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This comprehensive guide answers some commonly asked questions relating to the increasingly popular employee benefit of earned wage access.
Why is earned wage access important?
Earned wage access is one way that employers can provide a meaningful and impactful benefit to employees. The gap between earning money and getting paid has been identified as a key contributor to financial stress. It’s becoming increasingly clear that locked pay cycles are no longer fit for purpose. Greater pay flexibility is required to meet the demands of modern-day life.
An earned wage access provider such as Humanforce will partner with an employer to offer employees access to a percentage of money that has already been earned – usually ranging from about 20-50% of their pay. This can be used to fund unexpected or unforeseen expenses and can help to ease financial stress in a safe and responsible manner.
Which questions are answered?
The focus of this guide is to respond to questions that Humanforce often hears about pay frequency, its impact on financial wellbeing, and how earned wage access works. You’ll discover tips and insights covering areas such as:
Do locked pay cycles negatively impact employees? (hint: the answer is ‘yes’!)
Does the frequency of pay impact employee wellbeing?
How does earned wage access work?
Are there fees and charges for earned wage access?
How does earned wage access improve financial wellbeing for employees?
Again, the answer to this last question is a resounding ‘yes’. How? Earned wage access helps to create a clear link between earning and spending. It also provides more freedom to budget, reduces stress and reliance on credit, and helps to build sustainable savings habits while maximising interest.
Our guide also offers research and statistics that you can use to build a business case for implementing earned wage access in your business.
To find out more about all aspects of earned wage access, download your guide today by filling out the form on this page.