As National Employee Appreciation Day approaches, it's important to consider the different ways employers can show their appreciation for their employees. One way to do this is by offering on-demand pay, a service that allows employees to access their wages when they need them. In this blog post, we'll explore five reasons why offering on-demand pay is a great way to show employee appreciation, backed by relevant industry data and references.
On-Demand Pay Helps Reduce Financial Stress
Financial stress is a major issue for many employees, with studies showing that nearly 64% of workers are living paycheck to paycheck - including over 50% of those earning more than $100,000. This can lead to anxiety and distraction in the workplace, which in turn can impact productivity and engagement. By offering on-demand pay, employers can help reduce financial stress by giving employees more control over their paychecks. With on-demand pay, employees can access their wages before payday, which can help them cover unexpected expenses or bills. According to a survey by the Bank of America, businesses reported an 88% reduction in employee stress when they offered financial wellness programs to their workforce. (Dickler 2023, Bank of America 2021)
On-Demand Pay Increases Employee Loyalty
Offering on-demand pay is a powerful way to increase employee loyalty and engagement. By offering on-demand pay, employers can help alleviate stress and demonstrate that they care about their employees' financial well-being. A 2021 study discovered that approximately 78% of American employees stated that having access to on-demand pay would increase their loyalty to their employer. Of the same sample, 79% expressed that it would make them feel more appreciated as an employee. By showing that they are willing to invest in their employees' financial health, employers can build a strong culture of loyalty and trust, which can have a positive impact on employee retention and overall job satisfaction. (Feffer, 2022)
On-Demand Pay Boosts Productivity
Offering on-demand pay can help boost employee productivity by reducing financial stress and increasing focus on work. According to a survey by PwC, financial stress is a top cause of employee distraction and lost productivity, with 76% of stressed employees saying financial worries had a negative impact on their productivity. By offering on-demand pay, employers can help alleviate this stress and create a more focused and productive workforce. (PwC, 2022)
On-Demand Pay Sets Employers Apart
In today's competitive job market, it's important for employers to stand out from the crowd. Offering on-demand pay is a unique benefit that can set employers apart and make them more attractive to job seekers. There is growing evidence of increased employee loyalty for those offering on-demand pay. Recent research from Harvard Business Review reveals that almost 60% of the US workforce thinks their employers should offer on-demand pay. Advisory firm Gartner expects that one in five companies will offer on-demand pay by 2023. (Wood, 2022)
On-Demand Pay is Easy to Implement
Finally, offering on-demand pay is easy to implement and manage. With OrbisPay's on-demand pay service, employers can quickly and easily set up the service for their employees. OrbisPay handles all the details, from managing cash flow for on-demand payments to ensuring employees can access their wages when needed. This means that employers can show their appreciation for their employees without any additional stress or hassle.
On-Demand Pay: The New Standard for Employee Benefits
National Employee Appreciation Day is a great opportunity for employers to show their employees how much they care. Offering on-demand pay is a powerful way to demonstrate this care, as it can help reduce financial stress, increase employee loyalty and engagement, boost productivity, set employers apart, and is super easy to implement. By offering on-demand pay, employers can create a positive reputation and a strong employer brand, which can have a positive impact on recruitment and retention. On-demand pay is becoming an increasingly popular benefit, with more and more employers recognizing the value of offering it to their employees. If you're looking for a way to show your employees how much you appreciate them this National Employee Appreciation Day, consider offering on-demand pay as a unique and valuable benefit.
Bank of America. (2021, September 22). Bank of America Study Finds 95% of Employers Feel a Sense of Responsibility for Financial Wellness of Employees. PR Newswire. Retrieved February 28, 2023, from https://www.prnewswire.com/news-releases/bank-of-america-study-finds-95-of-employers-feel-a-sense-of-responsibility-for-financial-wellness-of-employees-301382782.html
Dickler, J. (2023, January 31). Share of Americans living paycheck to paycheck jumped in 2022. CNBC. Retrieved February 28, 2023, from https://www.cnbc.com/2023/01/31/share-of-americans-living-paycheck-to-paycheck-jumped-in-2022.html
Feffer, M. (2022, November 28). On-Demand Pay May Help Ease Your Talent Retention Issues. Reworked. Retrieved February 28, 2023, from https://www.reworked.co/employee-experience/employee-clout-and-improved-technology-are-propping-up-the-on-demand-pay-market/
PwC. (2022). 2022 PwC Employee Financial Wellness Survey. PwC. Retrieved February 28, 2023, from https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html