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Viewpoint: Wage Advance for the Win

“Viewpoint” is a series of opinion posts from WorkSync that spotlight our take on the big ideas affecting today’s workforce and businesses.

The stock market, the supply chain crisis, inflation — Americans are concerned about today’s volatile economy, and no one is more affected by it than our hourly workforce. Employees in food service, health care, hospitality, retail, and many other industries are feeling a strain on their wallets and worrying about the future.

And when the bills pile up or emergency expenses arise, these hardworking individuals are often forced to turn to predatory, high-interest payday lenders to cover costs and keep a roof over their families’ heads — sending them into a spiral of debt.

This is where employers can step up and make a real difference, not only to promote their workers’ financial wellness, but also to further their own efforts to stand out from the competition and win the war for talent. Indeed, businesses have a not-so-secret solution at their disposal, one that’s gaining increasing traction as a must-have employee benefit: wage advance.

Wage advance goes by various names — earned wage access, instant pay — but whatever you call it, what it means is giving employees free, instant access to wages they’ve already worked for, without making them wait until payday. That’s right: A worker could clock out at noon and use their wages from that very morning to pay for lunch.

The advantages for hourly employees go far beyond lunch, however. Let’s say an unexpected bill or an urgent expense pops up, and there’s still a week or two left to go before an individual will get their regular paycheck. Instead of panicking and scrambling to make ends meet — which, by the way, will no doubt negatively impact their morale, job performance, and productivity — they can simply request an advance on their earned wages and use that money right away to cover their needs.

It’s a potential lifesaver.

In our current job seekers’ market, businesses of every stripe are struggling to attract candidates and position themselves as employers of choice. Well, here’s a perfect way: by showing that you care about the financial well-being of your workforce — and that you’re doing something about it.

When you partner with the right provider — as WorkSync has done with Clair — the process of introducing an earned wage access program should be easy and painless. No messing with your payroll system. No cost to the employer. No fee for the employee.

With the press of a button on their smartphones, workers can receive their needed wage advance immediately — and businesses can take one major step toward winning the all-important war for talent.

WorkSync offers leading workforce management solutions for your organization. Learn more and request a demo today at workSync.com.

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