Reward Strategy. Incoporating Payroll World.
Hello there,

You are viewing this article as a guest, please login or register to read more. 

62% of employees want off-cycle pay options

Nearly half of employees would pay for early access to earned money at least once a year, according to new research. 

TwitterLinkedInFacebook
One in five employees would pay for early access to earned money at least once per month
One in five employees would pay for early access to earned money at least once per month

The Future of Pay research by ADP found 62 percent of employees said off-cycle pay options, such as the ability to choose pay frequency, would make a difference when considering a job offer.

 

The research surveyed 4,000 employees and 2,900 companies to explore workers’ perceptions and attitudes towards traditional and emerging pay methods.

 

It found one in five employees would pay for early access to earned money at least once per month. Despite employees’ desire for flexible pay, ADP said 70 percent of organisations think the pay itself matters more than the options offered to their employees.

 

Jeff Phipps, managing director at ADP UK, said: “Technology has fuelled the growth of a new class of ‘on-demand’ workers who can respond to a business’ immediate needs in hours or even minutes. Despite these tech developments, payment methods and pay cycles are lagging behind consumer technology.

 

“Consumers can transfer money and manage finances in real-time, but employer pay cycles, by comparison, moves at a snail’s pace. While there is a wealth of research regarding employee compensation and its impact on recruiting, retention and satisfaction, how employees are paid has been overlooked and undervalued.

 

“Payment options, off-cycle payments and financial wellness support can help differentiate a company competing to attract and retain talent. Ultimately when an employer can help employees improve their financial health, everyone benefits.”

TwitterLinkedInFacebook
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

You might also like

Will you set your salary?

Will you set your salary?


How are payrollers preparing for potential investment? 

How are payrollers preparing for potential investment? 


UK employers fall short on financial education

UK employers fall short on financial education


“Why we don’t do HR”

“Why we don’t do HR”

LATEST PAYROLL AND REWARDS NEWS IN YOUR INBOX

Reward Strategy homepage
Reward Strategy RSS

Did you find our website useful?

Thank you for your input

Thank you for your feedback

reward-strategy.com - an online news and information service for the UK’s payroll, reward, pensions, benefits and HR sectors. reward-strategy.com is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Reward Strategy is committed to diversity in the workplace.
© Copyright Shard Financial Media Ltd