Workers' needs have changed. Traditional benefits are no longer effective for today’s employees. Gig platforms have changed employee expectations. By 2027, 50% of U.S. workers will participate in some kind of gig work. Adapting to this new normal for workers is essential.
At Ahola, we’re always looking for ways to help our clients stay ahead of these shifts. That’s why we’ve partnered with ZayZoon to make earned wage access (EWA) available — seamlessly integrated with your Ahola payroll services.
ZayZoon’s top benefits reports survey found that one one in five employees will leave a role with higher pay for a job with better benefits. A majority of respondents further noted that benefits were important or very important in their decision to accept a new job.
Earned wage access (EWA) is a key strategy for employers to offer employees the flexibility and control they need and remain competitive in a crowded job market. Let’s dig into what EWA is, how it can benefit any employee in your organization and how it will save you time and money.
Earned wage access (EWA) is a convenient way for employees to access their wage in advance. Often called on-demand pay, EWA is a flexible benefit that allows employees to receive a percentage of their earned wages without having to wait until their normal payday.
EWA is a financial wellness benefit that can be used to avoid financial strain for both employees and employers. With EWA, employees can bypass riskier financial options like payday loans with a high percentage or adding more credit card debt.
Turnover in a number of industries is at an all-time high. Replacing employees because they don’t have the flexibility needed to make the financial choices they need can cost an employer. With every retained employee, employers may save $4,000 to $10,000 in replacement costs.
EWA at ZayZoon means an employee can receive part of their earnings via transfer in their bank account in minutes. Other EWA providers vary on cost to the employee or employer. With ZayZoon, we’ve designed one app with one login for limitless financial possibilities.
Every employee has instant pay flexibility, savings, recognition and financial wellness tools. ZayZoon EWA gives all employees the access to:
Offering EWA comes at no added cost for the employer and involves no changes to the existing payroll process. The only fees are for employees: $5 per transaction, or about what it costs to use an ATM machine.
ZayZoon does provide a couple free options for employees who want to get paid early. Fee-free options include:
Providing employees with earned wage access not only strengthens their financial well-being but also leads to higher productivity, reduced stress, and improved job satisfaction—directly improving team performance.
In ZayZoon’s report, The ripple effect: Business costs of employee financial stress, we surveyed 5400 employees and 500 HR professionals and found that workplaces reported a 74% rise in workplace productivity after activating EWA.
ZayZoon is seamlessly integrated with Ahola making it easy to offer EWA to your employees without any changes to your existing payroll process.
Curious to learn more about EWA or find out how ZayZoon can help you? Get in touch with one of our experts to learn more today.