HR Trends and Insights

Is on-demand pay a growing benefit?

By October 14, 2021 No Comments

On-demand pay is a high demand benefit

Are you able to cover an unexpected bill before your paycheck arrives? If you can’t, then you’re not alone. According to the Federal Reserve, about 37 percent of the workforce in the United States struggles to do so.

Unexpected expenses can cause serious financial problems. Thankfully, a new form of payment is becoming popular and can help your employees out.

A new way to pay employees

On-demand pay gives people access to their wages immediately rather than waiting for a traditional two-week pay period. When emergency expenses occur, people can tap into their earnings rather than use high interest credit cards, payday loans, or worry about overdrafts on their checking accounts.

At Edenred Benefits, our AnytimePay program works like this. Employees can request money from the next paycheck by logging into the Edenred app. They’ll choose an amount up to their limit and their funds are available in seconds. The payments get processed within the same pay cycle and are deducted from employees’ next paycheck.

On-demand pay is growing

On-demand pay is growing rapidly as it’s popular with both employers and employees. Gartner says 6 percent of large companies now offer it as a benefit and it’s expected to grow to 20 percent by 2023. Eight in 10 employees want an on-demand payment for their paychecks.

The pay system that benefits everyone

AnytimePay is set up to help your employees when they need it most. The prepaid card they use is accepted with food delivery apps, restaurants, and grocery stores. Employees can get access to their wages in between paydays.

AnytimePay can be leveraged as an excellent recruiting tool for businesses. You do not only help your current employees, but you’ll attract new talent. The more benefits you have to offer, the happier your employees will be.

If you’re looking for a solution that helps your employees out financially, then AnytimePay is a great benefit to add. Book a meeting with us today to see what we can do for you.