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On-demand pay: A game-changing bene t a the economy (cautiously) reopens
Offering an on-demand pay benefit can prove to be a strategic differentiator in post-pandemic rehiring. By Jeanniey Walden | August 18, 2020 at 10:19 AM
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As employers attempt to lure furloughed workers back, they will also need to seek out meaningful bene ts that can set them apart from the competition.
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For the rst time in our lifetime, the world hit “pause” as the COVID-19 pandemic forced people into their homes and disrupted the world as we once knew it. Living rooms became makeshift boardrooms, and kitchen tables became the base for seemingly endless Zoom calls. (https://www.bene tspro.com/sites/bene tspro/2020/07/03/its-di
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As the country attempts to reopen, it’s clear that HR leaders will need to re-evaluate the ways in which companies work and nd novel ways to operate leaner, smarter and with greater e ciency. At the same time, they will be challenged to ensure the safety and well-being of their workforces by carefully planning for the physical environments that their workers will return to. Not to mention they will need to de ne a new culture, one that is supported remotely. Related: Remote work: 7 ways to help employees adjust to the new normal’s new workplace (https://www.bene tspro.com/sites/bene tspro/2020/03/24/remote-work-7ways-to-help-employees-adjust-to-the-new-normals-new-workplace/)
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As employers attempt to lure furloughed workers back, they will also need to seek out meaningful bene ts that can set them apart from the competition and promise a better future than the enhanced unemployment bene ts currently o ered. There are some very interesting options out there for them to explore. Digital acceleration has taken place in remote telehealth, insurance claim scanning, contactless payments and on-demand pay. Employers are empowering their workers to feel safe with these new digital experiences, including instant-pay apps on mobile devices. O ering an on-demand pay bene t can prove to be a strategic di erentiator in postpandemic rehiring and a key to reducing employee turnover. As many industries compete for the same workers in the same labor pool, o ering cost-saving bene ts that are attractive to those looking to re-enter the workforce will be a fundamental consideration — particularly for those who have been out of work for any length of time and who need access to their earned pay, right from day one. Many forward-thinking companies have come to see pay as more than merely a weekly/biweekly transactional e ort. Pay is becoming a strategic lever they can use to drive e ciency and reduce turnover rates, while empowering employees with the ability to harness the power of their pay and increase their nancial security. The health crisis has taught us that having access to earned income is not just a luxury. It could be a life-saver, not only for individuals but for their families as well. Asking employees to wait two to four weeks for a paycheck is no longer a viable option in times of stress, especially when medicine and other essentials need to be purchased while bills still need to be paid.
Providing access to pay on-demand helps employers rebuild the trust that was lost when the pandemic rst hit and employees were laid o . Allowing employees access to their pay as they earn it helps them to feel more connected and more valued by their employers, leading to higher employee engagement, retention rates, job satisfaction and productivity. In a recent survey (https://www.dailypay.com/insights/our-survey-saysdailypay-saves-employees/), 1 in 6 (16%) survey respondents reported that they applied to their current jobs because they o ered a daily pay bene t. This number is likely to increase as the demand for this bene t grows. In addition, access to ondemand pay saves employees, on average, $1,205 per year in reduced fees from loans, overdraft fees and late fees. The survey also showed such a bene t has helped them: 85% – budget better and pay large monthly bills like rent, utilities, car payment, etc. 78% – pay bills on time and avoid late or overdraft fees 74% – reduce nancial stress 59% – be motivated to go to work 56% – be motivated to pick up more shifts or work longer hours 51% – improve their nancial health 50% – be more disciplined about spending 46% – save more
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In a world where we can order food, cars, dog walkers and home repairs with the push of a button on our mobile phones, it’s time to bring the process of paying employees into the 21st century. Employees are accelerating demand for early access to pay, and both employees and businesses are reaping the bene ts of o ering a bene t that helps to re-establish trust.
Jeanniey Walden is chief innovation and marketing o cer at DailyPay (https://www.dailypay.com/). Read more: 4 FAQs about daily pay programs (https://www.bene tspro.com/sites/bene tspro/2018/06/19/4-faqs-aboutdaily-pay-programs/) On-demand pay: What employers need to know (https://www.bene tspro.com/sites/bene tspro/2019/08/01/on-demandpay-what-employers-need-to-know/) One-third of workers within ‘3 missed paychecks’ of not paying bills (https://www.bene tspro.com/sites/bene tspro/2020/05/18/one-third-ofworkers-were-within-3-missed-paychecks-of-not-paying-bills-before-covid19/)
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