By Gerard Farrell
In today’s fickle job market, employers are constantly seeking new ways to attract and retain talent. One popular benefit has become more of an expectation for employees; earned wage access (EWA), a payroll solution that allows employees to access their earned wages instantly, without waiting for payday.
In response to employee demand for optionality in how they get paid, the market has seen a surge of providers offering various EWA models. Last year, only 10% of U.S. companies offered EWA to their employees, but that number is expected to double in 2023, with large companies like Uber and McDonald’s already implementing the feature into their payroll systems to recruit and retain their workforce.
Although demand for EWA continues to grow exponentially, some payroll leaders remain hesitant due to the perception that implementation will be challenging and cumbersome. However, with the right partner, tools, and processes, organizations can streamline implementation.
Selecting an EWA Provider
Choosing the right EWA provider is paramount to the success of your implementation. Partnering with a reputable provider, such as Instant Financial, ensures you have access to reliable and secure EWA services.
Instant Financial is an EWA provider that offers responsible, instant pay to thousands of employees across the United States, striving to promote financial freedom and wellness through our no-fee on-demand pay solutions.
Instant is the only vendor that completely insulates the employer from risk and doesn’t charge predatory fees to employees, all while seamlessly integrating into your existing payroll systems for easy implementation.
When selecting a vendor, it’s important to get details on the implementation process and how the rollout of your new earned wage access program will actually happen. In this post, we will review the steps we take in the implementation process in order to ensure a seamless rollout to maximize employee adoption.
- Analyzing Your Technology
Prior to implementation, Instant Financial conducts a thorough exploration of your existing payroll and HR technology stack. We carefully analyze how our solution will integrate with your current systems and map out a plan for ensuring this takes place as part of the overall process. This step guarantees that the implementation of your EWA program is seamless and compatible with your existing infrastructure, minimizing any potential disruptions. - Banking and Finance Requirements
To guarantee smooth and error-free payment transactions, our team conducts a detailed exploration and due diligence review of your organization’s banking processes. By conducting an in-depth assessment of these requirements, we make sure that payments are error-free and delivered to employees as they need them. - Operational Discovery
Working together with your organization’s payroll team, Instant engages in a collaborative review of your company’s internal operational processes. This step ensures that all necessary processes are in place and approved before the launch. By working hand-in-hand with your team, Instant promotes a smooth transition and enables you to effectively manage the implementation of the EWA program within your organization. - Training, Education, and Onboarding
Additionally, Instant Financial holds training sessions with key departments and stakeholders to provide comprehensive training, education, and onboarding support. Through this, we make sure that all relevant parties understand the ongoing requirements, process changes, and overall benefits of our solution. By facilitating clear communication and addressing any concerns, Instant promotes high adoption rates and a successful rollout of the program into your organization.
It is important to understand that implementing EWA is not a one-time task. It requires ongoing support and optimization to maximize its benefits. By relying on continued support from your EWA provider, they should be readily available to help with any technical issues, provide continuous training resources, and offer regular updates to enhance the EWA experience for both employers and employees, further streamlining the process.
Additionally, organizations should encourage employees to provide feedback on their experience with the system, identify areas for improvement, and communicate any additional needs or features they may require. Their feedback will enable continuous development and optimization to better meet the evolving needs of an organization and its workforce.
By dispelling the notion that EWA implementation is a cumbersome and challenging process, companies can unlock the many benefits of this innovative financial benefit. Embracing EWA not only improves the financial well-being of employees but also positions employers as forward-thinking and supportive organizations that prioritize their workforce’s needs.
To learn how you can seamlessly implement EWA into your organization’s payroll with Instant Financial, schedule a demo today.
