LAS VEGAS, NEVADA – May 11, 2022 – To understand the needs of today’s workers, Instant Financial, the pioneer of fee-free on-demand pay solutions, partnered with the Center for Generational Kinetics to uncover the effects of wage frequency on job consideration, application and acceptance. Findings from the study underpin the growing need for on-demand benefits. Specifically, 79% of working Americans would be interested in applying for a job that pays them the same day they work, a 30% increase compared to 2018.
The survey, a national study of 1,000 employed full-time or part-time workers, also found that more than half of working Americans would stay a month to over a year longer at a job if they could get immediate access to their earned pay after each day’s work at no cost.
With workers increasingly favoring on-demand pay, these responses make it clear that implementing an earned wage access (EWA) program can minimize the adverse effects of the challenging labor market, improving both recruitment and retention.
The Changing Workforce and Labor Market
Businesses today are facing unprecedented challenges. As of March 2022, job openings in the U.S. reached record highs at 11.5 million, with most employment opportunities specifically within retail trade and durable goods manufacturing. Moreover, a record 70% of businesses in the U.S. noted a talent shortage, a stark contrast to the 32% of companies who reported this only five years earlier.
“Organizations are struggling to attract workers, which has huge implications on the business,” said Tal Clark, CEO of Instant Financial. “Workers today want to be in control of their financial well-being. Short-term incentives, like spot bonuses or cash offers, aren’t meeting long-term needs. Instead, organizations need to be more creative with their benefit offerings to attract and retain employees.”
Responsible Earned Wage Access
To meet the demands of millions of employees and employers across the country, Instant Pay is the only on-demand pay solution that gives employees a full banking experience, free of predatory fees. With Instant Pay, employees are able to instantly access their earned wages at the end of every work day, with no cost to them or to their employers.
Instant is showcasing its comprehensive EWA platform at booth 615 at American Payroll Association’s 40th annual Payroll Congress in Las Vegas, Nevada, May 10 – 13, 2022. To learn how Instant Financial can help your organization stay competitive with the most desirable employee benefit, visit the booth or www.instant.co.
To register for an advanced copy of Instant Financial and the Center for Generational Kinetics’ national study, visit https://www.instant.co/earned-wage-study.
About Instant Financial
Instant Financial is leading the charge to provide financial freedom and wellness to millions of workers in the United States through its earned wage access solutions. By enabling employers to allow employees to access their daily wages immediately after their shift, Instant Financial helps organizations improve retention and reduce absenteeism while helping employees take control of their financial freedom by bridging the gap between work day and payday. Learn more about Instant Financial at www.instant.co.