MEASURING SUCCESS: How to Evaluate the Value of an ODP Program
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BY BARBIE WINTERBOTTOM
avigating the world of work these days is nothing short of a heroic effort for those trying to find that magic bullet to increase attraction and reduce bad attrition while not adding more weight to the shoulders of an already overburdened HR team. As much as we would like to coast and let things
GENERATING RESULTS To maximize program benefits, it’s important to select the right on-demand pay vendor for your company. Given the nascency of the market, there are a plethora of models out there that have many overlapping marketing tactics. Critical components of an ODP program are: • Seamless, well-supported rollout • Responsive and timely support • Configurable program controls
play out as they are, we all know that will not yield the
• Robust and easy to access and utilize marketing and communication tools
results we need. I believe an often misunderstood benefit
• Financial education tools for employees
that is truly game changing is On-Demand Pay.
• Meaningful data to tell the story to the C-Suite
In an effort to help others understand the path to implementing On-Demand Pay (ODP), I have broken down
• Measurable Employer and Employee business impacts Many of the above criteria can be measured in a 30/60/90 day postimplementation rubric:
elements by timeline to provide clarity and understanding of this truly outstanding option. On-Demand pay programs have become a necessity for hiring and retaining employees for retailers. Measuring the most successful program will come down to how to quantify the value of the benefit for both the employees (user experience) and employers (business impact and results). 32
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30 Days One month in, the benefit should be fully integrated into the employer system. This can be accomplished in two ways; Full Net Pay Model [one-time integration] or Deduction Model [one-time integration with ongoing deduction file processing every pay period]. Both can work well, it’s important to know your pay structures and what will work for your organization. The program should also be listed as an employee benefit in the benefits directory with an early adoption rate of 20%. Early adoption is vital in reducing employee reliance on predatory payday loans and
