Options, Choices - The Last Mile In Payment of Wages
Some of us might not know or remember how money moved between people, businesses before today's 24 hour digital world.
In a world full of options, choices there are very few areas that exists, if any, that won't experience change of some kind.
Payments – No Longer Same Old Story.
It used to be that payment was a one trick pony and you generally had just one way to pay for most every day items i.e. cash.
Nowadays there are a plethora of available payment methods through which a consumer can pay for products and services such as: cheques, credit cards, debit cards, bank transfers, various mobile apps & web apps facilitating payments, contactless payments, digital wallets, QR codes, Buy Now Pay Later. The list goes on and on.
The crux of the matter is that options, choices exists in consumer payments. You can pay with the same method all the time or a different method sometimes or vice-versa.
A Golden Era?
For consumers this feels like we are living in a golden era in payments. In fact some consumers steer clear of products and services or places that don't provide options, choices in their methods of payment. They expect to see multiple payment methods in, for example, e-commerce online check outs and the likes.
This has led to a consumer that is aware of most of the available payment methods offered and when to use them. However when some of these consumers go to their place of work as employees they experience a method of payments for their wages which differs markedly with what they see and experience in the walls outside work. Whereas payments outside work is full of options, choices in fact in some quarters it could feel like fun and is joyful; payment of wages hasn't moved with the times. Whilst payroll providers digitised payroll payouts bringing enormous efficiencies making a somewhat laborious activity effortless for the employer, the employee has been a spectator in all of this simply waiting for their wages on month or pay period end before they have any interaction with their wages.
How Employees Receive Wages is Changing.
It's very simplistic treating all employees the same and having them wait until month or pay period end before they get their wages when not all employees go through intra-month cash flow challenges at the same time - some employees can get to the next pay period okay but some need a little help getting there due to unexpected emergency events that may occur before payday.
What then in the face of the above should we do? It's simple: offer your employees Wagefit let us get them the needed help they require. Liquidity - physical or digital - is the 1st step to improving financial wellbeing. Wagefit gives your employees the option, choice to access a portion of their earned unpaid wages if needed. It's revolutionary as it changes so many habits for the better, for example, an employee may be happy to receive their wages at the end of the month or the employee may experience a need to access it before then depending on their circumstances. This is the sort of option, choice that matches an employees expectation of what they experience beyond the walls of work and to cap it off employers can offer this option at no cost to them.
Options, choices are empowering and it brings a level of control to those who have it. A lack of choice stifles, inhibits and can act as an impediment to progress. Our Earned Wage Access service underpins our On-Demand Pay offering. This innovation brings options, choices to an employee. As employees begin to experience the power of having the option, choice of On-Demand Pay they will begin to include the availability of this choice as one, in a myriad of factors, that helps them in choosing who their next employer will be.
Contact Wagefit to learn how we could help you bring options, choices to how your employees get their wages paid.