Rain, an employer-sponsored platform providing earned wage access (EWA) and other financial wellness services, today announced a signed partnership agreement with Workday, Inc. (NASDAQ:WDAY), a leading provider of solutions to help organizations manage their people and money.
Rain's EWA program allows employees to access a portion of their earned wages before their regular payday, providing them with financial flexibility and helping them avoid high-interest loans and overdraft fees.
Employees who used Rain in 2023 are estimated to have saved a total of $51 million by avoiding overdraft fees and the interest associated with payday loans. Customers that offer EWA to their employees with Rain have seen up to 2x more job applications and have reported a 49% increase in retention after eight months on average.
