledge and skills to manage their finances effectively, EWA providers contribute to their overall financial wellness.
Easy and Convenient Access
EWA platforms are designed to be user-friendly and accessible. Employees can easily access their earned wages through mobile apps or online platforms, making the process quick and convenient. This eliminates the need for employees to visit physical locations or wait for manual paycheck distribution, providing a hassle-free experience and saving time and effort.
Step 1: Choose an EWA Provider
The first step is to select an EWA provider that specializes in serving small businesses. Look for a provider that understands the unique needs and challenges of small business operations. Consider factors such as tailored solutions, flexibility, integration capabilities, customer support, and cost-effectiveness when making your decision.
Opting for a provider with experience working with small businesses will ensure a smoother implementation process.
Step 2: Integration and Setup
If you are already using a payroll system or a platform like Asure, check if your chosen EWA provider offers seamless integration. With integration, the EWA program can be automatically available to your employees without any additional effort from your side.
Simply activate the EWA feature through your provider’s platform or contact their support team to enable it. They will guide you through the setup process, which usually involves minimal administrative tasks.
Step 3: Employee Communication
Once the EWA program is activated, it’s time to communicate the benefits to your employees. Your EWA provider will handle this aspect, ensuring that your employees receive an email with a one-click activation link. This email will provide them with information about their available wages and how they can access them.
Depending on the size of your business, your provider may also offer additional materials such as posters or postcards with QR codes to facilitate employee sign-ups.
Step 4: Ongoing Support
One of the advantages of choosing a reputable EWA provider is the ongoing support they offer. If you or your employees have any questions or encounter any issues during the implementation or ongoing use of the program, your provider’s support team will be readily available to assist you. This ensures a smooth experience for both employers and employees, minimizing the need for your direct involvement in ongoing administration.
Implementing an earned wage access program in your small business is a straightforward process that requires minimal time commitment from you as the employer. By following these easy steps, you can introduce EWA to your employees, providing them with a valuable financial tool that enhances their well-being and job satisfaction.
The benefits of EWA, such as increased productivity, reduced turnover, and improved recruitment efforts, make it a worthwhile investment for small businesses.
Remember to choose an EWA provider that understands the unique needs of small businesses, ensuring a seamless implementation process and ongoing support for your organization’s success.
Asure has partnered with ZayZoon to provide employers with an on-demand pay option for their employees. There is no cost to the employer. Connect with an expert at Asure to learn more.
Want more information? Watch our video about EWA here.