8 Things to Consider When Evaluating On-Demand Pay Providers
The COVID-19 pandemic has fundamentally changed our entire way of life, especially when it comes to the workplace. While different industries have their own unique set of challenges, they have all shared the need to adapt rapidly to the “new normal” in order to meet consumer demand or simply to stay afloat.
One way that companies have worked to adapt is through digitization. Digitization not only helps employees to feel more secure when they’re on the job (e.g., contactless payments to support social distancing), but it also helps companies to save time and money. As companies try to survive the sharpest economic contraction in modern American history, promoting efficiency and cutting costs are more important than ever.
One way companies can digitize is through implementing an on-demand pay experience. Digitizing payroll operations helps to promote worker productivity, retain employees and attract job applicants (for companies looking to do this, such as Kroger or Amazon).
But not all on-demand pay providers are created equal, and choosing the wrong vendor can actually create more work for your organization. Additionally, some on-demand pay providers can introduce compliance or reputational risk that could potentially undo any benefit. This guide will walk you through how to choose the right on-demand pay vendor for your organization — one that will help save you time and money, empower your workforce and ultimately strengthen the bond between you and your employees.