Discover how Earned Wage Access empowers employees, boosts retention, and transforms the financial wellness landscape for businesses: https://lnkd.in/eGPm2F-7
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In the evolving landscape of employee benefits and financial wellness, understanding the key differences between Earned Wage Access (EWA) and Pay Advances is crucial. 🚀 Our latest blog explores these distinctions and why they matter for both employees and employers. Learn how Spentra's Money Earned® feature is redefining financial wellness by offering a flexible, non-loan solution for immediate access to earned wages. Dive into the details and see why EWA is a game-changer in promoting financial health and autonomy. 💡🔗 #EmployeeBenefits #FinancialWellness #EarnedWageAccess #Spentra https://lnkd.in/e3DUxK2b
Understanding the Distinction: Earned Wage Access vs. Pay Advances - Spentra
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Dedicated Dispute Resolution & Employment Solicitor: Extensive Legal Expertise and Innovative Thinking to Secure Favourable Outcomes For Clients | Proven Track Record in Resolving Complex Legal Issues |
🚨 Employers, Listen Up! 🚨 Big changes are coming this April 2024! The National Living Wage is jumping up to £11.44 per hour for those aged 21 and over. Yes, you heard it right - a whopping 9.8% increase from the current £10.42. And guess what? It now includes 21 and 22-year-olds too. 🎉💷 Why Should You Care? Because it’s not just about paying more; it’s about valuing your team. But, let’s not forget - failing to adjust your payroll isn’t an “oops” moment; it’s a legal blunder that could cost you more than just pennies. Think fines, bad PR, and unhappy employees. 🚫👩⚖️ Your Action Plan: 1. Audit Your Payroll: Like, yesterday! Make sure everyone’s getting at least the new minimum. 🔄 2. Talk About It: Keep your team in the loop. Transparency is key. 🗣️💬 3. Get Advice If Needed: Not sure what to do? Professional advice is your best friend. 📚🔍 Don’t just see this as a compliance tick-box. View it as an investment in your workforce’s morale and productivity. After all, happy employees mean a thriving business. So, let’s get ahead of this change and show how much we value our teams. Let’s not just do the minimum; let’s be the employers who lead with integrity and vision. #ChangeIsNow #FairWagesForAll 🚀💼
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One of the biggest trends that we’ve seen over the past 2-3 years is the emergence of early wage access, giving primarily gig and hourly workers access to their income on demand, as opposed to the hard-coded dates of a traditional payment cycle. Rain’s Alex Bradford joins editor Zack Miller on the podcast to talk about what’s driving the demand for EWA and how Rain is challenging the status quo of some of hte larger players in the space. Rain works with some of the largest middle market and enterprise companies to provide EWA as a wellness benefit to hundreds of thousands of employees in the U.S. The company recently raised $116 million and claims it’s growing 10% every month. Alex also shares his view on where earned wage access is headed and who are likely to be the winners in the market. The big ideas Challenges of Traditional Payroll System: “Americans spend about $170 billion a year just waiting for their next paycheck. That’s in the form of payday loans, high-interest credit cards, overdraft fees, and other predatory financial products.” Financial Stress and Employee Turnover: “Turnover is one of the main problems that a lot of industries are still dealing with today. It’s very expensive for employers to be replacing employees, around $4,000 on average.” I mportance of Wage Access: “Rain integrates with employers, their payroll system, their timekeeping system. Employees can access their earned wages with instant funding, addressing the financial stress caused by delayed paychecks.” Diverse Use Cases for Wage Access: “Some of the main use cases for Rain are buying groceries, diapers, daily essentials, paying for gas, rent, and monthly payments.” Wage Access Models: Employer-Integrated vs. Direct-to-Consumer: “Cash advance apps typically have a tip type of model. Very few of them are sort of credit products. Companies like Earnin, Brigit, and Dave are in that space.” Future of Financial Wellness: “Long term, success for the individual user looks like using Rain or the earned wage feature less than less because they’re saving more and more.” Listen to the podcast here: https://lnkd.in/dN6spMW2 #earnedwageaccess #ewa #personalfinance #banking #financialservices
