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HR Trends and Insights

On-demand pay is the next employee benefit you need to offer

By March 3, 2022No Comments

Would you like to close job openings 15 percent faster? Could you hire with more confidence if your churn rate was 21 percent lower?

Companies are experiencing success in attraction and retention thanks to one benefit: on-demand pay. A recent survey by Ceridian found that companies offering on-demand pay were closing job openings faster and lowering churn rates, among other positives.

On-demand pay allows employees to get access to the money they’ve earned without having to wait for a paycheck at the end of a pay period. That’s why it’s in such high demand among employees. The Ceridian study showed that 83 percent of workers believe they should have access to their wages at the end of their shift. According to VISA, another 79 percent of employees said they’d switch if they could get a job with a company that offers on-demand pay.

There are several compelling reasons to make on-demand part of any company’s payroll plan. It seems like everything is available on-demand now, and employees who have grown up in this period expect to have access to everything from movies to food to their paycheck available immediately.

Economic insecurity is also a major issue. On-demand pay provides employees with another alternative to take care of emergency expenses rather than using payday loans, high-interest credit cards, or over-drafting a checking account. With many companies fighting the Great Resignation, on-demand pay is one way to differentiate from other companies in an industry or geographical reason.

Edenred’s AnytimePay is an on-demand payment solution that meets the needs of employees and employers. Employees can request their paycheck early, and the payments are processed each pay cycle. There’s no debt collection or other stressful processes. The employer controls the program, and Edenred helps them with all compliance measures.

Are you looking for a benefit like on-demand pay that can be an instant hit with your employees? If so, we’d like to meet with you. Schedule a meeting today so we can help you get started.