All You Need to Know About On-Demand Pay
Learn how to get started with on-demand pay, discover the advantages for both your company and your employees, and see why on-demand pay is becoming an essential benefit for employees.
A Look at On-Demand Pay
On-demand pay is a voluntary benefit that allows employees to access their earned pay ahead of the traditional payday. Companies that use on-demand pay can improve retention, employee engagement, and fill roles faster. If your company is evaluating on-demand pay providers, this education series will answer your questions and equip you for success.
Explore All On-Demand Pay Modules
On-Demand Pay 101
Key Considerations to Jumpstart Your On-Demand Evaluation Process
On-demand pay can be a win-win for employees and employers. Tell us abit about yourself and get an overview of everything you’ll need when evaluating the various aspects of selection, onboarding, and more.
Frequently Asked Questions
What is on-demand pay?
On-demand pay is a method of paying employees their wages as they earn them. This gives employees access to their earned pay instead of waiting for traditional weekly, bi-weekly, or monthly payday cycles. Learn about the different types of on-demand-pay models.
What is the cost of on-demand pay?
The cost of on-demand pay involves evaluating hard and soft costs for both employers and employees. There are various costs associated with implementation including hidden costs that you should consider.
How do you get started with on-demand pay?
Getting started with on-demand pay requires planning across your organization. Planning for an on-demand pay implementation involves several key considerations like vendor partnerships, security, training, etc. You’ll most likely need to assemble a core team of planners and implementers that span HR (employee experience), payroll (process and compliance), IT (integration and implementation), your HCM provider (integration, implementation and process) and your on-demand pay provider.
How do I improve the employee’s on-demand pay experience?
When considering on-demand pay providers, evaluate the overall employee experience ranging from service, the solution, and rollout. The real test is your employee satisfaction with the program. Ensuring that your employees benefit from the best on-demand pay experience increases the likelihood of employee adoption and engagement which may translate to reduced turnover and its associated costs for your company.
How do I know if my on-demand pay is successful?
After rolling out an on-demand pay program, you must measure the success of your investment based on your goals and KPIs. There’s a scorecard system you can use to evaluate your efforts.
How do I evaluate and select an on-demand pay provider?
When selecting an on-demand pay provider, consider how it will improve the employee experience and evaluate their security and privacy standards. This evaluation process requires collaboration across different departments in your organization including HR, operations, payroll, finance, and legal.
How can my company improve diversity, equity, and inclusion with on-demand pay?
One of the potential benefits of on-demand pay is more support for your company’s diversity, equity, and inclusion. One of the easiest ways that companies can quickly work toward greater financial equity and inclusion is by taking a comprehensive look at the benefits packages and consider how on-demand pay and financial literacy resources may meet employees’ needs. Unlike traditional financial wellness tools, on-demand pay can be considered more of a financial inclusion benefit. On-demand pay can empower employees with more choices and opportunities so they can avoid fees by giving them access to their money as they earn it.