Philippines, Manila October 4, 2024 - Landers Superstore, the fastest-growing membership retail chain in the Philippines, has partnered w...
Philippines, Manila October 4, 2024 - Landers Superstore, the fastest-growing membership retail chain in the Philippines, has partnered with Paywatch, Asia’s leading Earned Wage Access (EWA) provider, to enhance its employee benefits program by introducing EWA as a key offering. This partnership makes Landers the first supermarket in the country to implement EWA, also known as on-demand pay, reflecting its commitment to retaining top talent and advancing employee financial wellness.
As part of a broader initiative to boost employee satisfaction and productivity, Landers launched the Earned-Wage Access (EWA) program at its Central Office, Otis, and Alabang branches during the pilot phase. This is just the beginning, as Landers plans to roll out the program nationwide, reinforcing its commitment to enhancing financial wellness for all employees. The EWA program gives employees access to a portion of their wages before payday, providing greater financial flexibility to manage daily expenses and emergencies, while reducing reliance on short-term loans.
Advocating Financial Wellness in the Workplace & Impact in the Retail Industry
According to PwC’s 2022 Employee Financial Wellness Survey, 76% of employees reported that financial stress negatively impacted their productivity, with 55% saying financial issues distracted them at work. Additionally, 76% of respondents expressed a preference for working with companies that prioritize financial wellness.
Recognizing the importance of employee financial health, Landers is rolling out EWA to empower its workforce. EWA provides access to earned wages, not loans, meaning employees avoid hidden fees and interest. As a debt-free solution, it stands out as one of the most affordable options available, promoting financial well-being without the risks associated with borrowing.
“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 ease the burden of unexpected financial challenges, allowing our staff to focus on delivering exceptional service. With Paywatch as our trusted partner, we’re making this vision a reality.”
Paywatch: Championing Fair Financial Access for Filipino Employees
Landers has partnered with Paywatch, the region’s only bank-backed, regulator-approved EWA solution, to promote employee financial well-being. Recognized by the United Nations and central banks for its commitment to financial inclusion and ESG standards, Paywatch supports over 500,000 employees across Malaysia, South Korea, Indonesia, and the Philippines.
Since launching in the Philippines in 2023, Paywatch has seen a 150% surge in interest, following successful roadshows. Other companies adopting Paywatch’s EWA solution include Pick-A-Roo, Kuya J, Wilmar International, Lay Bare and more. “At Paywatch, we’re committed to enhancing employee financial well-being, and our partnership with Landers demonstrates the power of EWA in tackling recruitment challenges in the retail sector. With voluntary turnover in the Philippines rising to 15.9% in 2023, up from 14.2% in 2022, retaining talent is more challenging than ever. Our global success with giants like Lotus’s and Jaya Grocer proves EWA’s effectiveness in reducing turnover. This collaboration affirms EWA’s relevance in improving financial health for Filipino workers,” said Rowell Del Fierro, President of Paywatch Philippines.
With this partnership, Landers is setting a new standard in the retail industry, redefining employee benefits while boosting productivity and fostering a financially secure workforce.
For more information about Paywatch, please visit https://www.paywatchglobal.com/
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