The economic pressures of the COVID-19 crisis have highlighted the need for employers to support their employees’ financial well-being, and one way organizations are doing this is by offering earned wage access, which allows workers to access their real-time earnings prior to pay day.
Also known as early wage access or on-demand pay, the benefit is offered by just 5% of large U.S. companies with a majority of hourly paid workers, according to the Society for Human Resource Management. However, that figure is expected to jump to 20% by 2023.
