How EWA Helps Companies: The Latest Facts and Figures

EWA, which stands for earned wage access, is the latest employee benefit to become a mainstay in the market. If you’re new to the concept, EWA allows employees to have access to wages that they’ve already earned but haven’t yet been paid. For example, when an employee completes a shift, EWA can give them access to that pay right away instead of forcing them to wait until payday. It’s a great perk that makes life easier for employees.

At Keeper, we’re big believers in the power of research and data to better understand how EWA is transforming the industry. So, instead of just taking our word for it, let’s take a closer look at some of the latest information around the impact of EWA.

The Employment Landscape Without EWA

First, let’s understand the landscape that employees are facing without EWA. According to a 2019 report from Visa, 44% of employees have less than $500 saved for unexpected expenses. The same study also found that 68% of employees feel personal financial issues are affecting their health, and 84% of employees worry about finances while at work. This is a big deal!

In addition to the human desire to make life less stressful for your employees, financial stress and related health issues can actually take a toll on your business through decreased productivity and increased healthcare costs. Even if your only focus is the bottom line, this issue affects you.

The EWA Solution 

EWA is the perfect benefit to make life a bit easier for employees. When earned income is one way to make ends meet, having access anytime is crucial. Unexpected expenses and higher-than-average spending can’t always wait until payday to be solved, and EWA bridges the gap in the meantime.

The Visa report found that 95% of employees would be interested in working for an employer who provides EWA, so we’re likely to see EWA become the next standard perk that employees expect from reputable companies.

Our Data at Keeper: How EWA Benefits Employers 

With that background in mind, let’s explore our data from Keeper to learn how employers benefit from their EWA offering.

Hiring and Retention

On the hiring and retention front, Keeper allows our partner organizations to fill positions twice as fast and increase employee retention by 25%. In today’s hiring market, that’s a

big deal! For job listings on the market, our partner employers also found a 2.1x boost to clicks on job postings after implementing Keeper. 

Integration Success

Our partners have scored Keeper 4.9/5 stars for integration simplicity, and 70% of our partners are fully onboarded within two weeks. After the initial integration, we’re also proud that our partners stick around for the long haul. We currently have 100% partner retention, meaning we’ve never lost an existing partner. 

EVV Compliance 

One bonus benefit for employers is that our EWA offering relies on EVV timekeeping, so employees that might want to take an early payday have to use EVV to clock in and out. EVV compliance is a common issue among employers—especially in the home health industry—and Keeper can help. After implementing Keeper, our partners see a 21% average increase in EVV compliance.

Final Thoughts 

As you can see from these facts and figures, EWA isn’t going anywhere anytime soon. It offers the perfect mix of benefits for both employees and employers, so there’s nothing to lose and everything to gain. Learn more about the initial implementation process here. We’d love for you to be our next partner!