REWARD
Elevating payroll with earned wage access
Ned Mcevoy, head of payroll and business process outsourcing, Veritas Prime and Sharon Kirby, senior vice President, Qrails , focus on earned wage access (EWA) and how it can help both employees and employers
I t’s the biggest development in payroll and it’s causing a stir, but what is EWA, and how can it help enhance your employee’s experience and financial well- being? EWA is a platform which allows employees to access their earned wages before their normal pay date. It does this by using payroll and time and attendance data to calculate how much money an employee has earned up to the point they request to receive a part of their wages
How does it actually work? EWA works by connecting an employee’s payroll and time and attendance data (from your internal systems) via automated application programming interfaces (APIs), to a platform which calculates how much money the employee has earned up to that point in their pay cycle. If an employee requests a payment (usually via an app), they’ll receive a portion of what they’ve earned, with their pay being transferred to a bank
(in advance of pay day). So, when an employee is hit with unexpected costs, there’s a real benefit to them. This enables them to avoid overdue payment fees or overdraft charges and reduces their overall financial stress. Understandably, like any change to an established process, this new way of providing employees with their pay has sparked interest across the payroll and finance communities. We have identified the key themes for consideration below.
| Professional in Payroll, Pensions and Reward | July - August 2023 | Issue 92 44
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