HRTech Interview with Nazuk Jain, VP of Product and Innovation at PayQuicker

Nazuk Jain, VP of Product and Innovation at PayQuicker chats with HRtech Series about the various ways in which business payout models have evolved over the years:

_________

Hi Nazuk – tell us about yourself and more about your role at PayQuicker

I’m the Vice President of Product and Innovation at PayQuicker, a leading global payouts orchestration platform that provides businesses of any size with smarter, faster, and easier payment solutions. My primary focus is on our growing product roadmap, which includes developing new products and enhancing existing ones. I lead various initiatives in our expanding toolkit of global payout orchestration solutions that ensure. ROI for customers and partners alike.

We’d love to hear about your platform’s latest Insta-Pay feature and how it enables end users?

Insta-Pay is built on our Payouts OS platform, which enables real-time global payouts to businesses and consumers. Insta-Pay is a new product feature designed to change the way employees and contractors access their hard-earned incomes. With Insta-Pay, individuals no longer have to wait for traditional paydays and can instead request access to their earned income in real-time, anywhere, anytime. With Insta-Pay we are redefining the paradigm of income accessibility, offering individuals instant, on-demand access to their hard-earned money. This innovative solution not only aligns with the modern lifestyle of flexibility and convenience but also addresses the evolving needs of a dynamic gig economy workforce and side-hustle entrepreneurs.

Catch more HRTech Insights: HRTech Interview with Jonathan Leaf, CRO at BambooHR

What trends when it comes to payouts for employees, contractors, freelancers and similar titles are dominating in the global market?

We are seeing a seismic shift in the way people are getting paid around the world . With the emergence of the on-demand economy and as the number of gig workers and contractors grows around the world, so does the demand for smarter, real-time payments. In a study we conducted last year, 83% of gig workers reported that being paid quickly is crucial, influencing their decision to work with one company over another. Insta-Pay is a result of this shift in mindset regarding how the global workforce wants to receive their hard-earned income. From the days of cash-in-hand to the convenience of direct deposit, and even the recent trend of two-day early pay, the landscape of payday accessibility continuously evolves towards on-demand pay – and global businesses need a partner at the forefront of this movement that can help them evolve quickly and easily.

How can businesses who have a lot of C2H or freelance staff manage their journeys and payouts more seamlessly? Especially when dealing with global contractors. 

Well, paying those employees and contractors instantly, and on their terms is a good start. And I wish I could say that’s all businesses need to address – but it’s not. Managing the journeys and payouts of a global contingent workforce involves tackling several complex challenges, and that’s where PayQuicker comes in, offering comprehensive solutions tailored to the needs of businesses with freelancers and contractors. 

PayQuicker provides real-time payouts (and now also instant earned income access), in multiple currencies, and navigates regulatory compliance across various countries and regions. The Payouts OS platform also provides security measures, user-friendly access for contractors, and detailed reporting for better managing finances. PayQuicker integrates seamlessly with existing payroll and accounting systems, making it a comprehensive tool for simplifying global contractor payments and enhancing overall satisfaction. By centralizing the management of these diverse payout methods and channels, PayQuicker provides unparalleled benefits that drive global business success.

What about today’s state of payroll needs a drastic change, in your view?

The traditional bi-weekly and monthly paydays that most payrolls follow are no longer meeting the needs of the next-gen workforce, and thus becoming obsolete. This change has prompted companies and workers to seek alternatives that align with the demands of the modern global economy. This shift toward on-demand earned income holds immense potential for optimizing financial operations. 

Companies need to gain a better understanding of the next-gen workforce and consider partnering with companies that can help develop innovative strategies for getting ahead of the evolving needs of employees and contractors. Getting ahead and staying ahead should be top-of-mind for all global companies and payroll providers.

If you had to share five observations on the state and future of HRTech – what would they be?

Although I don’t have five observations specific for the state and future of HRTech, I do have a couple thoughts for how I think the employee experience will evolve, based on the payments innovations we’re seeing in the global workforce and on-demand economy.

1. Financial Freedom, Finally: Just as on-demand pay and real-time payments are transforming how workers access their earnings, we’ll see similar innovations in HRTech that give employees greater financial control and flexibility. Instant access to wages and seamless financial management tools will help employees better understand and manage their finances, reducing stress and improving overall well-being.

1. It’s Personal: The same way payment systems are becoming more personalized, HRTech will leverage AI and data analytics to create tailored experiences for each employee. From customized pay packages to personalized career paths, the future workplace will cater to individual needs and preferences.

Everything On-Demand: Don’t be surprised if we see the gig and on-demand economies dig further into traditional corporate structures. Global businesses will continue to find efficiencies and cost-benefits to building on-demand teams that specialize in specific projects and skills. This model will allow companies to quickly adapt to market changes, access a diverse talent pool, and scale operations up or down with agility. By leveraging on-demand talent, organizations can stay competitive and innovative while offering workers greater flexibility and varied opportunities.

Read More on Hrtech : HRTech Interview with Charlotte Dales, Co-founder and CEO at Inclusively

[To share your insights with us, please write to psen@itechseries.com ]