Less financial stress, more job satisfaction and higher productivity – this is how EWA improves employee retention in real SA companies today

 

Want to improve retention (and cut turnover costs)?

It’s tough. In recent years Forbes noted that employee turnover is at a 10-year high around the world, and it’s costing South African businesses millions each year in replacement costs, lost productivity and morale damage.

But one fairly simple, zero-cost employee benefit is consistently proving its value in reducing churn: Earned Wage Access (EWA).

A Visa-commissioned study found that:

• 95% of employees are interested in working for a company that offers EWA
• 89% would stay longer at such a company
• 79% would switch jobs to access EWA

That’s a game-changer. And Jem makes it very easy to implement.

Here’s what you need to know about how Earned Wage Access improves retention, especially among deskless workers:

 

 

First: What Is Earned Wage Access (EWA)?

Earned Wage Access is a benefit that allows employees to access a portion of their already-earned wages before payday. It’s not a loan or credit — it’s the money that your employees have already earned, when they need it. Through Jem, employees can request and receive funds in minutes, reducing the need for loans and helping them manage expenses with dignity.

See the guide to EWA in SA.

 

How EWA Improves Retention: The Link Between Financial Wellness and Loyalty

1. Reduces Financial Stress

Up to 76% of South African employees live paycheck to paycheck, with many unable to pay bills on time. This causes anxiety that spills into work performance. In fact, a Mercer study showed that a financially-stressed workforce of 10,000 people loses nearly 2,000 hours of productivity per week. The cost? Over R533,000. Every single week of the year.

EWA offers relief by allowing access to earned funds before payday — eliminating the stress of late bills, unpaid transport and predatory lenders. This last point is particularly crucial, given that desk-based workers who earn higher salaries can often take the affordable credit options at their disposal for granted.

See how EWA reduces financial stress.

 

2. Increases Financial Flexibility

EWA gives employees a greater degree of control. Instead of relying on costly loans or payday advances, workers can access their money when they need it most — whether it’s for school fees, medical bills or transport.

This flexibility breaks the debt cycle and empowers better budgeting. It’s a small change with a huge emotional payoff.

 

3. Improves Job Satisfaction

Job satisfaction and financial wellness are tightly linked. When workers are less stressed, they’re happier — and happier employees stay longer.

Financial education and EWA together foster confidence, reduce absenteeism and boost morale. According to PwC, more than 56% of employees globally say financial worries affect their sleep and relationships. This is even more pronounced among deskless workers and reducing this burden goes a long way toward improving overall job satisfaction.

Get all your EWA questions answered.

 

4. Enhances Productivity

When staff aren’t preoccupied with money problems, they can focus on work. Studies show that financial wellness leads to higher engagement, stronger focus, and better performance.

With EWA, employees know they have a safety net. That confidence improves attendance, punctuality and overall output.

See why financial literacy is key to promoting job satisfaction.

 

5. Mitigates the Need for High-Cost Credit

One of the most damaging aspects of financial stress is the reliance on loan sharks or unsecured loans. EWA eliminates that need.

At Lasec Group, Jem’s EWA benefit helped employees save R45,000 a year in interest fees by avoiding loan sharks entirely. And at Mukuru, EWA reduced employee loan requests from 80 per month to zero.

See more powerful EWA case studies here.

6. Implementing EWA Demonstrates Care

Offering EWA signals trust and compassion. In sectors with limited benefits, this can be a major differentiator. EWA is also a zero-cost benefit to employers, meaning you can improve employee retention without spending a cent. And for companies working to support inclusion and ESG goals, this is a major step forward.

See the step-by-step guide on how to implement EWA in your company.

 

Case Study: How EWA Transformed Attendance at Oryx Group

The Oryx Group, a waste management company in South Africa, struggled with absenteeism tied to end-of-month financial pressure. Employees missed work due to transport issues or fear of loan sharks.

After implementing Jem’s Earned Wage Access solution, Head of HR Malehloa Lesawane reported:

“We’ve definitely improved attendance drastically… Employees no longer fear coming to work because someone will demand money from them.”

EWA helped employees regain control of their finances, and the company saw a sharp drop in absenteeism and improved workplace morale.

 

How Much Can EWA Save You on Employee Turnover?

Turnover is expensive. Even a low-skilled employee earning R10,000/month can cost R60,000+ to replace, once you factor in lost productivity, recruitment, training and morale damage.

According to recent Jem research, companies using EWA saw an average 35% reduction in employee turnover.

Let’s say:

• You have 1,000 employees
• Earning R10,000/month
• With a turnover rate of 18% (this is a conservative estimate)

That means 180 employees leave each year, costing over R10.8 million annually.

With a 35% reduction, you’d save over R3.7 million per year.

Use Jem’s Employee Turnover Savings Calculator to calculate your exact savings.

Ready to unlock the benefits of EWA in your organisation?

Book a quick demo with Jem HR and see how easily you can implement EWA.