On-demand pay is a payment method that has been developed to give employees the flexibility to be paid as they earn.
This means that instead of waiting for a weekly or bi-weekly payday, employees can access their earnings on a daily or even hourly basis. Learn more about what on demand pay is in our blog
Increased wellbeing with on-demand pay
In a time where the cost-of-living crisis is bigger than ever, on demand pay couldn’t be more relevant and necessary. It is one of many ways to improve the wellbeing of employees.
On-demand pay would allow employees to take control over their finances. No more desperate attempts to live payday to payday. It reduces the likelihood of falling into debt and improves your financial wellbeing. Getting paid as you earn can help you budget for your bills and prioritise your needs.
On-demand pay is a benefit to employers
For employers, on-demand pay can improve employee satisfaction and retention. It can also help to reduce turnover and absenteeism, as employees are more likely to feel secure in their financial situation and less likely to take time off due to financial stress.
In addition, on-demand pay can also improve employer reputation, as it can be seen as a sign of a company’s commitment to its employees’ well-being. It can also help employers attract and retain top talent, as more and more employees are looking for companies that offer this type of benefit.
Benefits to employee’s from on-demand pay
For employees, on-demand pay can provide financial stability and flexibility. It allows employees to access their earnings when they need them, rather than having to wait until their next payday. This can be especially helpful for those living payday to payday, as it can help them avoid late fees or penalties for bills that come due before their next salary payment. It also allows employees to budget more effectively and plan for unexpected expenses.
Real time pay can also help employees avoid high-interest loans or payday loans, which can trap them in a cycle of debt. Instead, they can access their earned wages and pay for expenses without incurring additional debt.
Why do we need it?
Overall, on-demand pay is a valuable benefit for both employees and employers. It can provide financial stability and flexibility for employees, while also improving employee satisfaction and retention for employers. As the job market becomes increasingly competitive, on-demand pay is becoming an increasingly popular benefit among companies looking to attract and retain top talent.
The way forward now is real-time and on-demand payments. Who wouldn’t want to get paid as soon as possible?
IGsend’s real-time payment system allows employers to send on-demand payments to their employees in just a couple of clicks. Learn more here: https://incomegroup.co.uk/ewa-register-interest/