On-Demand Pay and Your Business

On Demand Pay
by Missy Gossett
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With the rising costs of everything in our current world, the need for employees to have access to some or all of their wages has become more critical than ever. Even before the plague of COVID, 21 percent of Americans were struggling to pay their bills, and 80 percent of workers revealed that they desired a solution to access their already-earned wages before their payday.

All managers and business owners understand that the happier your employees are, the more likely they will stay with the company and increase their productivity. This phenomenon is better known as Employee Well-Being. This can include work/life balance, mental health, and financial health. The Visa Hourly Talent Study confirmed that sixty-seven percent of the surveyed executives planned to explore new benefits to reduce their employee’s financial stress during COVID.

As an employer, you may be asking yourself how you can help your employees increase their financial well-being? ITCS Web-Clock can gladly answer this question for you!

One main benefit of assisting your employee’s financial well-being is earned wage access, which is where we come in. With our On-Demand Pay software, your employees can instantly access their earned income on any device and receive their funds immediately or the next business day with low transaction fees.  Allowing employees to access 100% of their earned income reduces uncertainties associated with their pay and provides access to reduce financial stress. 

Our previous blogs confirmed that a “reported 69 percent of employees experienced job satisfaction when having access to their income” and how an employer “can see up to a 50 percent decrease in turnover.” With facts like that, why would you not want to give your employees the option to access their earned income at their fingertips?

To drop some more knowledge on you, in case you are unsure, it is reported that by leveraging on-demand pay in your business, your business could anticipate a reduction of no-shows and callouts by more than 70 percent. Lastly, 56 percent of employees were more motivated to pick up shifts because they knew they could access their wages before their regularly scheduled payday.

In addition to PBJ, ITCS-WebClock offers many services to meet your business needs.  We offer web-based online time clock software to include time and attendance, employee scheduling, time-off tracking, projects, jobs, etc.  We offer HR software and payroll solutions that include on-demand pay; we have a mobile & web-based online time clock app, touchless time clocks contactless collection devices, and much more. 

If you would like to learn more about on-demand pay and its benefits, please take a look at our Blog page! We are just a call away when you are ready to begin using our On-Demand Pay for your business.  You can reach us at WebClock sales at sales@webclock.biz or 888-549-5550.