A new study by Onbe (a payouts platform) and TimeForge (a labor management system) sheds light on the growing demand for same-day pay. With rising costs putting financial strain on many families, the survey reveals that 70% of hourly workers are interested in receiving their wages on the same day they earn them.
Offering more frequent pay helps boost workplace morale and employee retention. Along with surveying over 400 US-based, hourly employees, the study asked 339 employers and managers to weigh in and discovered that 73% plan to implement a same day pay solution in the future. 87% of employers believe their employees would be excited about not having to wait for a once-weekly or biweekly payday to get paid. With 74% of employees admitting to thinking about their finances at work and more than half sharing that they have had to borrow money to pay a bill or emergency expense that could not wait until payday, same day payment solutions could help alleviate financial stress and improve worker satisfaction. The preference for receiving earnings daily is also a key consideration in the job hunt—more than half of respondents state they would prefer to work for a company with same day pay. Employers can offer same day pay to attract future hires while providing a welcome benefit to their existing workforce, increasing employee retention.
“For hourly workers experiencing the kind of financial stress that has become all too common in our post-pandemic economy, receiving daily pay could offer timely relief,” said Anthony Presley, CEO of TimeForge. “By leveraging seamless and instant same day pay solutions, employers can attract and retain top talent without the burden of additional costs or risk, allowing them to provide their workers with the benefits they desire, while maintaining current pay systems.”
With a fully integrated solution, employers can easily automate their pay solutions and deliver same day pay conveniently, securely and even in real time using an instant payout solution such as Onbe’s. Employers also can boost overall satisfaction by providing their employees with a choice in how they receive their funds—a perk that 76% of consumers want, according to the Onbe+NRG 2024 Payouts Landscape.
“Our survey results confirm what we have championed across many industries: digital payout solutions benefit both employees and businesses,” said Bala Janakiraman, CEO of Onbe. “Onbe’s same day payment capabilities, integrated with TimeForge’s industry-leading platform, meet workers’ growing desire for immediate access to their earnings while improving workplace satisfaction and streamlining the payment process—a win for employers and their teams.”
Same day pay solutions allow businesses to operate more efficiently while offering a competitive benefit—essential to attracting and retaining top talent. As more workers demand the convenience of receiving their earnings daily, a modern payout solution can equip employers for the future of payday: instant, flexible and choice-driven.