(This article originally appeared in The Guardian)
As employers – especially small employers – are struggling to bring back workers to their jobs, a relatively new benefit is becoming more attractive: on-demand pay.
Yes, that’s right: an employee gets paid on the day the work is performed. Think about it: your babysitter already gets paid right away, and so does the high-school kid who mows your lawn. So why not your employees?
The appetite for this benefit is growing. According to an October 2019 survey of 1,180 American adults by the Workforce Institute at Kronos, a whopping 61% of employees across the healthcare, retail and manufacturing/construction industries said they should not have to wait until their scheduled payday to access their earned wages. More than half of all employees believe that on-demand pay is a more attractive benefit than additional paid time off.