Employees today are experiencing greater financial stress than ever before, often resulting in them turning to high-interest loans or facing bank fees and late fees. It’s taking a toll and impacting their ability to do their best work.
In the cannabis industry, finding ways to pay employees on time and accurately is tough enough on its own. Providing early wage access to cannabis employees is a great way to bridge the gap.
Here is what you should know about Earned Wage Access (EWA) for Cannabis Businesses.
As you know, employee turnover is a top challenge for the cannabis industry.
In both the US and Canada, approximately 55% of cannabis workers who were employed at any point over the last 12 months had left their employer by the end of that time period.
Further, only about 40% of cannabis employees were hired more than 12 months ago. Hiring new employees at such a high level would be expensive for any industry.
However, high employee turnover hits cannabis organization’s bottom line especially hard as the cannabis industry is heavily regulated and workers require an especially high level of training.
Cannabis organizations need a quick fix to stay competitive—and profitable. This is where Earned Wage Access (EWA) can help. So when you are getting ready to start processing cannabis payroll, employers should evaluate if they want EWA.
EWA lets employees access their earned wages on demand, which are automatically repaid through a payroll deduction on their next paycheck with no cost to their employer.
There are many benefits of earned wage access, aside from just early wage access.
Giving employees Earned Wage Access promotes better financial health and helps your business become a better place to work.
Our cannabis payroll software solution integrates seamlessly with our Earned Wage Access Solution from our partner, ZayZoon.
Curious to learn more about EWA or find out how to add ZayZoon as a benefit through PayNW? Contact us today to learn more about our EWA solution, or get started here.