In the last several years, the United States has experienced unprecedented change in the labor market and economy. After months of workers worrying over job security, and balancing remote employment with family responsibilities, we saw a shift in power and Americans began reevaluating their careers.
From Gen Z to Baby Boomers, every generation examined their expectations for both their personal and professional lives, leading many to question whether they were being appropriately compensated, or getting the work life balance they were seeking.
It’s no surprise that in 2021, a staggering 47 million Americans voluntarily quit their jobs, and conversations about the Great Resignation picked up. A recent Pew Research Center survey found that 57% of those people who left their jobs did so at least in part because of feeling disrespected at work.
Earned Wage Access: Meeting Employee Demand in Today’s Labor Market
Likely an impact of the Great Resignation, a record 70% of businesses in the U.S. noted experiencing a talent shortage. In an effort to combat this, businesses began to reevaluate what it is that employees want and need out of their careers to better attract and retain top talent.
While sign-on bonuses and extended PTO options are great opportunities to expand employee satisfaction, have you considered what on-demand pay can do for your recruitment and retention efforts?
We recently surveyed 1,000 employed full-time or part-time US labor force participants, aged 16-55, and found 79% of Americans would be more interested in applying for a job that pays them the same day they work, a 30% increase compared to 2018. Additionally, 40% of working Americans noted having left a job in the last two years that they would have stayed at longer if they were offered immediate access to a portion of their pay after every day’s work at no cost.
Whether people are experiencing financial difficulties or have grown accustomed to on-demand options provided across other industries through technology, employees are seeking more from their employer — including immediate access to their earned pay.
Same-day pay can have a lasting impact on the American workforce as it continues to contribute positive shifts in employee sentiment. Download the Wages & Wellbeing study to get a better understanding of the value earned wage access programs can add to a prospecting employee’s job consideration, application and acceptance.