Will On-Demand Pay Become the New Norm?
In the current world of instant gratification, a payday every two weeks is not appealing or even doable anymore.
In a recent survey conducted by PYMNTS, an average of 55 percent of Americans are living paycheck-to-paycheck, and 21 percent of them are struggling to pay their bills. In addition to this already stressful predicament, Anuj Nayar, Financial Health Officer at LendingClub, stated, “half of Americans in this country are not building a reserve or saving for retirement.”
There are some industries that allow an employee to clock out with cash in hand, but the majority of jobs do not offer a quick solution. With the strong need to reduce the length of time between each payday, an emerging model known as on-demand pay has taken the payroll industry by storm.
What is on-demand pay?
Glad you asked. On-demand pay is a “pay as you go” option for your employees to receive their wages quicker. For example, employees can access a particular portion of their salaries (usually per pay period), and the remainder of their income will be on their standard payday.
What does this mean?
Employees can take home a day’s worth of income or even all of their earned income from the last pay period.
It means that your employees have the flexibility to take more control of their income and create a personal financial safety net to manage the unexpected.
How can this benefit you as an employer?
Not only will your employees be happier with their newfound financial options, but you will also experience better employee retention rates, a reported 69 percent increase in job satisfaction, and a double number of applicants when you advertise the on-demand pay option.
At ITCS WebClock, we offer your employees an affordable and accessible solution with our On-Demand Pay. This allows your employees to get paid by the day and instantly access their earned income on any device
Contact us today to give your employees On-Demand Pay!
WebClock sales at email@example.com