In today's fast-paced world, financial flexibility is more crucial than ever. On-demand pay, also known as Early Wage Access (EWA), is revolutionising the way workers manage their finances, and it’s gaining traction across various industries. Typically, it is the Payroll, Operations, Worker Engagement, or Finance teams that explore the implementation of on-demand pay, and they need to create a compelling business case internally. Our latest whitepaper, “The Business Case for On-Demand Pay with Onsi,” dives deep into the numerous advantages of this innovative approach, both for workers and businesses, and provides the key points you need to make your case.
Why On-Demand Pay Matters
Financial wellbeing for workers:
Relief from paycheck-to-paycheckliving: A third of UK workers live paycheck to paycheck¹, with many struggling to cover unexpected expenses. On-demand pay provides a vital lifeline, allowing workers to access their earnings early and avoid high-interest borrowing.
Improved mental health: Financial stress is a significant burden, impacting productivity and overall wellbeing. With 68% of workers reporting that financial issues affect their mental health², on-demand pay can alleviate this stress, leading to a happier and more productive workforce.
Tangible business benefits:
Enhanced worker retention: Offering on-demand pay can significantly reduce turnover rates. A staggering 89%³ of workers prefer employers who provide this benefit, and 95%⁴ are willing to stay longer with such companies.
Attracting workers, especially ahead of busy season: In competitive sectors like retail and hospitality, on-demand pay is a game-changer. 79%⁵ of workers would switch to a company offering this benefit, and 83%⁶ of gig workers consider it a key motivator.
Increased productivity: Financially secure employees are less likely to take unplanned absences and are more motivated at work. Businesses offering on-demand pay see a notable improvement in performance and customer service.
Implementation made easy with Onsi:
Minimal disruption: Onsi’s platform integrates seamlessly with your existing payroll and HR systems, ensuring a smooth implementation process.
No impact on cash flow: Onsi can provide the funds upfront and recoup them through the standard payroll process, allowing your business to maintain stable cash flow.
Comprehensive support: From creating tailored communications to managing the entire rollout, Onsi ensures your workforce is fully engaged and informed about their new benefits.
On-demand pay is more than just a perk; it’s a strategic tool that can transform your business. By offering this benefit, you not only support your workers’ financial wellbeing but also gain a competitive advantage in attracting and retaining top talent, especially ahead of busy season.
Ready to Learn More?
Dive into our comprehensive whitepaper, “The Business Case for On-Demand Pay with Onsi,” to explore detailed insights and data-backed benefits of this innovative approach. Download the whitepaper below.
For more information, contact us at hello@onsi.com.
Sources:
1. https://www.wtwco.com/en-gb/news/2022/06/a-third-of-uk-workers-are-living-payday-to-payday
