In industries that are heavily reliant on shift workers - such as hospitality, retail, last mile leisure and healthcare, the competition for workers is rife. But, for most businesses, it’s simply not sustainable to lean on pay increases and monetary bonuses as a way to incentivise workers.
Enter: on-demand pay – an initiative that, stats show, has real legs where worker attraction and retention is concerned. If you’re unfamiliar with the concept, on-demand pay does what it says on the tin, allowing workers to access their earned money straight away, rather than waiting for a lump payment. This helps them improve their cash flow, and become less reliant on credit to stay financially afloat.
Research shows that:
95% of workers prefer employers that offer on-demand pay
73% of workers reported fewer unplanned absences because of on-demand pay
79% of workers would be willing to switch employers for on-demand pay
Source: Visa Insights 2019, Earned Wage Access survey
The figures speak for themselves. As a business, offering on-demand payments to your workers could set you out ahead of the competition in a number of ways. The strategy is so effective that it’s been harnessed by some of the biggest companies with shift workers out there. Like Uber, for example, which has devised its own internal Instant Payouts system. This lets Uber drivers ‘cash out’ their earnings up to six times per day or, with the ‘Uber Pro Card’, get paid automatically after every trip.
In these financially turbulent times, it’s not difficult to see how this could make a real difference to workers, who seek greater financial stability as the cost of living soars. In turn, businesses are able to tap into the wants and needs of their workforce in a mutually beneficial way.
Intrigued? Keep reading to learn how easy it is to get set up with on-demand pay for your workers.
Drive worker loyalty with Onsi on-demand pay
Introducing Onsi on-demand pay – our intuitive, easy-to-navigate platform designed to help businesses reap the rewards of offering instant pay to their workers.
Our platform allows businesses to pay their workers after every shift, every day or every week. It’s super easy to get set up with, and there’s no need for any pre-funding or capital from your end (we provide the funds). So you can get up and running with on-demand payments for your workers quickly and seamlessly – and start enjoying the benefits of:
A more loyal, engaged workforce – one that is much more likely to recommend your platform to other workers. And which feels more financially secure thanks to having greater control and flexibility regarding their pay.
Way less admin relating to payroll – it couldn’t be easier to make, manage, and track payments on our user-friendly platform.
A competition-beating edge – stats show that this is an important deciding factor for the majority of workers choosing between platforms.
If all this 👆has piqued your interested, head over to our on-demand payments page to learn how we can help you get set up with this workforce-strengthening initiative.
