What to Expect When Implementing On-Demand Pay with a New Provider
Switching to an On-Demand Pay system can be a game-changer for your business and your employees. But what does the implementation process look like? Here's a step-by-step guide on what to expect when you partner with a new provider to offer On-Demand Pay.
Understanding On-Demand Pay
On-Demand Pay, also referred to as Earned Wage Access, allows employees to access a portion of their earned wages before their official payday. This flexible payment system can improve employee satisfaction, reduce financial stress, and enhance retention rates. Read more about On-Demand Pay here.
Benefits of On-Demand Pay
Before diving into the implementation process, it’s essential to understand the key benefits:
Improved Employee Satisfaction: Employees appreciate the flexibility and immediate access to their earnings.
Reduced Turnover: Financially-stable employees are more likely to stay with your company. Companies that use Level have seen up to a 50% reduction in staff turnover.
Increased Productivity: Less financial stress translates to better focus and higher productivity. Companies that use Level have seen up to a 62% reduction in unfilled shifts.
Read more about the top 5 benefits of On-Demand Pay here.
Step-by-Step Implementation Guide
1. Assess Your Needs
Start by evaluating your company's specific needs and goals. Understanding why you want to offer your employees On-Demand Pay can help in your research of providers. Also consider what the budget for the new benefit would look like, and how many employees you would want to offer the benefit to.
2. Choose the Right Provider
Not all On-Demand Pay providers are created equal. Consider the following when making your selection:
Certified by Earned Wage Access Code of Practice: This code sets the benchmark for quality within the industry, and so it is important that any providers you consider are certified by the code. This will help ensure your provider delivers high quality service to both you and your employees.
Ease of Integration: How seamlessly can the On-Demand Pay provider integrate with your current payroll system? Level integrates with many of the UK’s leading HR and payroll systems, see here. If you don’t see your tech, Level’s dedicated team will work to integrate with your software during onboarding.
Security: Ensure the provider complies with data protection regulations and offers robust security features.
User Experience & Customer Support: Reliable customer support is crucial for addressing any queries that may arise. Here at Level, we have a dedicated team working on the support desk to ensure all queries are responded to as soon as possible.
3. Plan the Integration
Work closely with your chosen provider to develop an integration plan. In particular, establish a realistic timeline for the integration process to ensure there is sufficient time to effectively communicate the new benefit to your employees.
4. Educate Your Employees
Effective communication is key to a successful implementation. Your provider should supply you with various resources and collateral to use internally to communicate the new benefit to your employees. Ensuring they are aware of their access to On-Demand Pay, and how to use it, will be key for them to get as much value as possible from their new benefit.
5. Monitor and Evaluate
Once the On-Demand Pay provider goes live, continuing to monitor and evaluate the usage of the benefit will ensure it continues to be successful. This could include making necessary adjustments to the limits and available wages for employees.
Conclusion
Implementing On-Demand Pay can significantly benefit both your employees and your business. By following these steps and working closely with a reputable provider, you can ensure a smooth transition and maximise the advantages of this flexible payment system.
Ready to make the switch? Contact us today to learn more about our On-Demand Pay solutions and how we can help you improve your payroll process.