Since the beginning of the pandemic...
more and more employers across the country have learned about the benefits of incorporating Earned Wage Access into their benefits packages, like increased recruitment and retention.
Employers have turned to EWA providers like Payactiv to attract workers and provide them with financial wellness tools during the pandemic and beyond.
KPMG states it will become ‘a table stakes employee benefit in the not-too-distant future.’
some studies show...
72% of the workforce wants on-demand access to their wages and this increases significantly among millennial (84%) and Gen Z workers (87%).
More than 47 million people quit their jobs in 2021 only a year after the start of the pandemic. Industries that require in-person staff, including food service and hospitality, have struggled the most with retaining workers, leading to even more competition in those industries.
60% of employers recognize that benefits like EWA can be a low-cost way to attract and retain employees and 66% of Payactiv users report higher levels of satisfaction with their employer because of EWA. Employers have also found that the financial confidence that results from EWA has led to happier employees who want to stay longer, with many citing retention increases up to 35%.