5 Reasons You Need to be Offering On-Demand Wages to Your Employees
How businesses pay their employees in 2020 shouldn’t be the same as how they paid them in 1990, and yet, it is. Now there’s a new, much better payroll trend companies are using to fund their staff: Offering employees earned wage access.
Simply put, on-demand pay is a financial wellness practice that empowers employers to help their workers avoid high debt and banking fees, as well as late payments by allowing them access to a portion of their earned wages up front. On-demand pay gives workers access to funds they’ve already earned during that pay-cycle, meaning there's no incurring additional debt, and they can use these funds to access necessities or deal with unexpected expenses.
Earned wage access comes with a host of other benefits for both businesses and employees, alike. Here’s a rundown on the five major reasons you need to incorporate on-demand wages into your employee compensation program.