News: 60% employees seek immediate access to their earned wages: Instant Financial Report

Compensation & Benefits

60% employees seek immediate access to their earned wages: Instant Financial Report

As many as 79% of employees may consider working for organisations offering access to immediate wages.
60% employees seek immediate access to their earned wages: Instant Financial Report

With financial constraints getting hold of the global job market amid the recession fears, a news study conducted by Instant Financial found that 60% of the respondents believe that all employers should offer staff immediate access to their earned wages every day.

The study further revealed that 40% of respondents who resigned during the pandemic reported  that they could have stayed back in case the would get hands on a portion of their salaries immediately. Another 56% said they probably would have stayed a month to over a year longer in their job if they had access to their earned pay.

According to an HRD Asia report, as many as 79% of the responding workers said that they may prefer working for a company that would offer them this facility. Another 56% said they probably would have stayed a month to over a year longer in their job if they had access to their earned pay.

Commenting on the findings, Tal Clark, CEO of Instant Financial said, “Another 56% said they probably would have stayed a month to over a year longer in their job if they had access to their earned pay. With responsible on-demand pay, employers have the opportunity to give all employees more control over their financial wellness, and simultaneously reduce the pressure on payroll professionals caused by increased turnover and new hires.” 

He further added that as organisations are taking a step back and reassessing their benefits offerings to successfully compete for employees in today’s workforce, the need for immediate access to wages has become very apparent in today's economy.”

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Topics: Compensation & Benefits, #FutureOfWork, #NewAgeEmployeeBenefits

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