Using Legion WFM and Earned Wage Access to Improve the Hourly Employee Experience
April 7, 2022
by Malysa O’Connor
In our recent webcast, Improving the Lives of Hourly Workers with Earned Wage Access and WFM, Sanish Mondkar, Legion Founder and CEO, and Daniel Eckert, Legion Strategic Advisor and Senior Advisor to Commerce Ventures and Corsair Capital, discussed how Workforce Management (WFM) and Earned Wage Access (EWA) are key components of an hourly employee financial wellness strategy. Sanish and Daniel also discussed the importance of ease of use for employees. By integrating EWA into the employees’ everyday work-life, businesses will see gains in utilization, improve the employee experience, and lower attrition.
Labor Shortage Today
Sanish provided context on the labor shortage that businesses face today. According to Deloitte, “70% of executives say labor shortages – especially in hourly wage jobs – will hamper retail growth in 2022.” Also, many hourly employees are struggling too. The Federal Reserve reported that a staggering 78% of US employees live paycheck to paycheck, and 44% of American households don’t have $400 in emergency savings.
How WFM and Earned Wage Access Helped 1.4M Walmart Associates
While at Walmart, Daniel led a project focused on supporting the financial wellness of their 1.4 million associates. His team found that the highest level of attrition was occurring within the first 90-days of an associate joining the company. The team set out to find ways to address financial instability and financial insecurity.
Before Earned Wage Access, employees got bi-weekly paychecks which led to challenges in those first 90-days in particular – especially for associates who started their jobs “off-cycle” or in the middle of a pay cycle. New employees are stretched too thin to have to wait an additional pay period to get paid.
As Daniel and his team discovered, Earned Wage Access provides key capabilities to restore financial confidence and wellness while also creating access to “earned but yet to be paid” wages, filling in those pay gaps. If you are considering offering EWA benefits to your employees, don’t miss Daniel sharing his insights, best practices, and top strategies for success.
Watch the On-Demand Webcast
Watch the on-demand webcast to get all the details on how to use Legion WFM and Earned Wage Access to improve employees’ financial well-being and the hourly employee experience.
Ready to talk about how you can offer these benefits to your hourly employees? We’d love to show you, so please request a demo, and we’ll get in touch.