It’s no secret, earned wage access (or EWA, for short) has been proven to alleviate employee financial stress, enabling workers to bring their best selves to work.
If you’re a skeptic, consider this research conducted by ZayZoon.
- 63% of workplaces report a rise in productivity after adopting EWA
- 25% of employers offering EWA saw decreased absenteeism
- 29% of companies using EWA also saw a decrease in turnover
To be clear, that’s just the tip of the iceberg. There’s no shortage of data points touting the benefits of EWA on employee well-being.
Until now, very little has been done to quantify how an earned wage access program can actually benefit your bottom line. So, let’s do that.
Gray America Corp. saves thousands on processing pay advances
Gray America Corp. is a family-owned business that manufactures steel products for customers around the world. They have 150 employees, and like many SMBs, they’re committed to providing the best possible employee experience to their workers, while keeping in mind that resources are limited.
Courtney Carlise, their VP of Human Resources, identified a serious problem her team was facing. At any given time, they were processing 20 pay advance loans. Beyond being time consuming for her team, the process required employees to ask for a loan. Not a great experience for someone in need of money fast.
That’s why Courtney reached out to ZayZoon, an earned wage access provider. With ZayZoon, she was able to provide employees with instant access to their earned wages, without having to lift a finger or pay a cent, saving $8000 in labor hours and banking fees.
“We were processing about 20-plus loans at any given time and our annual hours and banking costs were around $8000.” – Courtney Carlisle, VP of Human Resources, Gray America Corp.
With ZayZoon in the mix, Courtney and her team were able to stop processing pay advances and focus on continuing to build Gray America’s exceptional employee experience.
Wendy’s reduces cash-till theft
For quick-service restaurants, cash-till theft is a fact of life. Thankfully, as Wendy’s can attest, it’s entirely preventable.
Most instances of cash-till theft occur because employees don’t have a choice. An emergency expense has cropped up and they need the money so badly that they’re willing to steal it. Nobody should ever be put in a situation like this. Which is why Wendy’s decided to onboard an earned wage access program.
Since its inception, earned wage access has reduced till theft for some Wendy’s franchisees by 80%, equating to $9,500 saved per year.
“Since we launched ZayZoon, cash-till theft has decreased from 5 basis points to 1 basis point per month. The 4 basis points pickup is an annualized cost savings of $9,500. I attribute this to ZayZoon.” – Jamie Horton, Wendy’s franchisee.
Earned wage access: The bottom line
We’ve already seen how EWA can transform workplaces by restoring dignity and a sense of agency to employees. This has a corollary impact on engagement, morale, and productivity. It also saves your business real money in the long run.
To get a sense of just how much you stand to save by implementing EWA, here’s a cost savings calculator that accounts for everything you need to know.