Payroll is an important aspect of an employee’s journey, and employee expectations for flexibility and support in this regard are on the rise. Bi-weekly or monthly pay cycles are not adequate anymore, and employees are increasingly demanding greater financial control and flexibility for a better pay experience. To attract and retain talent, enterprises must come up with solutions to engage their employees better and differentiate themselves in the market.

Earned Wage Access (EWA), which allows employees to access a portion of their income ahead of the fixed bi-weekly or monthly payday, is one such solution that enterprises can offer to alleviate employees’ financial concerns and improve their financial well-being. In turn, enterprises could reap benefits such as better talent attraction, reduced attrition, and improved productivity.

In this viewpoint, we examine the factors driving EWA solutions, the significance and benefits of a global EWA program, and the key considerations and best practices when offering such solutions to employees. Enterprises aiming to improve their overall employee experience will benefit from this report.

Scope:

All industries and geographies

Contents:

In this report, we:

• Study the driving factors for a modern payroll experience
• Provide an overview of the prevalent models and components of a global EWA solution
• List the benefits of a global EWA solution for employers and employees
• Review the current EWA vendor landscape
• Mention the key procurement considerations and best practices for implementing a global EWA solution

Membership(s)

Human Resources

Sourcing and Vendor Management