The Role of Salary On Demand in Shaping the Future of Work

The global workforce is undergoing a significant transformation because of technology, changing demographics, and new ways of working. The future of work is becoming increasingly flexible, with the traditional nine-to-six office job rapidly disappearing. With this new focus on an agile work environment, flexible pay cycles through earned-wage access (EWA) or 'salary on demand', is becoming increasingly popular and is shaping the future of work.

?

Salary on demand is a financial wellness solution that allows employees to access their earned wages before payday. This service is essential for employees who are living paycheck to paycheck or have irregular income streams. With salary on demand, employees can access their wages when they need them, providing greater financial flexibility and reducing the need for expensive payday loans or credit cards.

?

In particular, the pandemic highlighted the need for greater financial security and flexibility. Many workers have been hit hard by the economic downturn, and access to their earned wages can be a lifesaver. The ability to access wages fluidly and in real-time means that employees can avoid late payment fees, overdraft fees, and other penalties that can compound financial stress.

?

The future of work is also seeing the rise of the gig economy, where workers take on freelance, contract, or project-based work. These types of workers often do not have access to traditional employee benefits like health insurance or paid time off. Salary on demand can help bridge this gap by allowing gig workers to have more control over their finances and reduce their dependence on credit.

?

Salaries on demand, and other company financial health benefits, also have a positive impact on employers. Providing access to better financial outcomes for employees, can improve employee morale and reduce financial stress, resulting in a more productive workforce. Through seamless integration with existing HRIS and payroll systems, the process of salary on demand can be fully streamlined, reducing general administrative costs.

?

The future of work is changing rapidly, and salary on demand is rapidly becoming a standard. The ability to access earned wages in real-time provides financial stability and flexibility, which is crucial in attracting talent in an increasingly dynamic and flexible workforce. Embracing financial health modules will allow companies to be better equipped to not only attract but also retain top talent, and foster a more productive and engaged workforce.