Conserving human capital amidst the Great Attrition
What if there were a simple way of increasing employee morale as well as retention? What if it also promotes better financial health among employees? All this can be implemented with zero effort from the employer’s end by simply opting for Earned Wage Access (EWA).
EWA enables employees to retrieve their accrued wages whenever they need them before the actual payday. It’s an innovative, new way of handling payroll, putting employees in the driving seat of how and when they receive their earned pay. The visibility into effort and reward as soon as employees complete their workday is a highly gratifying and rewarding experience, making the workplace much more engaging. A jump in employee morale also helps improve employee retention and productivity.
While the Indian market is still new to the concept of Earned Wage Access, let’s take note of the considerable benefits it provides to both employees and employers. Over the last few years more and more companies across the globe have been providing their employees with a standard form of Earned Wage Access; three out of the four largest employers in the US have adopted EWA.
Walmart, the largest employer in the US, has been offering its workforce EWA or On-Demand Salary since 2017. The retail giant’s study on the impact of Earned Wage Access on its workforce showed an improvement in worker retention, especially among those who regularly accessed their earned wages and availed the corporation’s other initiatives on financial wellness.
A survey by PWC in 2020 found that 50% of employees believe that financial worries are the biggest cause of stress in their lives, of which 48% said these issues affected them at work. While this may not directly lead to a higher employee attrition rate it does lead to a loss in productivity and absenteeism. Thus, it’s easy to see why an organisation that looks after their employees’ financial health would be seen as the more appealing, coveted employer.
Refyne’s Earned Wage Access solution is quick and takes zero effort and cost on the employer’s part to be set up. Refyne’s Finsuite platform provides the employer insights and analytics into employee job satisfaction, hidden attrition costs and helps prevent productivity loss.
Refyne offers employees a convenient way to take control of their earned pay and reform their financial independence, improving employee morale and retention rate.
Learn more about Earned Wage Access here.