Benefits enrollment time is upon us – or near for most companies. Recent research shows 52% of employers are enhancing their enrollment experience while 34% are seeking ways to do so, especially since finding prospective employees is a tough job these days.
Nonfarm payroll increased by 315,000 jobs in August 2022 and by 5.8 million over the past 12 months according to the U.S. Bureau of Labor Statistics. This means more jobs exist than people willing to fill them.
So, if your company is like most, Human Resources (HR) departments are looking for ways to attract and retain talented employees. Earned wage access (EWA) is a benefit that can help set you apart. And since benefits enrollment time is here, you might want to consider how and why EWA can help you stand apart from your competitors and be viewed as an employer of choice.
Financial struggles plague millions
In early 2022, nearly two-thirds of Americans lived paycheck to paycheck. Little did they know at the time, inflation and gasoline prices would rise. Even households earning $100,000 to $150,000 annually struggle to make ends meet.
Consumer prices in August increased .1% from July and 8.3% from the same time last year. For most Americans, wages are not keeping up with the cost of living since everything from groceries to health insurance to rent has gone up from 2021.
And since it’s an employee market, employers must go above and beyond to interest prospective workers and keep the ones they have. Bolstering your benefits packages can help. A generous benefits package that includes EWA shows companies care about the well-being of employees and want to help ease their financial burdens.
EWA helps people keep on top of finances
According to LinkedIn’s Global Trends Report, 60% of employees said compensation and benefits were a top job selection priority. Further, 85% of EWA users say access to their wages before payday increases their likelihood to budget and pay larger bills like rent/mortgage, utilities, car payments and more.
EWA, a solution enabling hourly, salaried and contract workers to tap into their pay right after a shift, is increasingly becoming an attraction and retention tool that can be highlighted not only during open enrollment period but anytime.
In fact, human resources management software provider ADP found 69% of employees will likely request their earnings early at least once during the next year. Further, more than 90% of companies with 1,000+ employees offering EWA found it improves workers’ sense of financial security and helps attract and retain talent.
Solution doubles as a financial tool
Once an employer like you signs on to provide QRails’ AnyDay EWA solution, you can offer on-demand pay to employees, who can access it through a payroll card or an easy-to-use application. When using the AnyDay app, employees can see the amount of pay they have available, can request to access earnings and can even pay bills on the go, along with seeing where their money is being spent.
So, it’s more than just a way to get wages right after a shift. EWA doubles as a financial planning tool that helps people budget better by knowing where their money goes and whether they’re overspending in certain areas.
Give employees financial flexibility
Most employers only provide changes to benefits once a year – during open enrollment. If your HR department is updating health insurance plans, life insurance of short- long-term disability or other parts of the benefits package, why not consider adding a non-traditional benefit like EWA?
AnyDay is free to employers and employees alike and helps millions of people keep their finances afloat by giving them flexibility.