Outsource Employee Salary Advance in Kenya:myNGOVO Advance
Earned-wage-access can also be referred to as early wage access, on-demand pay, instant pay or employee salary advance. With this service in place, workers can be able to access wages they have already earned ahead of the regular payday. As a result, workers can cater for their daily needs without taking out costly loans. Additionally, workers avoid negative pay cycles and can have increased purchasing power throughout the month.
Earned wage access can help employees get hold of their finances. Moreover, businesses can offer salary advance on-demand as an employee benefit. This can be a key factor in reducing the financial stress for employees. After all, less financial worry can lead to increased employee satisfaction.
Also, by offering employee salary advance, employers can reduce employee absenteeism. This may be impacting the business negatively. With that in mind, employment experience and employee retention can be increased by offering this financial-wellness solution.
Benefits employers get from offering early wage access
Businesses, especially those in labour intensive areas of the economy such as the service industry can have retention problems. Besides this, employee engagement and productivity can be seen as other problems facing employers. To counter this, employers can increase employee productivity gains by offering early wage access to alleviate financial strain. With this solution implemented, workers can cover their daily expenses and emergency needs without resorting to digital loans with exorbitant interest rates.
When employees feel heard, supported and taken care of, employee attrition rate is greatly reduced. By offering early wage access, employers can show they care about the financial well-being of their workers. In turn, this can create a stronger employer-employee relationship. With this in place, the business can reap the benefits of a cohesive workplace. This can be realized through increased productivity which results into higher output and profitability.
As a way of offering employees job security and stability, early wage access can be a crucial benefit. This can be useful in supporting the financial stability of employees. myNGOVO Advance is an early wage access platform in Kenya that offers employer-sponsored salary advance benefits to employees cost-free. Additionally, there is no capital commitment from the employer. Reach out to us or refer your employer and start enjoying financial wellness for modern workers.