Benefits of Using On-Demand Pay
In our previous blog, “Will On-Demand Pay Become The New Norm?”, we discussed how a large percentage, 55 percent to be exact, of Americans, are living paycheck to paycheck, and 21 percent of them are struggling to pay their bills. As an answer to this stressful issue, we introduced the new model of on-demand pay and explained its purpose.
Remember us introducing you to our friend Bob in our “How Can Our Scheduling Software Help Your Business?” blog? Bob is a manager at a security company and has found success with ITCS-WebClock’s employee scheduling and time off tracking software.
Now let’s discuss the benefits of using on-demand pay for Bob’s employees and business.
Benefits for Bob’s Employees:
-Can instantly access their earned income on any device
-Receive funds instantly or next business day, which increases flexibility
-69% increase in job satisfaction with the additional financial safety net
Benefits for Bob’s Business:
-Process payroll as normal
-Up to 50% decrease in turnover
-Increase in productivity from employees
Bob allowing his employees to access 100% of their income reduces his employee’s uncertainty and stress by living paycheck to paycheck, which increases their happiness and productivity.
In the article from Society for Human Resource Management, Ron Hanscome, a Gartner analyst, states that allowing people to access their wages improves their financial position and enables them to make better decisions.
For example, Bob’s employee Carol had a family emergency that resulted in a large and unexpected bill. Carol was utterly stressed while trying to find a solution to pay for this bill without resorting to high-interest rate credit cards or payday loans. Luckily for Carol, her boss Bob has begun using ITCS-WebClock’s on-demand pay, and Carol can withdraw her paycheck early.
At ITCS-WebClock, our On-Demand Pay software allows employees like Carol to feel confident in their income and financial standing. It also allows Bob as the employer to continue business as usual while knowing that his employees, like Carol, are happier with their income and work.
Contact WebClock sales today to give your employees the freedom and yourself the On-Demand Pay at firstname.lastname@example.org and 888-549-5550.