WageBeam is a modern benefit that allows your employees to flexibly access their already earned salary – quickly, easily, and securely. WageBeam helps you reduce financial worries in the team – for satisfied, productive employees and strong employee retention.
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With WageBeam, employees see in real-time how much they have already earned at any given time and how much salary they can expect for the current month. Companies thus strengthen trust and satisfaction in the team – an important lever for employee retention and motivation.
WageBeam is a solution that gives your employees flexible access to their salary that has already been earned but not yet paid out via a smartphone app. This principle is called Earned Wage Access (EWA). Instead of having to wait until the regular payday, your employees can get short-term liquidity when they need it by accessing a portion of their earned wages. This helps them to avoid expensive overdraft facilities or credit card charges. The rest of the salary is paid as usual on the regular payday.
Implementing WageBeam brings you several strategic advantages as an employer:
Increased productivity: Financial worries are the main cause of stress among employees. Less financial stress means less distraction and therefore more productive employees. Studies show that up to 4 hours of productive working time per week can be lost due to financial stress. You can prevent this with WageBeam!
Increased employer attractiveness: In a highly competitive labor market, flexible salary access is a modern and attractive benefit that helps you to attract talent.
Reduced fluctuation: Financial stability increases employee loyalty to the company. Studies suggest that financially stressed employees are twice as likely to change employers. WageBeam can help to reduce this willingness to change.
WageBeam can be integrated easily and efficiently. The calculation of the available salary and the entire access process are fully automated. It is important that WageBeam has connections to the necessary systems, such as your payroll software. This minimizes the administrative effort for your HR or payroll department.
The financial situation is the most common stress factor for employees - even more so than work, health or family. This stress has a direct impact on work performance, leads to a loss of productivity and can increase the willingness to change jobs. At the same time, 74% of employees would like support with their finances from their employer. With WageBeam, you address this need directly. You give your employees a tool to overcome short-term shortages without incurring expensive debts. This not only promotes their well-being, but also shows your appreciation and strengthens your position as a caring and modern employer. This has a positive effect on productivity, employee retention and your employer branding.
The process is very simple and transparent for your employees:
They download the WageBeam app and can see in their digital wallet at any time how much salary they have already earned in the current month . If required, they can have a portion of this earned amount paid out directly to their current account at any time. On the regular salary payment date, they then receive the remaining salary after deduction of the amounts already withdrawn.
The main advantage for employees is that they can bridge short-term financial bottlenecks without having to resort to expensive alternatives such as overdraft facilities.