Hiring and retaining talent has never been more difficult, particularly in industries where competitive labour markets make employee retention and scheduling a daily challenge. For businesses struggling to keep up, partnering with On-Demand Pay providers offers a modern solution to age-old staffing problems.

What is On-Demand Pay?

On-Demand Pay, also called Earned Wage Access, allows employees to access a portion of their earned wages before payday. Instead of waiting for the traditional pay cycle, workers can retrieve what they've already earned when they need it most. This service is gaining popularity across industries as businesses realise its potential for addressing hiring and staffing challenges.

Key Benefits of On-Demand Pay Providers

1. Reduce Staff Turnover

High levels of staff turnover can negatively impact business productivity and increase costs. Employees often leave roles due to financial stress or in search of more accommodating employers. By offering On-Demand Pay, businesses can alleviate financial strain for their workers, fostering loyalty and satisfaction. Teams feel supported, reducing the likelihood of staff seeking employment elsewhere.

Level’s clients have reduced staff turnover by up to 50%.

2. Fill More Shifts

One of the most frustrating operational issues is unfilled shifts. Employees are more willing to take on additional hours or last-minute shifts when they know they'll have quicker access to their earnings. Leveraging On-Demand Pay encourages your workforce to be more proactive and flexible in contributing to your organisation's scheduling needs.

Level’s clients have reduced unfilled shifts by up to 62%.

3. Minimise Absenteeism

Absenteeism is another challenge businesses face – often contributed to the physical and mental impact of stress. Partnering with an on-demand pay provider gives workers better control over their finances, lowering stress levels and increasing the likelihood of turning up for work. Happier and less financially anxious employees are also more productive.

Companies with On-Demand Pay have reduced absenteeism by up to 13%.

Challenges Addressed by On-Demand Pay Providers

Businesses hiring from competitive labour markets often struggle with:

• Retaining existing staff.

• Attracting new talent.

• Ensuring employee motivation.

• Keeping labour costs manageable amidst ongoing recruitment issues.

Access to on-demand earnings directly addresses these challenges. By providing a meaningful and competitive employee benefit, businesses position themselves as employers of choice, helping to secure and retain top-tier talent in challenging markets. Additionally, the financial flexibility employees gain enhances their overall satisfaction and willingness to stay long-term.

Why Consider On-Demand Pay?

On-Demand Pay isn’t just about offering an attractive incentive to employees. It’s also about creating sustainable business outcomes. By reducing turnover and absenteeism while addressing rota gaps, businesses can cut on hiring and resourcing costs. At the same time, these improvements lead to a more engaged workforce, which drives better results for the company.

Partnering with an On-Demand Pay provider could be a simple yet impactful step toward solving staffing issues, boosting productivity, and improving your workforce's financial wellbeing. Is your business ready to invest in its people?