Win the Recruitment Wars with On-Demand Pay

Even before the pandemic, many people were struggling financially. Four in 10 Americans cannot afford $400 for an emergency. When the unexpected happens, many of them take on payday loans or have to pay hefty overdraft fees. Some end up drowning in debt for years. 

As employers seek innovative, yet practical, ways to court new hires during a historic labor shortage, they are considering on-demand pay. This benefit, also known as earned wage access, has employees getting money they already earned out of their paycheck before the allotted pay day. Employers partner with third-party service providers to run a platform to distribute the funds.   

Recently, HR Exchange Network conducted the On-Demand Pay Survey to better understand the popularity of this benefit and its role in the future of the workplace. The research revealed that employees and recruits overwhelmingly favor this new pay structure. However, employers are a bit more skeptical. As a result, many are taking a wait-and-see approach. 

Still, the overwhelming majority believes that on-demand pay will become the pay structure of the future. More and more employers will use the benefit as a recruiting and retention tool once there are advances in payroll technology and a better understanding of how this benefit works. It's a matter of time, which is why you should assess this growing trend.  

Read this report to learn: 

• How on-demand pay works and what to expect if you are an HR leader 
• An explanation of why on-demand pay is vital to many workers today
• What it will take to offer such a benefit to your employees
• Tips on how to get executives to buy into this benefit 
• Thought leadership on what to expect from on-demand pay moving forward