People all throughout the world desire flexible access to their paychecks, according to a new Everest Group analysis, but there are few worldwide solutions that can satisfy this need.

The report, Global Earned Wage Access (EWA): Strategic Benefits for Employers and Financial Well-being for Employees, demonstrates that employers are required to offer access to salaries based on employee needs due to a combination of new requirements for employees in a flexible work environment, the need for quick access to finance due to financial difficulties, and the desire for a consumer-oriented experience.
Despite this demand, the Everest Group reports that there are only a small number of providers providing Earned Wage Access (EWA) solutions, and even fewer have a global perspective. This suggests either a reluctance to alter the “unbroken” payroll systems or a lack of knowledge about the existence of an international solution.
Hiring methods could suffer from a failure to adapt to the times. The Everest Group estimates that 75% of workers worldwide are considering changing jobs. 43% of respondents stated process improvement is a key motivator, while 57% said wellness programmes, especially those focusing on financial wellbeing, have a direct impact on their employees’ experiences. Without EWA solutions, future talent acquisition and retention tactics may become more difficult.

Source: Prnewswire