4 Signs Your Workforce Wants Earned Wage Access

Managing a dynamic workforce is no small feat, especially in industries where cash flow, rostering, and morale play critical roles in day-to-day operations. But there’s one often-overlooked factor that can make or break your team's health and productivity: financial wellbeing.

Earned Wage Access (EWA) is a concept gaining significant traction in the workplace. It allows employees to access a portion of their earned but unpaid wages before payday, offering flexibility and financial relief when it’s most needed.

But how do you know if your workforce would benefit from such a programme? Here are four key signs your team might be crying out for Earned Wage Access.

High Staff Turnover

If your staff turnover rates are high, you’re not alone. However, high turnover comes at a steep cost, not just financially (resulting from hiring and training) but also for team cohesion.

Financial strain remains a top reason employees leave their roles. If your team members are grappling with financial stress, they are far more likely to look for jobs that offer flexibility or faster pay cycles. Introducing Earned Wage Access can keep your workforce stable, and demonstrate them their financial needs matter. Employees who feel supported financially are more likely to stay engaged and loyal to your organisation.

Unfilled Shifts

Unfilled shifts are more than an operational headache; they’re a financial black hole. Whether you're in healthcare, hospitality, or retail, empty slots often force you to use expensive agency workers or on-call temp staff, inflating your costs significantly.

Why are employees not taking extra shifts? For some, it might not even be a lack of willingness but the sheer hassle or timing of their next paycheck. If picking up a last-minute shift means additional petrol or childcare expenses, and they won’t see the financial benefit for weeks, many workers will simply bow out.

Earned Wage Access can incentivise overtime uptake, as it allows team members to immediately access the earnings they've accrued. This simple change provides a tangible incentive to pick up extra hours, reducing your reliance on costly external staffing solutions.

Absenteeism

Absenteeism is a hidden but impactful problem. When employees call in sick or fail to show up, the indirect costs ripple across your organisation, affecting team morale, productivity, and service delivery.

One often-overlooked culprit of absenteeism is financial stress. Workers who are stressed about bills, rent, or unexpected costs are more likely to take days off to deal with these distractions.

By introducing Earned Wage Access, you provide a safety net, reducing the stressors that might keep employees from coming to work. A stable financial outlook can significantly enhance attendance rates.

Requests for Manual Advances

Here's a tell-tale sign your workforce is under financial strain but might be too proud to speak up about it. For every person brave enough to ask for a manual advance, there are likely several others silently struggling.

The stigma associated with asking for financial help means many employees avoid coming forward until their situation is dire. Unfortunately, the manual advance process can be time-consuming and draining on HR departments. It also creates an uneven system where some employees access relief while others go without due to their hesitance to ask.

Earned Wage Access eliminates the need for such requests by offering a private, seamless way for employees to access their earned money. No awkward conversations, no waiting for approvals, just instant financial support when it’s needed most.

Take Action to Support Your Workforce

If these signs resonate with challenges within your organisation, it’s time to take a closer look at Earned Wage Access. By addressing financial stress and increasing flexibility, Earned Wage Access can improve retention, attendance, and engagement across your workforce.

Your employees want to feel valued and supported, especially when it comes to their financial wellbeing. Implementing such a solution isn’t just an employee perk; it’s an investment in the stability and future success of your organisation.