Pay on Demand services are the latest way for companies to become an Employer of Choice. Pay on Demand allows employees to receive funds on hours already worked prior to their regular payday.
Have you or any of your employees ever been in this situation?
- A bill is due on Wednesday, but you do not get paid until Friday
- Standing at the grocery line and had your debit card declined
- Put one gallon of gas in your tank just to get to work or home with loose cash on hand
In these situations, the employee is looking for $50 or less. Other times something outside their normal expenses come up which need to be taken care of immediately like a flat tire or doctor visit. In a recent survey, 42% of workers under 40 say, since the pandemic, they could not pay an unexpected $300 expense.
Businesses offering Pay on Demand are shown to increase employee productivity, reduce turnover, and help a company stand out from the competition. This is the definition of being an Employer of Choice.
When your organization makes the decision to offer Pay on Demand, what should you look for in this service? Here are the top items companies should consider.
Your Pay on Demand solution should be completely free to both the employer and employees. Once the system is set up, your Payroll Department needs no additional time to run the system. They should be able to execute payroll with no changes to their current processes. In addition, employees should not be charged for access to these advanced funds.
The ideal Pay on Demand solution integrates smoothly and seamlessly with your existing workforce management system and payroll platform. When an employee punches out for the day on your time and attendance system, they see an amount available to advance. They then request a deposit directly into their account. This solution advances the employees’ wages and deducts from their paychecks accordingly. This is accomplished without requests to payroll for the advance.
The right Pay on Demand solution promotes financial wellbeing by offering employees fee-free digital bank accounts, and debit cards offering fee-free access to cash through a large ATM network. In addition, the system adds features to set up automatic reminders and transfers to promote saving money. Finally, all of this is managed through the employee’s phone for easy access and peace of mind.
To learn ways we can help your organization become an Employer of Choice by offering Pay on Demand, contact Time Equipment Company at firstname.lastname@example.org or 800-997-8463.