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Employee retention is a critical concern for businesses in today’s competitive market. The cost of turnover, including recruitment, training, and lost productivity, can significantly affect a company’s bottom line.
As companies look to well thought out employee retention strategies, they must offer competitive benefits to attract and retain top talent.
That’s why industry leaders are turning to earned wage access (EWA), which allows employees to access their earned wages before payday. This innovative financial wellness benefit not only boosts employee morale and financial wellness but also significantly improves employee retention.
How Earned Wage Access Can Improve Employment Retention
Research has shown a strong correlation between financial wellness benefits like EWA and improved employee retention rates. In fact, 95% of companies offering an EWA solution today believe it has a positive impact on employee retention.1
Here’s How EWA impacts employee retention rates:
Reduces Financial Stress
According to a 2023 report from PwC, 57% of employees say finances are the top cause of stress in their lives, and this stress can lead to distraction, absenteeism, and even job-hopping in search of higher pay. Many workers live paycheck
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»This AI Agent Solves Employee Turnover
