Navigating the options for On-Demand Pay providers can be daunting, especially when aiming to balance efficiency, compliance, and company values. Simplify your decision-making process with this guide designed for employers.

What is On-Demand Pay?

On-Demand Pay, also known as Earned Wage Access (EWA), allows employees to access a portion of their earned wages before the regular payday. This service enables individuals to manage unexpected expenses and personal cashflow without resorting to expensive loans or overdrafts, fostering financial wellbeing and improving employee satisfaction.

Key Features to Look For:

1. Earned Wage Access Compliance

Certification by the Earned Wage Access Code of Practice is essential. This certification ensures the provider adheres to industry standards and regulations, guaranteeing your employees' rights and financial wellbeing are protected. It's a badge of trustworthiness, offering peace of mind that your chosen provider operates within legal and ethical frameworks.

Level is a co-founder and is certified against the Code of Practice. This means Level will work to deliver good service for both you and your employees alike.

2. Alignment with Company Values

Your organisation's values define its culture and objectives. Selecting a provider that aligns with your own company values ensures seamless integration into your operations and enhances employee satisfaction and engagement. A provider that resonates with your mission and ethics will better support your long-term goals and foster a harmonious workplace environment.

Level holds a strong value that On-Demand Pay is an alternative to debt, and so should not be an alternative debt provider. As such, Level has never and will never offer debt or cross sell to either you or your employees. This is important to us in being able to deliver our mission of helping workers borrow less and save more.

3. Seamless Payroll Integration

A critical feature is the provider’s ability to easily integrate with your existing payroll system. This integration minimises disruption and maximises efficiency, ensuring that your payroll operations remain streamlined. Look for providers that offer:

• Compatibility with your current payroll software. For example, Level integrates with many of the UK’s payroll and workforce management systems, see here.

• Minimal ongoing additional work post-integration, reducing the burden on your HR and finance teams. For example, Level offer automatic reconciliation to ensure that payroll can be run as smoothly and easily as possible. Read more about this here.

Conclusion

Choosing the right On-Demand Pay provider requires careful consideration of compliance, cultural alignment, and operational efficiency. By focusing on these key features, you can make an informed decision that benefits both your organisation and your employees. Prioritising these aspects will not only streamline your processes but also enhance your workplace culture and employee satisfaction.