New Report: 79% of Working Americans Would Be Interested in Applying for a Job That Pays Same Day
To meet growing demand, Instant Financial showcases fee-free, earned wage access platform at Payroll Congress 2022
To understand the needs of workers, Instant Financial, the pioneer of fee-free on-demand pay solutions, partnered with the Center for Generational Kinetics to uncover the effects of wage frequency on job consideration, application and acceptance. Findings from the study underpin the growing need for on-demand benefits. Specifically, 79% of working Americans would be interested in applying for a job that pays them the same day they work, a 30% increase compared to 2018.The survey, a national study of 1,000 employed full-time or part-time workers, also found that more than half of working Americans would stay a month to over a year longer at a job if they could get immediate access to their earned pay after each day’s work at no cost.With workers increasingly favoring on-demand pay, these responses make it clear that implementing an earned wage access (EWA) program can minimize the adverse effects of the challenging labor market, improving both recruitment and retention.
HR Technology News: Valence Raises $25 Million To Help Enterprises Build Stronger Teams And More Productive Workplaces At Scale
The Changing Workforce and Labor Market
Businesses are facing unprecedented challenges. As of March 2022, job openings in the U.S. reached record highs at 11.5 million, with most employment opportunities specifically within retail trade and durable goods manufacturing. Moreover, a record 70% of businesses in the U.S. noted a talent shortage, a stark contrast to the 32% of companies who reported this only five years earlier.“Organizations are struggling to attract workers, which has huge implications on the business,” said Tal Clark, CEO of Instant Financial. “Workers want to be in control of their financial well-being. Short-term incentives, like spot bonuses or cash offers, aren’t meeting long-term needs. Instead, organizations need to be more creative with their benefit offerings to attract and retain employees.”Responsible Earned Wage Access
To meet the demands of millions of employees and employers across the country, Instant Pay is the only on-demand pay solution that gives employees a full banking experience, free of predatory fees. With Instant Pay, employees are able to instantly access their earned wages at the end of every work day, with no cost to them or to their employers.Instant is showcasing its comprehensive EWA platform at booth 615 at American Payroll Association’s 40th annual Payroll Congress in Las Vegas, Nevada, May 10 – 13, 2022. To learn how Instant Financial can help your organization stay competitive with the most desirable employee benefit,
HR Technology News: The Future Of Work Perks PERKSCon Chicago Will Showcase Employee Amenities For A New Way Of Working
[To share your insights with us, please write to sghosh@martechseries.com]