Centrally HR powered by CBIZ offers Wages On-Demand integration options to benefit the wellbeing of your workforce.
What exactly is Wages On-Demand?
Wages On-Demand, Earned Wage Access or Pay On-Demand is a feature that gives your employees access to an advance on their paycheck before payday. This is not a loan but a way for employees to access their already earned wages early. The money is then automatically taken out of their next paycheck.
How Can Wages On-Demand Help Your Employees?
- 38% of employees report that financial stress affects their productivity
- 10% of employees use predatory payday loans in an attempt to smooth cash-flow
- $30 Billion is paid each year in Overdraft charges
By reducing financial stress, companies have experienced improved productivity and increased retention. Many companies have also noted that providing wages on-demand has aided their recruitment efforts. Best of all, with no employer activation fee and seamless integration with CBIZ solutions, it takes less than 60 minutes to activate this employee benefit.
