How Do I Get My Company Started With Earned Wage Access?

Ensuring employees have access to their wages when they need them most is no longer a luxury; it’s becoming a forward-thinking business necessity. Earned Wage Access (EWA), a system allowing employees to withdraw part of their earned salary before payday, is revolutionising the way companies think about payroll and employee satisfaction.

If you’re an employer wondering how to implement Earned Wage Access for your company, this guide provides a step-by-step approach to get started, along with insights on its benefits, challenges, and best practices.

What is Earned Wage Access?

Earned Wage Access, sometimes referred to as On-Demand Pay, allows employees to access a portion of the wages they’ve already earned before their scheduled pay date. Instead of waiting for the traditional end-of-month payroll cycle, Earned Wage Access enables employees to take control of their finances, meeting unexpected expenses or avoiding high-interest loans.

For employers, Earned Wage Access reflects a commitment to employee wellbeing and helps cultivate a more engaged, productive, and satisfied workforce.

Why Should Your Company Adopt Earned Wage Access?

Before we take you through the steps of implementing Earned Wage Access, it’s important to understand why it’s worth the investment.

Steps to Implement Earned Wage Access

Step 1: Assess Your Company’s Payroll System

Begin by reviewing your current payroll system to determine its compatibility with Earned Wage Access. Assess these key elements:

• Payment Frequency
  Knowing how frequently you run payroll will help in determining how an Earned Wage Access solution will work with your system. Some employers use Earned Wage Access to help employees with the transition from weekly to monthly payroll.

• Technology and Software
  Consider what your current technology and software is. Knowing this will help you when you talk to providers.

• Manual Advances
  For every person that comes forward to ask for a manual advance, there are likely several other employees who are too private or proud to come forward to ask.

Step 2: Evaluate Available EWA Providers

Earned Wage Access solutions often come from third-party providers that integrate seamlessly with company payroll systems. When evaluating providers, consider:

• Ease of Integration
  Choose a platform that integrates smoothly with your existing payroll and HR software. Many of the market leading providers offer many existing integrations, and can integrate easily with new systems.

• Employee User Experience
  Look for platforms with intuitive interfaces and user reviews. The easier it is for employees to access their wages, the more effective the solution. It is also worth considering if debt is likely to be offered alongside Earned Wage Access, and whether this aligns with your company values. Level is proud to be a debt-free user platform.

• Data Security
  Earned Wage Access platforms handle sensitive employee data, so robust data privacy and security protocols are essential.

Step 3: Communicate With Employees

Once you’ve selected an Earned Wage Access provider and finalised its implementation, start communicating the details to employees. Your provider should help you with this, providing you with various resources and examples to ensure you effectively communicate with your employees.

Step 4: Monitor and Improve Adoption

To ensure a successful rollout, track Earned Wage Access usage and gather employee feedback. Your provider should work with you to discuss adoption, and suggest further ways to communicate with your staff to ensure continued awareness of their financial wellbeing benefit.

Supporting Employee Wellbeing With Earned Wage Access

Investing in Earned Wage Access is more than improving payroll systems; it’s about transforming workplace culture to promote financial wellness and employee satisfaction. By following the steps outlined, your company is well on its way to becoming a leader in employee support and engagement.

If you’re ready to make the shift, begin exploring Earned Wage Access solutions that fit your company’s unique needs. Encourage open communication with your team and celebrate this step towards modernising your business practices.