A new generation of employees has emerged, and employers don’t necessarily hold all the cards anymore. Designing a compelling Employee Value Proposition (EVP) in a competitive job market is more crucial than ever.
Of course, this incorporates purpose, career growth, culture, flexibility and leadership. But one foundational element quietly upstages them all: remuneration. This is where an Earned Wage Access (EWA) platform can help – both employers and their teams.
Craig Raath, Executive Director at 21st Century – a remuneration, reward, HR, organisational development and change management consultancy – explores the benefits of the EWA tool in a compelling EVP.
In most HR departments, there’s no shortage of talk about purpose, career growth, culture, flexibility and leadership. But ultimately, employees have bills to pay. And this trumps pizza Fridays, team-building and lavish end-of-year functions every time.
Remuneration may not be the most glamorous EVP pillar. Still, if your employees lie awake at night worrying about how they’ll pay for transport, groceries or emergency expenses, the other pillars become superfluous. You simply can’t expect engagement, innovation, or retention from people under financial duress.
As a result, EVP and payroll should evolve together– partnering your company with an effective Earned Wage Access (EWA) platform is a logical choice. Employers are changing how they think about pay. An EWP changes the game, flipping the once-a-month transactional model into a more proactive tool to support employees’ financial health, resilience, and, ultimately, their productivity.
A new take on payday
An established, reputable EWA platform allows employees to access a portion of their earned wages before payday, giving them the flexibility to meet essential needs without resorting to expensive debt.
Most commonly, The majority of South Africans cover transport, airtime and groceries, plus the occasional unexpected family emergencies. Amid rapid inflation and economic uncertainty, an EWA platform can fill the gaps as they arise.
Any HR department will confidently say that they “listen” to their employees, and if that is the case, here is a statistic your people management team needs to hear: 79% of employees say they would move to an employer that offers EWA. Additionally, employers using the platform have seen a 20% reduction in employee turnover.
Financial stress is the enemy of engagement
Financial anxiety isn’t just a personal problem—it’s a workplace performance killer. Stressed employees are distracted, disengaged and more likely to call in sick or leave the company altogether.
By giving employees on-demand access to wages they’ve already earned, companies help their people breathe easier, budget better and plan ahead, unlocking dignity, agency, peace of mind – and for the employer, increased productivity.
There’s a reason they’re called “Loan Sharks”
Yet, so many employees feel compelled to take the bait. Many South Africans fall into the trap of high-interest micro-lenders when unexpected costs pop up mid-month. A reputable EWP platform offers a real alternative. There's no interest, no long-term obligation—just safe, affordable access to earned income.
A formal EWP platform, supported by the right proprietary technology, can also deliver a full suite of financial wellness tools, including:
- Debt rehabilitation programmes for over-indebted employees
- Gamified financial literacy courses
- Money management support designed to shift behaviours, not just provide relief
Tone down the staff turnover
Your EVP is only as strong as your employees' capacity to show up and contribute. If they’re not making ends meet, Pizza Fridays and Work from Home Wednesdays aren’t going to help.
Integrating a reputable Earned Wage Access platform solution into your remuneration strategy can be more than just a “nice-to-have”—done right, it’s a strategic imperative. It enhances your EVP, boosts retention, improves productivity and shows your people you're serious about their well-being.
What makes this solution even more compelling?
For employers, this entire solution comes at zero cost.
So, if you’re serious about building a future-fit EVP and showing genuine care for your employees' financial well-being, don’t wait for another engagement survey to tell you there’s a problem.
Reach out to 21st Century to find out more—connect with Craig Raath, Janine O'Riley or Sive Nodada to start the conversation.
Written by Craig Raath, Master Reward Specialist (SARA). Group Director at 21st Century www.21century.co.zacraath@21century.co.za
