Just a few of the reasons why companies should invest in on-demand pay:

Attracts new hires in a competitive job market: If you can provide health care workers with more control over their finances, they'll want to work for you over a competitor that offers less financial support. In fact, 81% of employers say financial wellness tools help attract higher-quality employees.
Increases retention: When employees feel valued and satisfied with their benefits, they stay at companies longer – in contrast, 43% of employee s leave their job due to poor benefits. Lower turnover means lower recruitment, training, and onboarding costs.
Reduces insurance costs: Employees who have the time, resources and financial means to focus on their health tend to have lower illness rates, which leads to less expensive health insurance premiums.
Improves motivation: Workers are more willing to pick up shifts when they can get paid on demand and they're more productive when they feel valued, thus driving positive business results. I talk to companies that have recently resorted to offering $50 to $100 bonuses to workers who are willing to take overnight shifts because they're so understaffed. Offering pay at the end of that overnight shift increases employees' willingness to work them.

For employers that want to explore on-demand pay as a financial wellness benefit for the first time, there are a few essential considerations to keep in mind. Choose a provider that supplies on-demand pay for free, with no predatory fees or requests for "tips," which could leave your workers even worse off than before.

Instant Insights /

Essential health care workers deserve better financial benefits

More From HR Executive

Related Stories

Recommended For You