PYMNTS | In today’s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent.
A PYMNTS Intelligence report, “No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction,” created in collaboration with The Clearing House, highlights how instant payroll solutions are becoming essential in addressing the growing demand for financial flexibility.
Workers today are grappling with increased financial pressure, driving a new urgency for on-demand pay. According to the report, 83% of workers desire more frequent pay schedules, a significant shift from the traditional biweekly or semimonthly pay periods.
The push for instant payroll is driven by inflation and a 24% increase in average spending per person, which has strained many workers’ budgets. This financial burden often pushes workers toward high-interest payday loans, worsening their debt. Instant payroll addresses this by giving employees timely access to their earnings, helping them manage expenses and avoid costly loans.