What Is Earned Income Access (And Why Does It Matter?)

Do you ever stress about receiving your wages on time?

Do you worry that you won’t be able to pay your bills on time as you’re still waiting for your cash to reach your bank account? Luckily, there’s a great solution for this scenario.

The solution is called earned income. Earned income lets you access wages that you’ve already earned before payday.

It’s a great way to pay your bills and have more control over your money.

Here’s what you need to know.

On-Demand Payments

If you want to learn more about what is earned income credit there’s a great tutorial online from Payactiv. You can check it out to learn more.

Your employees can show proof of earned income and then receive their wages before payday. This is the best way for them to pay their bills on time.

They also don’t have to request the full amount of their wages. They can request a percentage of what they’ll need to pay their bills.

Now let’s look at why your company should consider offering earned income access for your employees.

Increase Employee Productivity

If you offer your employees earned income access, you can expect to see an increase in productivity.

Many employees might miss a day of work to deal with a financial issue. If you offer them earned income access, they won’t have to stress about such issues. They know that they can access their earnings at any time to pay their bills.

This means that they can focus on their work. They won’t feel the need to take days off just to handle financial issues.

Build Employee Loyalty

If you want your business to thrive, you want to ensure that your employees remain loyal to you. If they leave and you have to constantly hire new staff, this will decrease your efficiency and productivity.

You need loyal employees who’ll stick with your company and help it grow. The only way to ensure their loyalty is to offer them great benefits.

Earned income access is one of the best benefits you can offer any employee. Most of us don’t want to wait until payday to receive our paychecks. We hate to wait 1 business day for the money to clear in our bank accounts.

Offering this benefit to your employees shows that you’re concerned with their financial well-being. It shows that you want them to avoid financial struggles in their personal life. It shows that you care about them outside of work hours!

Offer Earned Income Today

Now that you know the benefits of earned income, you can offer this crucial service to your employees.

Earned income helps your employees get access to their wages before payday. This is crucial for paying bills on time and not falling into debt traps.

It also benefits your company if you offer earned income access. You can expect to see an increase in employee productivity by offering earned income access. This is also the best way to build your employee’s loyalty.

You can find more tips on running a business on our blog!