In today’s gig economy, where the majority of the workforce is made up of gig workers and blue collar workers, companies are constantly looking for ways to retain their employees. One of the biggest challenges that these workers face is financial insecurity, which can lead to high turnover rates and difficulty in finding reliable and skilled workers.
This is where Earned Wage Access (EWA) comes in as a game-changer. Pioneered in India in early 2020, by us at KarmaLife, EWA is a fintech tool that allows gig workers to access their accrued wages before payday. This means that they no longer have to wait for their paychecks to arrive to access the money they have already earned. This add immense value to the workers at two levels:
- Financial Value: Allows workers to deal with mid cycle expenses and unplanned emergencies without having to borrow at exorbitant cost
- Psychological value: Feeling financially secure with the sense of self reliance and dignity
EWA can be a great tool for companies that rely on gig workers and blue-collar workers, as it can help them retain their workforce. With EWA, employees can access their wages when they need it the most, such as during an emergency or to cover unexpected expenses. This can help to reduce financial stress and improve overall job satisfaction, making it more likely that employees will stay with the company.
Workforce retention is a key difference in success, especially in times of high inflation. With the cost of living on the rise, it’s more important than ever for companies to provide financial support to their employees. EWA can be a great solution for companies looking to retain their workforce, as it can help to improve employee morale and reduce turnover rates.
Moreover, EWA also adheres to regulations and laws in India and it’s a secure fintech tool that ensures the data and financial security of its users. It also has a simple process and qualification criteria that is easy to understand and follow.
In conclusion, EWA is an innovative financial tool that can help companies better address workforce in the gig economy.