by Jamie Wong
guardian Malaysia partners with Paywatch to introduce a pay-on-demand option into their employee benefits programme, the Earned Wage Access (EWA) program.
The EWA programme is part of guardian’s efforts to attract and retain talent. This initiative allows guardian team members to access part of their pay before their scheduled payday.
About partner Paywatch
The program emerged from a collaboration with Paywatch, the first bank-backed EWA player of Southeast Asia, backed by UOB, OCBC Bank, and Hana Bank.
With a B2B model, Paywatch aims to help employers adopt more flexible payment models, to better recruitment efforts, engagement, and retention. The company has signed with over 300 companies in Asia.
“Emergencies and unforeseen circumstances often induce financial pressure and this is exacerbated amongst employees who have little or no access to credit or savings.” Said Alex Kim, Co-founder and President of Paywatch.
“Paywatch is a solution that takes a complete approach to wage flexibility – our platform provides employees with a helpful tool in times of need and also financial education resources to help them better money management skills and knowledge so they can build financial resilience.”
Why on-demand is in demand
The rate of voluntary attrition — when employees leave a company of their own accord — increased from 14.9% in 2022 to 16.2% in 2023 across all industries in Malaysia. As a result, companies are assessing how to produce a more productive and engaged workforce.
With this partnership, guardian aims to increase the financial wellness of team members, and to support them in managing personal financial challenges.
Through this program, team members have more financial flexibility. In the event that team members have an emergency, or other unforeseen circumstances, they are no longer reliant on payday.
The pay from the on-demand service accesses the team member’s earned wages, therefore, there are no hidden charges, or interest incurred.
Since the launch of the EWA program, over half of guardian Malaysia’s eligible team members have signed up, with positive feedback.
“Delivering customer satisfaction by providing great value is at the heart of everything we do
at guardian Malaysia, and this requires a fully engaged workforce,” said Priscilla Wu, Managing Director, guardian Malaysia & Brunei.
“We continually look for new ways to support our team members, and financial flexibility is an area where we can help team members meet the demands of their personal lives.”