Netchex adds Earned Wage Access (EWA) solution, which allows employees to access their wages as soon as they earn them without waiting for payday
COVINGTON, La., Sept. 16, 2024 /PRNewswire-PRWeb/ -- Netchex, a leading provider of cloud-based payroll and HCM solutions, is excited to announce the addition of Earned Wage Access (EWA) to its comprehensive platform. Powered by Rain, who has extensive experience in this industry, Netchex EWA allows employees to access their wages as soon as they earn them without waiting for payday. Utilizing EWA allows employees to manage their finances, avoid costly overdraft fees or high-interest loans - ultimately enhancing their overall financial wellness.
"The introduction of Earned Wage Access aligns with our mission to enhance the overall employee experience and promote financial wellness," said Abhinav Agrawal, Chief Product & Technology Officer at Netchex.
Netchex’s deeply integrated EWA solution takes the stress out of offering Earned Wage Access for an employer. The solution is free for employers, requires zero setup, maintains compliance, and offers free ACH transfer options to employees with no-strings attached. Employers that offer Earned Wage Access see many benefits:
- Boost Job Applications: Offering EWA provides a competitive advantage in attracting job seekers who prioritize financial stability and on-demand pay.
- Enhance Employee Productivity: Employees with access to their earned wages show greater motivation, reduced stress, and higher productivity. They miss fewer shifts and are more inclined to take on additional shifts.
- Improve Employee Retention & Reduce Turnover: EWA helps retain talented staff by reducing financial stress, lowering turnover rates, and saving costs associated with hiring and training new employees.
One of Netchex's clients in the hospitality industry shared their experience: "The Earned Wage Access feature has been a game-changer for our frontline employees. They appreciate the flexibility it provides, and we've seen a noticeable increase in job applications after we started providing EWA."
"We understand that financial stress can have a significant impact on employees' productivity," said Agrawal. "By introducing Earned Wage Access in partnership with Rain, we aim to alleviate some of the financial burdens faced by hourly employees and deliver a competitive edge to our clients."
To learn more about Netchex's Earned Wage Access feature and how it can benefit your organization, please visit https://netchex.com/earned-wage-acces s.
Media Contact
Katie Kennedy, Netchex, (985) 220-1410, [email protected], https://netchex.com
SOURCE Netchex
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