Monday, May 2, 2022
The traditional weekly or biweekly concept of “payday” is engrained in many workplaces. However, some employers are exploring ways to pay their workers faster, especially those in industries that provide hourly wages or have high turnover rates. As Americans face rising costs for everyday essentials, health care and other emergencies, on-demand pay—also known as earned wage access (EWA)—allows employees to be paid as soon as they’ve earned their wages. In turn, employers are considering how to provide employees with faster access to their earnings. This article explores on-demand pay and outlines how employers are using modern payroll strategies to compete in today’s labor market.