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
Read More

Financial Wellness Programs for Workers: A Path to Security

As financial wellness becomes a cornerstone of employee benefits, programs featuring short-term credit and Earned Wage Access are gaining traction, offering a lifeline in times of need. These innovative solutions foster financial stability, allowing workers to manage unforeseen expenses without falling into debt. Through these initiatives, employers are investing in the holistic well-being of their workforce, enhancing both satisfaction and engagement. The future of work hinges on such comprehensive support systems, ensuring a financially secure and empowered workforce.
Short term credit for gig workers
Read More

🌟5 Signs of a Healthy Gig Workforce🌟

In the dynamic landscape of the gig economy, ensuring the vitality of the workforce is paramount. A healthy gig workforce exhibits key indicators such as fair compensation, robust social support, strong work-life balance, access to professional growth, and prioritization of mental well-being.
Read More

Global Fintech Fest

At the Global Fintech Fest, KarmaLife had the chance to present our vision to key players in the industry. It was incredibly rewarding to see our mission resonate with other leaders, and the event opened doors for potential partnerships to expand our impact.
Read More

Maximizing ROI on Employee Financial Wellness Programs: 6 Benefits to your company

Financial stress among employees can significantly impact productivity and overall company performance. By investing in comprehensive financial wellness programs, CEOs can foster a healthier, more productive workforce. Explore how integrating KarmaLife’s Earned Wage Access (EWA) solution can reduce financial stress, boost employee satisfaction, and enhance your company's competitive edge.
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