Earned Wage Access Confirmed to Increase Employee Retention
The Payactiv financial wellness program provides financial relief to workers living paycheck to paycheck by giving them on-demand access to their earned wages. Employers who offer Payactiv to their employees report a happier workforce and an increase in recruitment and retention. Measuring these results is not only challenging but also time consuming. It requires an investment in deep data analysis of disparate data. Recently, a Payactiv client, a leading BPO company measured the effectiveness of on-demand pay in reducing attrition. The results show a statistically significant positive relationship of participation in Payactiv and a reduction in attrition, both overall and in nearly all subgroups used. Business savings of lowering attrition by 1% (n=100) were expected to be $200,000 or savings in replacement cost of $2000 per employee retained. In this article we have summarized the results of the study. This analysis will be most useful for decision makers, benefit program leaders, HR, payroll and talent managers in businesses that employ hourly and lower income workers.
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Payactiv, Inc.
NMLS ID: 2591928
Payactiv holds earned wage access services (EWA) license number 2591928EWA with the Wisconsin Department of Financial Institutions.
Payactiv holds small loan license number SLC-2591928 with the Connecticut Department of Banking.
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