Published 6 MAY 2022

Introduction

The world is constantly shifting its needles because of technological advancement across different industries. Especially after the inception of the internet, net banking and digitalization have brought changes that were never foreseen. The way we lead our lives, the way we do our businesses, the way we earn money, and the way we pay money are no more traditional.
When we talk about a country like India, it has been developing faster over the last decade or so. However, some things ingrained deeply in the work ecosystem have not changed. There is a lot of strain especially financial, among the working class in the country. Thus, the government and the corporate world are opting for solutions to make their lives better and easier.

What is the solution to reduce financial strain?

When we talk about financial strain, the first thing that comes to our mind is how the payroll system works in different organizations in India. Taking salaries in advance at the time of need, getting it balanced off their overall payment amount at the month-end, or taking loans and getting into the trap of debt with heavy interests is a vicious cycle that people are forced to hop on. Recovering from the pandemic especially has fuelled this problem. There wasn't any solution for it until now.

But thankfully, we have Earned Wage Access system as an alternative to breaking away from paycheck to paycheck living. This concept is still very much novel here. In an attempt to define EWA, we can say that it is a product that enables employees to access a certain portion of their salary any time before their payday. This means that you can 'access your earned wage' in case of emergency or whenever you require it. Earned Wage Access gives your employees the flexibility and authority over their money. So they don't have to keep asking their bosses or any other outside resources. There is a sense of financial stability and relief. But now the question comes, how will this be possible? And who will make this possible? Let us try to answer it.

Who is an Earned Wage Access provider?

A person or team, as a provider, aids earned Wage Access services. This provider can collaborate with an organization, a firm, or a business company on a contract basis. They will be responsible for integrating and implementing the EWA system on your prevalent payroll software. A provider will be responsible for offering and managing services according to your company's type, scale, capacity, etc.

The business of the majority of EWA providers offers direct-to-consumer products. KiloPe does the same. KiloPe's earned wage access application equips your company's employees to build their profiles, keep track of their salaries, and access a portion of it any time before payday. The remaining amount is what you will get as your paycheck. KiloPe is a flexible financial alternative that will remove the burden of short-term loans from your employees and help them in managing their finances better. Now may, people might claim that is delusional or debatable, but researchers have actually testified to the fact that an Earned Wage Access system has impacted the employees in a positive way along with enhancing their engagement, productivity, and longevity rates.

How Kilope can help in reducing your financial strain?

KiloPe is no less than an angel for making the dream of stress-free financial management of employers and the employees in an organization come true. Like a wish we didn't know we had, it got fulfilled because of technology. Statistics say the same. 43% of Earned Wage Access users were able to cover Payroll with their salary compared to 21% of those who don't use EWA. Read below if you still want to know how KiloPe will reduce your financial strain!

For the employers

1. Cost-free and risk-free integration: If you are stressed about the cost charges for implementing EWA, take a sigh because it is free.
2. More than just a fintech solution: Apart from reducing your financial strain, it also provides analytics on the data you want.
3. Coordination with the workforce: A secure and transparent platform to track and coordinate the usage of your employees, so you don't keep wondering about the cash flow.
4. Longevity and trust of the workforce: When you are thinking about your employees' financial security, they wouldn't want to leave or switch their jobs.

For the employees

1. An individual profile: The KiloPe application is super easy and convenient to use. Build a profile with all your basic information, and you are good to go.
2. Instant access to your finances: Employees do not have to stress over how are you going to arrange money in their time of need. The access is throughout available to them.
3. Long-term security: When the numbers and data of what you earn are in front of you, you feel secure and independent.
4. Stable and stress-free: Better financial maturity, understanding, and planning with KiloPe will definitely keep your employees stable and stress-free.

Conclusion: KiloPe is a fintech fairy that aims to reduce the financial strain by providing simple and affordable products and services to the masses. It also vouches for financial inclusivity among different classes of workers in an organization. Being constantly in talks in the corporate world makes employers realize the stress that the employees go through daily. When adopted by more organizations, it won't let the employers undermine this stress as it will be hazardous to the overall performance and revenue. 66% of Indian employees consider EWA as a deciding factor for their jobs. Thus, there is certainly a need to adopt this alternative. The changing landscape of the financial ecosystem in India will focus more on the overall well-being of their workforce to get success in terms of both growth and numbers. And platforms like KiloPe will be catalysts in doing so.