There’s no denying on-demand pay has left its mark as a viable compensation solution for companies. Businesses and employees have found it to be a better way to pay employees rather than making them wait for a paycheck every two weeks. But will on-demand continue to grow in 2022?
Research by EY shows that 70 percent of employees are not paid on-demand. That group is paid every two weeks or monthly. Workers don’t want to be paid like that anymore. More than 80 percent have said they’d rather have direct access to wages they’ve already earned.
Companies with hourly employees see the benefit
Gartner Research reports that on-demand pay should increase in 2022, with 20 percent of employers with hourly workers are adopting it. Gartner said that up to 20 percent of those employers would offer it sometime next year. Six percent of large companies offer it now, and the three largest employers in the United States are part of that group.
The additional availability is a good move, with 79% of employees saying they would change employers to one that has on-demand pay from one that does not. The increase in availability for on-demand pay should also help alleviate some of the financial stress workers face. Employees can get the money almost immediately after a shift, which allows them to pay bills and have more control over their finances. It also helps when they face emergencies before payday.
AnytimePay makes it easy
Edenred Benefits offers the AnytimePay program, an on-demand payment solution that’s great for both companies and employees.
Employees earn as they usually would and can request money through the app. The funds are deducted from their paychecks, and they can choose the amount they want up to the limit of their wages is set. The funds are then available in seconds on a prepaid card. The prepaid card can be used for food purchases at restaurants, grocery stores, and with food delivery apps.
If you’re looking for an on-demand pay solution, AnytimePay is a great benefit for you and your employees. Book a meeting with us today to see what we can do for you.