How To Implement Earned Wage Access In Your Company
Introduction
Implementing an Earned Wage Access (EWA), or On-Demand Pay, system in your company can greatly benefit your employees by offering them the flexibility to access a portion of their earned wages before payday. This not only enhances employee satisfaction but also can reduce turnover and improve financial wellbeing. Here is a guide to help you understand the process of implementing Earned Wage Access in your organisation.
Step 1: Research Providers
The first step in your Earned Wage Access journey is to research various providers to find the one that best suits your company's needs. Consider the following factors:
Certified by the UK’s Code of Practice
Only consider providers who are adhere to the UK’s Earned Wage Access Code of Practice. This code sets the benchmark for quality in the industry, and so will ensure the providers will deliver good outcomes for your employees using Earned Wage Access. Level is a proud co-founder of this Code, and was recently part of the first cohort to be independently assessed and certified against the values laid out within in.
Features and Products
Ensure the provider offers features that meet your requirements, such as real-time access to wages, strong customer support, and supporting financial wellbeing products. Consider whether the provider offers debt products alongside On-Demand Pay. Here at Level, we have a debt-free app, ensuring that Earned Wage Access is an alternative to debt. See all of Level’s financial wellbeing tools here.
Step 2: Ensure Integration
Once you've selected a provider, the next step is to ensure smooth integration with your existing systems.
Integration
Consider how easily the provider's system can integrate with your existing payroll and HR software. Level integrates with leading HR and payroll providers, which can be seen here. If you don’t see the integration you need, contact the team and learn about how our dedicated team will integrate with your technology during onboarding.
Your provider will work closely with your IT and payroll teams to quickly integrate the Earned Wage Access provider’s platform with your payroll system. Most Earned Wage Access providers offer APIs and other tools to facilitate this process.
Step 3: Communicate to Employees
Clear communication is essential to let your employees know they have access to their new Earned Wage Access platform. Here are some strategies to do this:
Announcements & Materials
Send out an announcement via email, company meetings, and internal communication platforms to let your employees know that Earned Wage Access, and any of the other products offered by your provider, is now available.
Your provider should help in providing materials such as FAQs, user guides, and video tutorials to let your employees know about Earned Wage Access and their other services.
Step 4: Monitor
After launching the On-Demand Pay system, occasional monitoring will ensure its continued success.
Your provider should give you access to an employer’s admin portal where you can track usage metrics to see how many employees are using the service and how frequently. You will be able to set user limits and see if employees are getting close to their limits. This puts you in control of how the service is offered and used in your organisation.
Conclusion
By following these steps, you can successfully implement an Earned Wage Access system in your company, providing employees with better financial wellbeing and improving overall job satisfaction.
Ready to get started? Begin your research today and take the first step towards a more engaged and financially secure workforce. Book a demo by clicking below and learn how Level could be your Earned Wage Access provider: