The IT & Business Process Association of the Philippines (IBPAP) has formed a strategic partnership with Paywatch, Southeast Asia’s leading Earned-Wage Access (EWA) service provider, to address the ongoing challenges of talent attraction and retention in the information technology and business process management (IT-BPM) sector.
The partnership between IBPAP and Paywatch is designed to enhance the appeal of the IT-BPM industry to prospective employees by leveraging financial wellness initiatives. By implementing EWA, also known as on-demand pay, the partnership aims to empower employees with access to a portion of their earned wages before payday, thereby improving financial management and reducing reliance on loans or salary advances.
Partnered with global banks and the United Nations Capital Development Fund (UNCDF) to promote financial inclusion, Paywatch’s commitment to providing fair financial access has earned it global recognition. Paywatch’s EWA is a debt-free service that allows employees to receive their earned but unpaid salaries on demand, anytime and anywhere. This service has been proven to reduce employees’ dependence on loans, charging only a low transaction fee without any interest or hidden charges. EWA is already an established service in the US and UK, and Paywatch has pioneered its deployment across four Asian countries.
Through providing EWA, IBPAP and Paywatch are addressing key challenges in talent management, making the IT-BPM sector more attractive and supportive for its workforce. “The IT-BPM sector in the Philippines holds immense potential, yet attracting and retaining top talent remains a challenge. Addressing employees’ financial concerns by offering EWA is crucial to overcoming this obstacle,” said Sandeep Mulajkar, Managing Director of Paywatch Philippines.
Boosting the IT-BPM Industry in the Philippines
Despite the Philippines’ strong position as an IT-BPM service provider, the industry faces a significant talent gap. While upskilling and reskilling efforts are underway to address this, companies must also focus on reducing turnover and enhancing employee retention. One effective strategy is offering EWA as a benefit. By allowing employees to access a portion of their earnings before payday, EWA programs help alleviate financial stress and foster a more supportive work environment.
To help employers address the talent shortage and improve overall employee experience, IBPAP launched its Industry Rebrand campaign in March 2024, aiming to increase sector employment to 2.5 million by 2028. Aligned with this vision, Paywatch supports IBPAP by introducing EWA to IT-BPM companies, empowering employees with greater financial control.
Paywatch’s anchor clients in the IT-BPM industry have already seen positive impacts from enrolling in the EWA program, including increased retention, improved recruitment, and enhanced productivity through better financial management.
Jack Madrid, President and CEO of IBPAP, expressed enthusiasm about the partnership, stating, “Our collaboration is consistent with IBPAP’s intention towards building a resilient workforce to ensure a thriving and competitive ITBPM sector. By introducing EWA to our member companies, we aim to help improve their ability to attract, engage, and retain a skilled workforce.”
Paywatch Continues to Strengthen Businesses in the Philippines
This partnership highlights the shared commitment of both organizations to advancing financial inclusion and empowering employees. As an ESG-focused company aligned with the Philippines’ financial inclusion vision, Paywatch is dedicated to supporting businesses in achieving their goals by improving the financial well-being of Filipino employees and promoting long-term business sustainability.
“We believe that by empowering employees with financial tools such as EWA, we can help drive the IT-BPM industry forward, ensuring it remains a cornerstone of the Philippine economy while enhancing the financial security and satisfaction of its workforce,” said Sandeep.
