- CloudPay is named as the only global provider of Earned Wage Access or Pay On-Demand employee solutions by The Everest Group
- Everest’s research demonstrates that other vendors on the market remain concentrated in specific regions in contrast to CloudPay’s global reach
- Employees can withdraw earned pay before payday with the CloudPay NOW app, an employee benefit that’s low cost to employers and available across 45 countries
- Everest Group says Earned Wage Access is a ‘win-win’ for employers and employees
London, December 12, 2022 – With growing employee demand across the globe for instant access to earned wages, CloudPay is delighted to be named as the only truly global provider of Earned Wage Access (EWA) Solutions.
Named as such by The Everest Group in ‘Global EWA; Strategic Benefits for Employers and Financial Well-Being for Employees’ the report highlights that whilst employees want flexible access to their wages, global solutions that meet this demand are in short supply.
Despite this clear need, there are only a handful of vendors offering EWA solutions, with even fewer providing a global approach. Comparison of the vendors revealed that no other provider had the global reach that CloudPay offers, with many tending to be mainly US-centric. According to the analysis, CloudPay NOW – the firm’s EWA solution – is the only offering of its kind available across North America, MEA, Europe, APAC and ANZ. In fact, the solution is currently in 45 countries and growing every month.
The report also reveals that a combination of new demands from staff in a flexible world of work, the need for quick access to funds amid financial concerns, and a desire for a consumerised experience, is driving the need for employers to provide access to earned wages as and when employees require it. And as with any employee benefit, employers want to be able to offer parity and operational consistency across a global workforce.
Approximately 75% of the global workforce are looking to change jobs*. With 57% of respondents in Everest Group employee surveys indicating that wellness programs including financial wellbeing have a direct impact on their employee experience, and 43% stating that process improvement was a strong influencer, future talent attraction and retention strategies can be bolstered by EWA solutions.
CloudPay’s mobile app, CloudPay NOW, gives employees on-demand access to their earned wages and can fulfil payment requests anywhere, at any time and within a matter of seconds. There is no cost to the employee to access their wages, and payments can be made in any currency. Wages can be tracked in real-time; employees can schedule and automate payments and so they effectively choose their own payday.
Paul Bartlett, CEO at CloudPay explained: “The always-on society that is now the norm has driven demand for a modern pay experience, with flexibility, control and instant access to funds at the heart of this movement. We know how important it is for employees to have access to the wages they have earned; younger generations see this as a point of fairness and a natural progression from their on-demand lives as consumers.
“This shift is happening on a global scale, and with the war on talent continuing and the opportunities for global hiring since the pandemic, businesses really need to look at how they are attracting and retaining talent. Offering high-value, low-cost employee benefits across a global workforce, can be a key aspect of a successful talent strategy. Pay On-Demand is becoming part of that toolkit, not to lose out on top talent”
“I am pleased to note that the employer-funded approach to EWA – which we advocate and deliver – has been identified by Everest Group as the most effective method to support staff. The ultimate aim of Earned Wage Access is to act as a wellbeing solution for the employee and is, in essence a benefit or perk that the business offers its people. As a result, the cost of this should lie with the employer rather than the individual.”
The full report can be downloaded here: Global Earned Wage Access (EWA): Strategic Benefits for Employers and Financial Well-being for Employees
Notes to editors
* Research from Everest Group Key Issues Study 2021