Are you looking to transition from weekly to monthly payroll without disrupting your employees or your payroll team? Earned Wage Access (EWA) might just be the answer you’ve been searching for.

What is Earned Wage Access?

Earned Wage Access, also referred to as On-Demand Pay, allows employees to access a portion of their earned income before their official payday.

Essentially, it gives employees the flexibility to recreate a weekly payroll cycle for themselves if they want to – all without impacting your company’s cash flow or creating additional work for payroll teams.

This innovative payroll solution and employee benefit is ideal for businesses transitioning to monthly payroll and wanting to maintain a smooth adjustment for both HR teams and employees alike. Longer term, it can also improve employee financial wellbeing.

Benefits of Earned Wage Access

• Customisable for Employees

Employees can align their income with their preferred budgeting styles, ensuring financial flexibility. If they’re used to budgeting on a weekly cycle, they still can –empowering them to manage their finances comfortably.

• No Impact on Employer Cash Flow

Earned Wage Access solutions are designed so funds come from the provider, not the employer. That means no disruptions to your cash flow, making it an easy solution to implement.

• Reduces Workload for Payroll Teams

By eliminating the need to process weekly payroll runs, your payroll team saves invaluable time and resources without compromising your employee’s financial wellbeing.

• Employee Wellbeing & Satisfaction

Offering Earned Wage Access demonstrates your commitment to employee wellbeing by improving financial flexibility and reducing money-related stress. This aids in reducing absenteeism and improves performance.

Who Benefits from Earned Wage Access?

This payroll solution is particularly beneficial for both the employer and its employees. It’s a seamless solution that combines operational efficiency with enhanced employee satisfaction. Employees get to enjoy financial flexibility and in turn overall improved financial wellbeing, and employers enjoy running one payroll a month with piece of mind their employees have access to a portion of earned wages if they need it.

3 Simple Steps to Implement Earned Wage Access

1. Research Providers

Begin by exploring providers that adhere to the Earned Wage Access Code of Practice. This will ensure they comply with the industry standards and deliver a secure, ethical service for your employees.

2. Implement Earned Wage Access

Work with your chosen provider to integrate Earned Wage Access into your payroll system. Most providers offer straightforward implementation processes tailored to your company’s needs. For example, Level already integrates with many of the leading HR and Workforce Management systems, and continues to integrate with many more to make your Earned Wage Access fully automated.

3. Inform Your Employees

Communication is key. Your provider will likely offer resources to help you explain Earned Wage Access clearly to employees, including written content, FAQs, and instructional guides. Sharing these with your employees will be important in ensuring they are aware of their new employee benefit!

Why Transition with Earned Wage Access?

Shifting from weekly to monthly payroll can be daunting, but it doesn’t have to be disruptive. With Earned Wage Access, you can support your employees’ financial habits while reducing administrative burdens for your payroll team. It’s a win-win solution that drives efficiency, supports budgeting preferences, and ensures your employees are empowered to manage their finances with confidence.

Take the first step towards modernising your payroll system today – research Earned Wage Access providers who meet the Code of Practice and see how this innovative solution can transform the way your organisation handles payroll!