Landers Superstore, the fastest-growing membership retail chain in the Philippines, has announced an exciting partnership with Paywatch, Asia's leading Earned Wage Access (EWA) provider. This collaboration introduces on-demand pay as a core benefit for Landers employees, marking the first time a supermarket in the Philippines has implemented EWA. This move aligns with Landers' commitment to employee retention and financial wellness.
Landers' Earned Wage Access Program: A Key Employee Benefit
As part of its initiative to boost employee satisfaction and productivity, Landers launched the EWA program at its Central Office, Otis, and Alabang branches during its pilot phase. The company plans to expand this financial benefit nationwide. The Earned Wage Access program allows employees to access a portion of their salary before payday, giving them more flexibility to manage daily expenses and emergencies, while reducing dependence on high-interest loans.
By introducing EWA, Landers underscores its commitment to promoting financial wellness for employees, helping them handle unexpected financial challenges while enhancing overall job satisfaction.
Financial Wellness: A Priority for Landers Superstore
A 2022 Employee Financial Wellness Survey by PwC found that 76% of employees experienced reduced productivity due to financial stress, and 55% admitted that financial worries distracted them at work. In response, Landers is prioritizing its workforce’s financial well-being through the EWA program, empowering employees to manage their finances more effectively.
Unlike payday loans, EWA offers employees access to their earned wages with no hidden fees or interest. This debt-free solution helps avoid financial pitfalls and promotes long-term stability, making it one of the most affordable employee benefits available in the retail sector.
"Our employees are the cornerstone of Landers’ success," said Reynald Lapan, Chief Human Resources Officer of Landers. "By offering on-demand pay, we aim to alleviate financial stress, allowing our team to focus on providing exceptional service. Our partnership with Paywatch enables us to achieve this goal."
Paywatch: Supporting Financial Inclusion in the Philippines
Through its partnership with Paywatch, Landers ensures a trusted and secure Earned Wage Access solution. Paywatch is the only bank-backed, regulator-approved EWA provider in the region, recognized by the United Nations and central banks for its contributions to financial inclusion and Environmental, Social, and Governance (ESG) standards.
Since its launch in the Philippines in 2023, Paywatch has experienced a 150% increase in interest from local companies. Businesses such as Pick-A-Roo, Kuya J, Wilmar International, and Lay Bare have adopted Paywatch’s EWA solution, highlighting the growing demand for financial wellness programs.
Rowell Del Fierro, President of Paywatch Philippines, emphasized the program's impact on employee retention, stating, "Our partnership with Landers demonstrates how EWA can solve recruitment and retention challenges in the retail industry. With voluntary turnover rates in the Philippines reaching 15.9% in 2023, EWA provides a valuable solution for retaining top talent."
Setting a New Standard in Employee Benefits
Landers Superstore is revolutionizing the retail industry by offering Earned Wage Access as a key employee benefit. This partnership with Paywatch not only improves financial security for employees but also boosts productivity and morale, setting a new benchmark for employee benefits in the Philippines.
For more information about Paywatch and its solutions, visit Paywatch Global.