Now is a good time to ask whether withholding access to accrued wages until mid-month is the best approach to paying employees. A better alternative is available: providing employees instant access to earned wages through digital pay advances.
Employees, particularly in the current economic environment, struggle to meet unexpected costs. Whether the result of home or car repair, health, or the fallout from a global pandemic, unplanned expenditures can cause anxiety, and worse, recourse to “solutions” like payday loans or expensive credit cards. Financial stress impacts not only individuals, but their employers, who suffer a loss of productivity and worker retention when employees are finding it hard to make ends meet.
