The Business Benefits of Offering Earned Wage Access to Staff

For businesses, employee wellbeing isn’t just a moral obligation—it’s a business imperative. One of the most impactful ways to enhance employee financial wellbeing while positively affecting your organisation’s bottom line is to offer Earned Wage Access (EWA). 

Earned Wage Access allows your staff to access a portion of their earned wages before payday, offering financial flexibility and reducing monetary stress. But what does this mean for your business? Let's explore the benefits – the kind that drive not only employee satisfaction but also measurable business outcomes.

Retain Top Talent by Reducing Staff Turnover

Employee turnover is costly. From recruitment expenses to the time spent training new hires, replacing team members can deplete resources, hurt productivity and impact company culture.

Implementing Earned Wage Access can significantly reduce these costs. Organisations that offer Earned Wage Access solutions like Level have reported reducing staff turnover by an impressive 50%. How? Financial stress is one of the leading causes of employee dissatisfaction and burnout. By providing a solution that eases cash flow concerns, Earned Wage Access helps build trust and loyalty among staff.

Fill Shifts Faster and Reduce Unfilled Shifts by 62%

One of the critical challenges for industries like retail, healthcare, and hospitality is managing unfilled shifts. When shifts are left vacant, customer service suffers, and operational pressure mounts on existing staff, potentially leading to burnout.

By giving employees access to fair and timely pay through Earned Wage Access, businesses make shifts more appealing. Level’s clients report up to an astonishing 62% reduction in unfilled shifts thanks to Earned Wage Access. Employees are more motivated to pick up extra work without worrying about delayed compensation. 

How Does This Happen? 

A motivated workforce is an engaged workforce. When staff know they can get paid immediately after completing a long or stressful shift, it’s easier for them to say yes when asked to take on additional hours. This is particularly beneficial for part-time workers or those who rely on gig work to make ends meet. 

Less Absenteeism = Increased Productivity 

Absenteeism can disrupt organisational flow and lower workplace morale, potentially costing employers thousands annually. While staff call in sick for various reasons, financial stress often plays a hidden role. When employees are preoccupied with financial issues—whether it’s covering an unexpected expense or managing daily cash flow—they're more likely to take unplanned time off. 

Earned Wage Access helps alleviate this burden. Businesses offering solutions like Level have seen absenteeism drop by 13%. With reduced financial stress, employees tend to be more focused and present at work, resulting in higher productivity and fewer operational disruptions. 

Supporting Financial Wellbeing 

At least one in four UK workers frequently worries about money, according to the Money and Pensions Service. This financial stress affects concentration and decision-making, which can negatively impact workplace performance. Providing Earned Wage Access helps relieve this stress, showing employees that their employers genuinely care about their financial health. 

Additional Benefits of Earned Wage Access for Employers 

On top of the reductions in turnover, unfilled shifts, and absenteeism, Earned Wage Access offers several other indirect benefits for organisations, including:

Improved Recruitment 

Candidates are more likely to choose an employer that offers financial wellness programs, making Earned Wage Access a powerful tool for attracting top talent in a competitive market.

Boosted Morale and Engagement

Giving employees control over their pay fosters fairness and respect, outcomes critical for workplace harmony and overall engagement.

Enhanced Employer Branding

Employers offering innovative benefits like Earned Wage Access stand out as forward-thinking and employee-centric, improving brand perception in the market.

Futureproof Your Workplace Today 

Offering employees Earned Wage Access isn’t just an investment in their wellbeing—it’s an investment in your company’s success. Organisations that adopt Earned Wage Access benefit from reduced turnover, filled shifts, fewer absences, and a happier, more engaged workforce. 

Don’t wait to unlock the full potential of your team. Learn more about Level's Earned Wage Access solution and schedule a demo today.