The Death of the Traditional Pay Check? US Workers Want Faster Access to Wages, Finds Workforce Institute at Kronos Survey

The “Death of the Traditional Pay Check” survey was conducted online by The Harris Poll on behalf of The Workforce Institute at Kronos among 1,180 employed U.S. adults to better understand how immediate access to earned wages (i.e. on-demand pay) and financial wellness can support recruitment, retention, and a better employee experience.

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• Joyce Maroney, executive director, The Workforce Institute at Kronos
  “Amazon Prime, Lyft, Netflix, Venmo: The world has changed dramatically to usher in a generation of on-demand services, yet most organizations still think about pay day as a rigid, set-in-stone process. Employers who can ease the burden of financial stress by being more agile around pay day and offering creative financial wellness benefits will be repaid by orders of magnitude in productivity and engagement.”

• Martin Armstrong, CPP, DBA, vice president, payroll shared services, Charter Communication; advisory board member, The Workforce Institute at Kronos
  “For some employees, not having cash on hand to pay the babysitter actually prevents them from accepting an overtime shift where they can make much more. For others, they may be a flat tire away from losing their job because they can’t pay to get it fixed. Employers have embraced the responsibility of offering physical wellness programs to employees, and as we welcome 2020 it’s time they consider doing the same with financial wellness and on-demand pay.”

• Bob Clements, president, Axsium Group; advisory board member, The Workforce Institute at Kronos
  “As previous Workforce Institute at Kronos research shows, younger employees want the flexibility of gig work but the stability of a traditional full-time job – and the same can now be said for how they want to be paid. Organizations that embrace an on-demand pay model will be one step closer to offering an engaging, future-ready workplace experience that will lure the top talent and position them for success for years to come.”

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