EWA - Opportunity or Threat for the Payroll Professional? with Ted Bechman #121

Nick Day is joined on The Payroll Podcast by Ted Bechman, the Chief Finance Officer and Founder of Income Group!

Now, with everyone predicting that 2023 will be a year of evolution for the payroll industry, Nick invited Ted Bechman on to the 121st episode of The Payroll Podcast Show to find out more about a hot topic that exists right in the centre of this evolution and that’s to discuss Earned Wage Access (also known as EWA) or Pay-On-Demand services as its also known.

Nick wanted to determine what EWA means for payroll – is it an opportunity or a threat?

Income Group have recently developed IGsend, an Instant Payment service for busy payroll teams. IGsend is a solution that enables payroll teams and small business owners to make instant payroll payments in just a couple of clicks, enabling employees to be paid more frequently or in line with their working patterns.

There is a lot of misconception around current EWA solutions, with many payroll professionals still unaware of how far the needle has moved since the concept was first introduced. For example, the Income Group EWA IGsend solution comes at no additional cost to employees, meaning they can access wages earned in real-time for free.

So, with 80% of employees saying they would prefer to have their pay automatically streamed into their bank accounts as they earn it and with 91% of millennial workers stating that they think their employer should provide Earned Wage Access – Nick wanted to find out more today about the evolution of Earned Wage Access and who better to ask than the founder of Income Group – Ted Bechman!

In this “EWA - Opportunity or Threat for the Payroll Professional?” episode with Ted Bechman on The Payroll Podcast, we also explore:

1. What does the word payroll mean to you?
2. Why is the payroll professional community the best-kept corporate secret?
3. Is humility always a strength?
4. EWA is not new – why is it different this time?
5. Are we now in the perfect storm of need, technology and management?
6. There has been pushback from the Payroll community - are the concerns justified?
7. EWA is just the beginning of the journey - what is the direction of travel?
8. Is EWA a cost of employment?
9. Should the employee bear the cost of EWA in part?
10. Is the return on investing in EWA compelling?
11. What do you think the future of payroll looks like?

Links highlighted in this “EWA - Opportunity or Threat for the Payroll Professional?” episode are included below:

• Website: https://www.incomegroup.co.uk
• IGsend Demo: https://incomegroup.co.uk/igsend/#demo
• LinkedIn Company Page to Follow: https://linkedin.com/company/income-group/
• Ted Bechman LinkedIn: https://www.linkedin.com/in/ted-bechman-b7102a1/
• Nick Day LinkedIn Profile: https://www.linkedin.com/in/nickday/
• Leading Payroll Recruiters: JGA Payroll Recruitment 
• Enjoyed this show?  Why not ask your HR Team to check out our other show The HR L&D Podcast?

Remember, if you have a Payroll vacancy requiring the expertise of a specialist Payroll recruitment agency, please contact me at nick@jgarecruitment.com. I would love to demonstrate what a great payroll recruitment agency experience should feel like!  Email: nick@jgarecruitment.com or call 01727 800377

Find out more at: www.jgarecruitment.com.

Thanks for listening! I hope you enjoyed this episode of The Payroll Podcast, and I look forward to bringing you the next episode soon!