As the global healthcare industry continues to evolve and expand, caregivers are becoming an essential part of providing quality care. But while there is a growing demand for caregivers, the challenges associated with retaining, recruiting, and engaging them are also increasing. One solution that has been gaining traction in recent years is earned wage access (EWA). This innovative financial benefit provides on-demand access to earned wages. The best part? It is a free-to-employer solution that has proven to improve the health of your workforce.
What is earned wage access?
Earned wage access (EWA) is a new type of financial wellness benefit designed specifically to impact employees living paycheck to paycheck. It allows employees to receive on-demand access to their earned wages before payday arrives — a responsible alternative to taking out loans or accruing high-interest debt. EWA is an opt-in service that employers provide as a benefit to their workforce. Employees can simply check an app on their phone to see hours worked, wages earned, and select how much they need to withdraw from their paycheck when unexpected expenses arise.
The Benefits of EWA for Caregivers
EWA provides two main benefits for caregivers and employers alike. First, it enables workers to bridge the financial gap between paychecks by allowing them to receive funds when they need them most — such as during emergencies or unexpected life events — rather than waiting until payday arrives. This helps alleviate financial stress so employees can focus more on their job and less on their finances. Secondly, since employees don’t need to take out loans or incur debt in order to access their earned wages, they don’t have to worry about high-interest rates or late fees associated with traditional lending services. In addition, employers can use EWA as a recruitment tool as it sets them apart from competitors who don’t offer this type of benefit.
Immediate surveys have shown that employees who access their earned wages when needed are more engaged at work because they are not worrying about their financial stressors. This increased engagement leads to higher productivity levels which, for caregivers, can result in better patient outcomes and improved customer satisfaction scores — both critical components in today’s healthcare industry landscape. Finally, offering EWA can help reduce employee turnover rates since they will be able to get paid faster and more reliably than ever before — something that all healthcare providers should strive for in order to ensure top-tier care is being provided at all times.
Earned wage access (EWA) is quickly becoming an attractive option for employers looking for solutions that help recruit, retain, and engage caregivers effectively by providing them with access to their earned wages when needed most. By offering this innovative benefit, you will be able to set yourself apart from competitors while ensuring that your staff remains happy and engaged throughout their employment journey with you!
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