It’s no secret that many employees live paycheck to paycheck—two in five, to be exact. A staggering 84% of employees worry about finances while at work, impacting their productivity and morale.
To address this, Paid has partnered with ZayZoon to offer Earned Wage Access (EWA), a benefit designed to ease financial stress and improve overall workplace satisfaction.
What is Earned Wage Access (EWA)?
EWA allows employees to access the wages they've already earned before the traditional payday. Instead of waiting for bi-weekly or monthly paychecks, employees can withdraw a portion of their earned wages whenever they need them.
Benefits of EWA for Employers
Attract and Retain Talent: Offering EWA can make your company more attractive to job seekers, doubling your job applicants. 80% of employees prefer jobs that offer EWA, and 81% of HR professionals agree that it provides a competitive edge in attracting skilled employees.
Reduce Employee Financial Stress: With EWA, employees can manage unexpected expenses without turning to predatory lenders. In fact, employees using ZayZoon’s EWA report a 74% reduction in financial stress and a 78% boost in motivation at work.
Boost Productivity & Morale: Employers offering EWA have observed significant improvements in workplace morale (64%) and productivity (63%), alongside a 25% reduction in absenteeism.
Cut Hiring Costs: Businesses using ZayZoon’s EWA report a 5% reduction in hiring costs, saving an average of $19,000 per year for a business with 200 full-time employees.
Eliminate Pay Advances: EWA replaces the need for pay advances, allowing employees to access funds without the discomfort of requesting help from their employer.
Incentivize Digital Payments: EWA encourages employees to transition from paper checks to direct deposits, saving your business time and money.
How Much Does EWA Cost?: For employers, EWA through ZayZoon costs nothing. Employees pay a minimal fee—$5 or less—or can choose to access their funds for free through options like the prepaid ZayZoon Visa card, gas card, or instant gift cards.
A Holistic Financial Wellness Solution: ZayZoon’s platform doesn’t just offer EWA; it provides financial education resources, smart insights, and customized alerts, empowering employees to manage their finances effectively.
Seamless Integration with Paid Payroll
Integrating ZayZoon with Paid Payroll is simple and quick, providing your business with a powerful tool to enhance employee satisfaction and financial wellness.
If you're interested in learning more about how ZayZoon's Earned Wage Access can benefit your team, or if you'd like to add this feature through Paid, contact one of our experts today!