8 Stats That Prove Earned Wage Access Improves Workplace Productivity

Earned Wage Access (EWA) is a financial tool that allows employees to access their earned but unpaid wages before the regular payday. By providing employees with greater financial flexibility and control, EWA can significantly improve workplace productivity.  

Here are eight stats that showcase EWA’s impact on workplace productivity.

1. 60% of DailyPay users surveyed say that DailyPay helps reduce their financial stress.¹ Reducing financial stress and enabling employees to better manage unexpected expenses. With less financial stress, employees can focus more on their work, leading to increased productivity.
2. 58% of users say DailyPay makes them feel more satisfied with their job.² By providing employees with the flexibility to access their earned wages when needed, EWA can boost employee morale and job satisfaction. Happy and satisfied employees tend to be more engaged and productive at work.
3. 82% of companies offering an EWA solution today believe it has a positive impact on absenteeism.³ Financial stress can lead to employees missing work to deal with financial emergencies or to work a second job. Earned wage access can help reduce absenteeism by providing employees with the financial means to address these issues without missing work.
4. Financially stressed employees are twice as likely to be looking for a new job than employees who are not financially stressed (36% vs. 18%).⁴ Companies that offer EWA may experience higher employee retention rates, as employees feel more financially secure and valued by their employer. This can lead to reduced turnover costs and increased productivity, as experienced employees are retained.
5. 96% of employers who offer EWA say it helps them attract talent.⁵ Offering EWA as a benefit can help companies attract top talent, as it demonstrates a commitment to employee financial well-being. This can lead to a more skilled and productive workforce.
6. 63% of DailyPay users say that DailyPay gives them more time to think of other things in their life besides money.⁶ Earned wage access can save employees time by reducing the need to worry about finances or visit payday lenders or wait in line to cash checks. This time can instead be spent focusing on work tasks, increasing overall productivity.
7. 83% of DailyPay users say the app helps them understand how much they earn daily.⁷Earned wage access platforms often provide financial planning tools and resources, helping employees better manage their finances. This can lead to reduced financial stress and increased focus on work, resulting in higher productivity levels.
8. Over half (55%) of DailyPay users say they pick up at least one extra shift per month because they know they can access earned pay ahead of payday.⁸ The clearest proof that EWA improves workplace productivity is the fact that DailyPay users are motivated to be more productive just because they can access their earned pay before payday. A motivated workforce is a productive workforce.

Earned wage access is a powerful tool that can greatly enhance workplace productivity by reducing financial stress, improving employee morale, and attracting top talent. By providing employees with access to their earned wages when they need it most, EWA empowers them to better manage their finances and focus on their work responsibilities. 

As more companies recognize the benefits of EWA, it is likely to become an increasingly popular benefit offering, leading to happier, more productive employees.

Learn more about the benefits of EWA and get started today.