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DAC in Partnership With Rellevate Bringing You Pay Any Day Employee Benefit. Earned wage access and how the employee can better adjust to unplanned events in life. Earned wage access (EWA) programs allow employees to access a portion of their earned wages before the scheduled payday. These programs can provide employees with financial flexibility and help them better adjust to unplanned events in life by addressing immediate cash flow needs. Here's how employees can benefit from EWA programs and better manage unplanned events: To better adjust to unplanned events in life using EWA programs, employees should: Assess Financial Needs: Evaluate the urgency and importance of the unplanned event and determine the amount of funds needed to address it effectively. Use EWA Responsibly: Use EWA as a short-term solution for immediate financial needs rather than relying on it for long-term financial stability. Avoid accessing more wages than necessary to prevent potential cash flow challenges on future paydays. Explore Other Resources: Consider other financial resources and support systems available, such as emergency savings, insurance coverage, community assistance programs, or financial counseling services, to address unplanned events comprehensively. Communicate with Employers: Maintain open communication with employers about financial challenges and the use of EWA programs. Employers may offer additional support or resources to help employees navigate unplanned events effectively. By leveraging EWA programs responsibly and incorporating them into a broader financial strategy, employees can better adjust to unplanned events in life and achieve greater financial resilience and stability. DAC in conjunction with Rellevate Pay Any-Day Benefits Include: Access Your Money-Anytime Advance up to 50% of Your Pay Transaction Fee of $2.95 per Advance It’s an Advance – Not a Loan Call 226-568-9397 ask for Christopher to see why Pay Any Day can benefit your employees and your business. Click the link below for more information. https://lnkd.in/gMAzpxFn #EarnedWageAccess #GetPaidToday #EmployeeBenefits #IncomeOnDemand
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If earned wage access is to become table stakes, a lot more big employers are going to have to start offering it to their workforces as part of financial wellness programs. Rain's cofounder and CEO Alex Bradford joins us on the podcast to talk about the future of #ewa and his vision for Rain becoming the killer app for frontline employees. 💡 The big ideas 💡 Challenges of Traditional Payroll System: “Americans spend about $170 billion a year just waiting for their next paycheck. That’s in the form of payday loans, high-interest credit cards, overdraft fees, and other predatory financial products.” Financial Stress and Employee Turnover: “Turnover is one of the main problems that a lot of industries are still dealing with today. It’s very expensive for employers to be replacing employees, around $4,000 on average.” Importance of Wage Access: “Rain integrates with employers, their payroll system, their timekeeping system. Employees can access their earned wages with instant funding, addressing the financial stress caused by delayed paychecks.” Diverse Use Cases for Wage Access: “Some of the main use cases for Rain are buying groceries, diapers, daily essentials, paying for gas, rent, and monthly payments.” Wage Access Models: Employer-Integrated vs. Direct-to-Consumer: “Cash advance apps typically have a tip type of model. Very few of them are sort of credit products. Companies like Earnin, Brigit, and Dave are in that space.” Future of Financial Wellness: “Long term, success for the individual user looks like using Rain or the earned wage feature less than less because they’re saving more and more.” Listen to the full podcast: https://lnkd.in/dN6spMW2
'Americans spend $170 billion a year just waiting for their next paycheck': Rain's Alex Bradford - Tearsheet
