According to reports from the CGK, 61% of Gen Z employees would prefer to receive daily wage payments via real time pay. Financial institutions have been investing their time and money into real-time payments to meet these expectations.
Why do Gen Z want real time pay?
On demand pay helps workers access funds daily. This means loans and bills can be paid on time, so late payment fees and additional interest can be avoided.
It’s no surprise Gen Z employees would be welcoming to real time pay. Many Gen Z workers receive lower, entry-level salaries so having more regular access to earned wages improves their financial wellbeing. Some reports also show that Gen Z are the most likely generation of workers to lose their jobs, receive pay cuts or see a reduction in scheduled hours.
Gen Z’s interest in on-demand or real time pay has grown over the years. If people can send money to friends instantly via mobile banking, then why can’t employers pay workers after each shift? As this generation enters the job market, their attitudes and experiences from everyday life will influence how businesses pay their employees.
How can IGsend help with real time pay?
IGsend from Income Group uses Faster Payments to make payroll payments instantly, 24/7 365. This helps to reduce the waiting time currently in place with legacy payroll methods. Gen Z employees can receive wages via a future proof payment method that improves their financial wellbeing.
If you want to build a more effective payroll system that supports your staff’s financial wellbeing, get in touch at contactig@incomegroup.co.uk
