Should you Hospital System Offer EWA?
In the medical industry, nurses and hospital staff work tirelessly to provide essential care to patients. However, financial stress can often be a significant source of anxiety for these employees. That's where Earned Wage Access (EWA) comes in.
EWA is a financial benefit that allows employees to access a portion of their earned wages before payday. This can provide a critical lifeline for employees who may need extra funds to cover unexpected expenses or emergencies. But the benefits of EWA go far beyond just providing access to funds.
Firstly, EWA can have a significant impact on employee turnover rates. In a recent study, companies that implemented EWA saw a 50% reduction in employee turnover. This is because financial stress can be a significant driver of employee dissatisfaction and turnover. By providing EWA, employers can alleviate some of this stress and create a more stable and content workforce.
Additionally, EWA can increase employee productivity. According to a survey by Salary Finance, 47% of employees report being distracted at work due to financial stress. By providing EWA, employers can help alleviate this stress and improve employee focus and productivity. In fact, some employers report a 25% increase in productivity after implementing EWA.
Finally, offering EWA can also help employers attract top talent. In a tight labor market, employers are constantly seeking ways to differentiate themselves from their competitors. By offering EWA, employers can stand out as a forward-thinking and employee-centric organization. In fact, some employers report receiving up to 2X more job applications after implementing EWA.
For nurses and hospital staff, who often work long and stressful hours, the benefits of EWA can be particularly meaningful. By providing access to their earned wages when they need it, employers can help alleviate financial stress and improve overall employee well-being.
In summary, Earned Wage Access is a powerful financial benefit that can have a significant impact on employee turnover, productivity, and recruitment. For employers in the medical industry, offering EWA can be a particularly valuable tool for supporting the financial wellness of their workforce, and ultimately improving patient care.