Why US employers are rapidly adopting Earned Wage Access solutions?
Rain’s Earned Wage Access solution offers a free and low-cost option for employees to easily access their pay outside of their traditional payroll cycle. It provides a financial safety net for emergencies or bills making the paycheck-to-paycheck stretch significantly less stressful. It gives employees the ability to watch their earned wages grow, all from the ease of a mobile app.
Earned Wage Access, also known as EWA or on-demand pay, has rapidly become one of the highest adopted benefits across industries with a high population of hourly workers.
By integrating with major payroll and timekeeping vendors, EWA solutions give employees access to their earned wages before their scheduled payday. Before EWA, workers living paycheck-to-paycheck would be stuck until their next payday, often forced to resort to high-interest payday loans.
This is a global phenomenon - the average person struggles financially to the point of being unable to make it to next week's or next month’s paycheck without incurring an overdraft or late payment fee. A study from November 2022 indicates that 63% Of Americans are living paycheck to paycheck. Earned Wage Access providers like Rain Instant Pay bridge the gap between paydays.
Rain’s Earned Wage Access solution offers a free and low-cost option for employees to easily access their pay outside of their traditional payroll cycle. It provides a financial safety net for emergencies or bills making the paycheck-to-paycheck stretch significantly less stressful. It gives employees the ability to watch their earned wages grow, all from the ease of a mobile app.
By partnering with Rain, employers have seen an overall 40% reduction in employee turnover, a 200% increase in job applications, and an 86% improvement in employee productivity. Employers that work with Rain will never pay any fees, an appealing offering for an employee benefit.
On-demand pay allows more traditional employers to compete with the gig economy, giving Uber, Lyft, and Doordash a run for their money. Offering employees access to their pay as early as their first day on the job makes recruiting applicants easier than ever. Retention and employee productivity receive a huge boost by giving employees financial peace of mind with consistent and frequent access to their earned wages.
Rain’s solution is compliant with the Consumer Financial Protection Bureau’s guidelines and all 50 states’ wage regulations. This is especially vital for companies operating in multiple states with varying wage laws. Rain can deploy its program in every state.
Rain makes it easy to deploy its solution quickly with little lift from employers, thanks to its extensive existing payroll and timekeeping integrations.
Rain continues to prove its disruptive positioning in the on-demand pay and fintech space. With rapid growth month after month, the following reasons make Rain a standout:
- Rain remains committed to compliance, even as other large players in their space inch into a legal “gray area” that could cause trouble down the road.
- With a unique team of industry experts and seasoned professionals, Rain has years of experience in fintech, startups, consulting, HR benefits, and more.
- Rain continues to raise money and sign employers, even during the ambiguous state of the current market.
- As a disruptor in a space previously dominated by industry giants or small companies, Rain has been able to grab market share.
- Rain is the fastest-growing EWA provider thanks to traction in the Quick Service Restaurant, healthcare, manufacturing, and hospitality industries.
Find out more about Rain's Earned Wage Access solution and mission to empower financial wellness by scheduling some time with our industry experts.
Reference
CNBC. Share of Americans living paycheck to paycheck rises to 63%; Dec 2022
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