Earned Wage Access (EWA) 101 – What is it and how will it help you attract and retain talent while reducing costs?

Earned Wage Access provides employees with invaluable flexibility, granting them early access to their earned wages before payday. This means they can handle unexpected expenses without resorting to predatory lenders. With EWA, employees gain the freedom to manage unforeseen costs effectively. In fact, 77% of EWA users report reduced financial stress, highlighting its positive impact.

Enhancing Retention and Reducing Turnover

Employers who offer on-demand access to earned wages witness a notable increase in job applicants, sometimes up to twice as many. A staggering 80% of employees prefer job opportunities with EWA-providing companies. By embracing EWA, you demonstrate your commitment to supporting your employees not only in their financial journey but also in their professional growth. When employees know you have their best interests at heart, they are motivated to give their best.

Real-Life Success Story

Art Alamo, a McDonald’s Franchise Owner, experienced a remarkable 57% improvement in retention within 15 months of implementing ZayZoon’s EWA. This success story showcases the tangible benefits that EWA can bring to your organization. By offering EWA, you not only take care of your employees but also empower them in their work and financial endeavors. Choose EWA as a powerful tool to foster a motivated and dedicated workforce.

ZayZoon’s loan programs for employees have proven to be a cost-saving measure, with businesses saving up to $8,000 per year by offering access to earned wages. Research conducted by ZayZoon reveals that employers who provide this benefit experience a 5% reduction in hiring costs, resulting in average savings of approximately $19,000 per year for a business with 200 full-time employees.

By eliminating the need for pay advances, ZayZoon’s service alleviates the burden on employees who often turn to their employers for financial assistance. Traditionally, processing pay advances fall on people operations teams, consuming valuable time and incurring significant expenses. Moreover, requesting a pay advance can be an uncomfortable experience for employees, as they are required to disclose the reasons behind their financial struggles. With Earned Wage Access (EWA), employees can access their earned wages on-demand without the need to notify their employer. This empowers employees to secure the funds they need promptly, allowing them to focus on their work without worry or shame.

Through ZayZoon’s innovative approach to financial wellness, businesses can reduce costs, streamline operations, and foster a more supportive work environment.

 ZayZoon Instant Gift Cards, the hassle-free solution to transition from paper checks.

When employees choose to withdraw their earned wages through our Instant Gift Cards, they receive a bonus of up to 20%. With hundreds of popular brands like Walmart, DoorDash, and Amazon to choose from, redemption is instant via email. Best of all, these gift cards are free and never expire. Additionally, we offer the ZayZoon Visa® Prepaid Card, a convenient option with no fees or maintenance requirements. Employees can enjoy using this card without any $5 payout fee, even after they leave your company. It’s a reliable way to receive payment and continue enjoying the benefits, hassle-free.

Paper checks are becoming obsolete, and for good reason: they are 10 times more expensive than digital payments.

One effective method that savvy HR professionals are using to shift their workforce away from paper checks is by offering Earned Wage Access (EWA). This incentivizes the transition while granting employees the flexibility to receive their pay in a manner and time that suits them best. This strategy effectively encourages employees with bank accounts to opt for direct deposit as their preferred method of receiving paychecks.

But how much does Earned Wage Access cost?

As mentioned earlier, employers pay nothing for EWA. That’s right. Zero. However, employees may incur fees of up to $5, which is roughly equivalent to the cost of using an ATM. Nevertheless, ZayZoon does offer a couple of free options for employees who wish to access their earnings ahead of time. EWA provides employees with the desired flexibility, without any additional burden. Interestingly, some of the world’s leading payroll processors have already embraced this service, as well as local boutique providers like APlus.

“We selected ZayZoon because it perfectly aligned with our requirements. It seamlessly integrates with our HR System and is the preferred vendor for Choice Hotels. Setting it up was effortless, and our part-time employees can access their pay whenever they need it, at no cost to us,” says Mallory Norton, VP of HR at Nationwide.

ZayZoon: Empowering small-to-midsize businesses with Earned Wage Access. Providing this benefit, not only does it promote better financial health for employees, but it also enhances the overall work environment. Although EWA is a relatively new concept, market awareness is increasing, and employees now expect it.

Are you curious to learn more about EWA or how ZayZoon can assist you? Contact your friendly APlus CSS today and we can help you connect with your rep.