Most workplaces pay employees on weekly or bi-weekly schedules. However, many companies are looking for ways to allow employees to access their pay faster to alleviate financial concerns and help employees meet daily expenses without worry. One way to do this is through on-demand wage access.
What is On-Demand Wage Access?
On-demand wage access allows employees to access their wages as they earn them instead of waiting for the next pay period. This new pay option is very attractive to many employees due to its fast-paced nature. Though this type of pay can come with some extra administrative work and fees, it also offers quite a few benefits to employers and employees.
What are the Benefits of On-Demand Wage?
The are many benefits to on-demand wages. First, it can help employees who are living paycheck to paycheck. Individuals in that situation can be financially devastated by a surprise expense that occurs between paychecks. Offering on-demand wage access can give your employees the means to deal with surprise expenses and the peace of mind that comes with that. Additionally, because it appeals to employees, you will see increased attraction and retention of employees because of on-demand pay.
How to Offer On-Demand Pay
On-demand pay would be difficult for most companies to handle on their own. Most of the time companies choose an outside vendor to assist. That way, employers don’t have to calculate wages for each employee at the end of every shift worked. There are a couple ways for employers to distribute pay instantly. One is through a direct deposit bank account for an employee. You can also use prepaid debit cards, which employees who do not have a bank account may prefer.
Helpside’s On-Demand Wage Access
Helpside offers on-demand wage access to client employees through ZayZoon. This allows the employees of our clients to have access to their wages immediately and also provides other financial wellness resources. If you’re interested in learning more about on-demand wage access available to your employees, reach out to us at firstname.lastname@example.org.