Financial health and wellness equates to mental health and wellness. It’s common sense, really – if your employee or helper is worrying about money, they may become depressed and demotivated, and everything suffers.
Especially during the post-COVID period, when family sources of income are likely to have reduced, effective cashflow management is key to financial wellbeing. A mid-month unexpected expense can quickly turn from a minor inconvenience to a major problem if your employee is forced to go to a loan shark.
Especially if they have technically already earned the money they need.
Earned Wage Access (EWA), also often referred to as salary drawdown, is a payroll system that allows employees to access their money as soon as they earn it. It can protect your employees from unethical moneylenders and help them achieve financial stability.
EWA is becoming increasingly popular among ethical employers in countries like the UK, for example, where one out of every three workers has stress issues due to financial problems and half of British workers run out of money before payday and turn to payday loans and other high-cost credit options.
EWA enables your employee to access their earnings whenever they choose. It’s not a loan, because they can only access up to the number of days they have worked so far this month (money which they have already earned). But it means they don’t have to feel awkward about asking you, and then go elsewhere, and subsequently pay the price.
EWA improves employees’ financial stability, and they no longer have to worry about where to source emergency money in case of a surprise demand. EWA also allows helpers to control their money, and send smaller amounts of money home more frequently, which encourages better cashflow management by their family.
EWA lets your employee know that you care about their economic well-being. An employee who has healthy financial wellness performs well at work.
We help women to more effectively manage their household and ensure their helper’s financial wellness by providing them with an EWA platform and automated payroll. All you need to do is create a Lucy account and get your helper to create one too, then set up their salary details and enable EWA. That’s it. No more forgetting their salary and having to rush to the ATM. No more uncomfortable conversations about salary advances, or worry whether your helper is OK for money. No more forgetting to deduct those salary advances on payday. Lucy takes care of it all. And the best part? It’s completely free – your helper just pays $1 any time she wants to access her salary mid-month. That’s it.
Join hundreds of women who have already used this approach to streamline financial management with their helper by visiting www.welucy.com to learn more and signup.