Invest in EWA to Help Your Business Save Money

Most business owners are focused on two high-level goals: bring more money in, and send less money out. Saving money is an important goal when high costs can easily wipe out profit, so we’d love to share how investing in Keeper can actually help you save money. Yes, really.

First, it’s important to understand the true cost of hiring or replacing an employee. The hiring process is costly, and the longer you go without finding the right fit for your open role, the more you spend on promoting your job listing, your recruiters, conducting interviews, and spreading resources thin to cover for the short staffing.

The average cost to hire one employee in 2021 was $4425, which highlights the importance of holding onto top talent and making sure current employees feel fulfilled at work. That’s where Keeper comes in.

As an EWA provider, Keeper plays an important role in empowering employees to have access to their earned wages anytime. The premise is simple: when employees have already worked a shift but haven’t reached payday, Keeper will allow them to withdraw the funds early. Then, Keeper reclaims the advance at payday.

To understand how this saves your business money, it’s important to understand the role this financial access plays for employees. A 2019 Visa report found that 95% of employees would be interested in working for an employer that offered EWA. Why? Just under half of all employees have under $500 saved for an emergency, leading 84% of employees to worry about finances while at work.

This stress leads to absenteeism, lower productivity, and ultimately poor health due to the ongoing burden. EWA can mitigate these effects, offering a lifeline that eases financial stress. It’s no wonder that the Visa report also found that access to earned wages can aid in recruitment, engagement, and retention rates—employees want to know they have somewhere to turn if they need their income before payday.

Keeper is no exception to these stats. Our home care agency partners report 25% increases in employee retention and open positions filled twice as fast. Both of these results drastically cut down on the $4425 cost of hiring, putting off the need to hire at all and cutting down on the timeline when hiring is needed.

We’ve also found that 99% of employees are happier with their employer than they were before Keeper was implemented, which is a massive boost for one partner investment. (This is doubly true if you’ve received FMAP funding that will cover the cost of Keeper—we count as a Workplace Recruitment and Retention initiative.)

So, if you’re hoping to save money for your organization, consider investing in Keeper to offer EWA for your employees. Our results speak for themselves!