How Providing Early Access to Salary Keeps Your Employees Happy 

Do you wonder how your blue-collar employees manage their finances with limited means? Do you want to know if you can provide an early salary during emergencies? 

The Covid-19 pandemic and the subsequent economic volatility affected gig workers the most. It’s no surprise that many dubious payday apps entered the market, affecting thousands of lives. However, you can step up and safeguard your employees. Several SMBs and emerging organizations have asked, ‘Can I offer an early salary for my employees?’

The answer is yes. Earned Wage Access (EWA) allows you to pay a share of the employee’s salary as an advance. The amount can be repaid by the employee. Or it will be deducted from their weekly/ monthly earnings. It’s a win-win situation for both parties. You will pay for the work they already provided, and the employee doesn’t have to take a high-interest emergency loan from lenders. 

Of course, offering an early salary gives a few more advantages to you, the employer. 

  • Higher Retention Rate
  • Gig workers tend to switch jobs regularly, as they need to earn enough to cover their expenses. This can affect your business, especially if a group of workers decide to leave at once. However, by offering earned wage access, you can retain them with your business. Your workers will know they can get an advance payment if necessary and don’t have to switch jobs unless for this reason. 
  • Employee Loyalty 

Employee loyalty is as important as customer loyalty. A business cannot be successful if the employees don’t trust their employers. Offering early access to earned wages is a way to establish a good relationship with your workers and show them that you care about their well-being. Let your employees know they can rely on you during emergencies. 

  • Attract New Employees 

Early salary access can be your selling point to attract worthy candidates to your business. Workers are likely to accept your job offer when you offer something different and useful. Since EWA promotes financial freedom, it will bring new employees to your business. 

Conclusion 

KarmaLife is a leading EWA partner in India, working with numerous businesses to ensure financial stability and freedom for their employees. Digital KYC, no onboarding time, multi-OS-friendliness, and automation are some highlights of using the platform to provide early wage access to employees. With a transparent fee structure and multilingual functionality, KarmaLife is making EWA a reality in India.

0 Shares:
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like
Credit for gig workers
Read More

The Role Earned Wage Access Can Play in Reducing Gig Worker Debt

In the rapidly expanding gig economy, where countless individuals have embraced gig work as their primary income source, managing finances and handling debt has become a challenge. The emergence of Earned Wage Access (EWA) presents a game-changing financial solution, addressing the issue of gig worker debt by providing timely access to earned wages
Mahakumbh 2025, amrit snan, prayagraj, temporary jobs, empowered, gig workers, gig economy, zepto in mahakumbh, blinkit, rapido and uber services in mahakumbh
Read More

Mahakumbh 2025: A Boon for Gig Workers in Uttar Pradesh

The Mahakumbh 2025 is set to be a major economic driver, generating an estimated 1.2 million (12 lakh) gig and temporary jobs, benefiting over 8 lakh workers across multiple sectors. With over 40 crore pilgrims expected to attend, the demand for food delivery, transportation, accommodation, and local services will skyrocket, creating lucrative opportunities for gig workers in Uttar Pradesh. Platforms like Swiggy, Zomato, Ola, Uber, and Airbnb will see a surge in temporary workers, while local businesses and freelancers will thrive. The Mahakumbh gig economy not only highlights the growing role of seasonal gig work but also strengthens financial inclusion by providing flexible earning opportunities to both urban and rural workers. Read more on how Mahakumbh 2025 is shaping the gig economy in India. 🚀
Read More

Empathy to Empowerment : KarmaLife & SIDBI’s Groundbreaking Partnership

Discover how KarmaLife's innovative partnership with SIDBI is transforming the landscape of financial access for India's gig workers. This groundbreaking initiative leverages our advanced technology platform to provide hassle-free micro loans, empowering gig workers as entrepreneurs of their own nano-businesses. Join us in embracing a future where every gig worker has the tools to succeed financially.