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Here's something different. You know what they say, from small things... A workforce solution can be as simple as focusing on your employees' wellness through HR benefits. This can lead to a technology enabled solution like EWA, as this JP Morgan article succinctly explains. "𝘈𝘭𝘭 𝘵𝘺𝘱𝘦𝘴 𝘰𝘧 𝘦𝘮𝘱𝘭𝘰𝘺𝘦𝘳𝘴 𝘤𝘢𝘯 𝘶𝘴𝘦 𝙀𝙒𝘼 𝙖𝙨 𝙖𝙣 𝙞𝙣𝙘𝙚𝙣𝙩𝙞𝙫𝙚, 𝘢𝘭𝘭𝘰𝘸𝘪𝘯𝘨 𝘵𝘩𝘦𝘪𝘳 𝘸𝘰𝘳𝘬𝘦𝘳𝘴 𝘵𝘰 𝘢𝘤𝘤𝘦𝘴𝘴 𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦 𝘦𝘢𝘳𝘯𝘦𝘥, 𝘧𝘢𝘴𝘵𝘦𝘳 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦 𝘦𝘧𝘧𝘪𝘤𝘪𝘦𝘯𝘵𝘭𝘺. 𝘌𝘞𝘈 𝘩𝘢𝘴 𝘵𝘩𝘦 𝘱𝘰𝘵𝘦𝘯𝘵𝘪𝘢𝘭 𝘵𝘰 𝙧𝙚𝙙𝙪𝙘𝙚 𝙖𝙗𝙨𝙚𝙣𝙩𝙚𝙚𝙞𝙨𝙢 𝙖𝙣𝙙 𝙗𝙤𝙤𝙨𝙩 𝙥𝙧𝙤𝙙𝙪𝙘𝙩𝙞𝙫𝙞𝙩𝙮 𝘭𝘦𝘷𝘦𝘭𝘴, 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘪𝘵 𝘤𝘢𝘯 𝙝𝙚𝙡𝙥 𝙬𝙤𝙧𝙠𝙚𝙧𝙨 𝘲𝘶𝘪𝘤𝘬𝘭𝘺 𝘰𝘣𝘵𝘢𝘪𝘯 𝘵𝘩𝘦 𝘮𝘦𝘢𝘯𝘴 𝘵𝘰 𝘨𝘦𝘵 𝘵𝘰 𝘸𝘰𝘳𝘬 𝘰𝘳 𝘳𝘦𝘤𝘦𝘪𝘷𝘦 𝘮𝘦𝘥𝘪𝘤𝘢𝘭 𝘢𝘪𝘥 𝘸𝘩𝘦𝘯 𝘴𝘪𝘤𝘬 𝘰𝘳 𝘪𝘯𝘫𝘶𝘳𝘦𝘥." Interested in learning more? Let's connect. #payroll #contactcenter #Caregivers #Benefits #employeebenefits
Rethinking payments to deliver earned wage access for all | J.P. Morgan
jpmorgan.com
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🌟 Breaking the Mold: Discover Earned Wage Access - Your Pathway to Smart and Swift Paydays! 🌟 Curious about how Earned Wage Access can revolutionize your employees' financial well-being? Look no further! Our video sheds light on this game-changing solution. Say goodbye to traditional pay cycles and hello to financial freedom! With Earned Wage Access, your team gains control over their earnings, accessing their hard-earned money when they need it most. Ready to empower your workforce and boost morale? Reach out to us at info@myupah.com or give us a call at +6016 248 3713 to learn more. Take the first step towards happier, more financially secure employees today! 💼💸 #EarnedWageAccess #FinancialWellness #SmartPaydays #EmployeeEmpowerment
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Globally, wage growth has slowed from 2022 to 2024 with a few markets being an exception to this. In the US, 60% of workers feel their income has not kept up with the cost of living and this is also reflected across other European counties. Many employers are finding it challenging to balance offering competitive wages with budget constraints. To retain valuable talent, employers need to get creative with benefits that complement limited salary budgets, such as flexible work arrangements, financial planning assistance, generous leave combined with opportunities for professional development. #EmployeeBenefits #RetentionStrategies #FlexibleWork #FinancialWellness #PaidTimeOff #ProfessionalDevelopment #EmployerChallenges #TalentManagement #WorkLifeBalance https://lnkd.in/dHHT7XfS
4 benefits that make your compensation package competitive in 2024
benefitnews.com
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Dive into Earned Wage Access (EWA) and discover how it solves retention, morale issues and is an emerging valuable benefit for employers and employees 🔥 https://lnkd.in/eKwPbCJw
Employee happiness starts at payday and only gets better with Earned Wage Access | Fingercheck
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Looking for a FREE employee benefit to add to your recruitment & retention artillery? Not clickbait- I PINKY PROMISE, BESTIE. 😬 💖 Let’s talk Earned Wage Access (EWA) 🤑 👷♀️ For employees, EWA providers offer early access to earned wages. This means if you've worked the hours but payday's still a week away, you can access part of your earnings in advance. It's a great way to manage unexpected expenses or just smooth out cash flow. (With organic, pasture-raised eggs still at ~$7.00 an advance here or there can’t hurt. 😅) 💡 Plus, it's a super alternative to expensive payday loans. Lower fees, more flexibility – it's a win-win! 🏢 Employers, listen up! Offering EWA can boost employee satisfaction and retention. It shows you care about your team's financial wellness and are willing to provide modern solutions. But wait… there’s more: Many providers offer budgeting tools, savings options, and financial education alongside EWA! 📊📚 Curious what this would look like for your employees? Here’s a few standouts in the space: 💰ZayZoon 💰DailyPay, Inc. 💰Tapcheck 💰Rain (hashtag not sponsored) Considering offering EWA or already do? Would love to hear your experience/thought process. 😊 #FinancialWellness #EmployeeBenefits #InnovationInPayroll #EarnedWageAccess 💼✨
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