On-demand pay: the low lift, high impact solution you can start using today

You may have heard of on-demand pay as a new benefit that can be offered to your employees. But what exactly is on-demand pay and how does it empower your employees without impacting your bottom line?

On-demand pay, or Earned Wage Access (EWA), is a payment option that allows employees to access the wages they’ve already earned before their scheduled payday. This type of technology is often tied to an organization’s payroll and time and attendance solutions, with rules and policies in place to ensure that employees only access the funds available to them, without negatively impacting payroll processes. This is a valuable financial tool to help employees manage their money more effectively and reduce financial stress for your workforce.

Why is on-demand pay becoming so popular?

In a 2023 LendingClub report, 60% of those surveyed said they are living paycheck to paycheck. Combine that with a 24% uptick in spending per person in the U.S., and it’s easy to understand why many employees are feeling stressed and burdened by financial troubles. In fact, financially stressed staff are twice as likely to be looking for a new job compared to employees who are not financially stressed (36% vs. 18%).

Here’s the good news. PwC’s 2023 Employee Financial Wellness Survey showed that employers who help their workforce manage their finances have the potential to increase productivity. An impressive 74% of EWA users report having fewer unplanned absences and a whopping 96% of employers say it helps them attract new talent.

How does it work?

With Humanity, your employees have access to Clair, a user-friendly EWA solution. Clair makes it easy for your employees to get on-demand access to their earned wages. Wage advances are sent directly to an existing bank account and automatically repaid on payday.

Offering Clair to your employees using Humanity comes with zero cost and no risk to you. There’s no integration or additional contracts required, and it won’t impact your payroll or your cashflow.

Interested in learning more about how Humanity and Clair can reduce stress for your workforce and increase productivity? Chat with the TCP Software team today.

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