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On-Demand Pay: The New Must-Have Benefit for Job Seekers - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode # 94
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As technology advances, so should your payroll. On demand pay is becoming more of a desire for the workforce, and it benefits employers as well as employees. Here to explain the world of on demand pay is VP of Sales at ZayZoon, Shane Edrington.
Shane sits down with Host Mike Vannoy to dispel some myths about earned wage access. Shane shares how on demand pay results in happier employers, how it can prevent unnecessary losses for businesses, and what types of employees it makes the most sense for.
Takeaways:
- Employers need to understand what earned wage access is and isn’t. While on demand pay fills a similar need to pay day loans, or advances, it isn’t the same. On demand pay simply gives employees faster access to their earned wages.
- When thinking about financial wellness, employers need to give their employees as much agency as possible. While some employers may think that holding on to pay is better, it’s ultimately more of a burden on employees.
- When payroll took longer and was more cost prohibitive, it made sense for employees to only get paid bi-weekly. Because of how efficient payroll has gotten, many employees are starting to desire a faster pay cadence.
- The types of employees who benefit from on demand pay the most are people who make between $30,000 to $80,000 a year. Typically these are people who are in some way, living paycheck to paycheck.
- By utilizing on demand pay, you help protect your business. In quick service restaurant or convenience store applications, the use of on demand pay resulted in theft from the till dropping by 90%.
- On demand pay results in happier employees, and directly results in lowered employee turnover. Businesses with on demand pay see up to a 29% reduction in turnover, equating to a savings of $10,000 a year for every 100 employees paid.
- When looking for a provider, employers should prioritize ease of use and automation. Solutions that require a human to enter data are time consuming, inefficient, and run the risk of having errors.
Quote of the Show:
- “For me, it's more about, are you giving employees access to something that will directly improve their financial position?” - Shane Edrington
Links:
- LinkedIn: https://www.linkedin.com/in/shaneedrington/
- Company Website: https://www.zayzoon.com/
Ways to Tune In:
- Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
- Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
- Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
- Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
- Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
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