8 Reasons to Implement On-Demand Pay Off-Cycle with Immediate
This benefit enables employees to receive their pay outside of the regular pay schedule, offering value to both employers and employees by providing access to funds when they are most needed. Here are 8 reasons you should consider on-demand pay as an off-cycle employee benefit:
1. Financial & Whole-Person Wellness:
Immediate promotes financial stability by providing responsible access to earned wages. Our solution prevents employees from resorting to payday loans or high-interest credit cards when expenses pop up. Our unique guardrails prevent depleting an entire paycheck, unlike other vendors in the market. As a result, Immediate users report reduced stress and a greater sense of wellness.
2. Quick Implementation:
Implementing on-demand pay is straightforward for both employers and employees, with integrations that make for quick stand-up and a user-friendly app your employees will enjoy (and will actually use).
3. First-Day Benefit:
Switching jobs can mean disruption in pay. Offering on-demand pay provides another competitive advantage for recruitment and bridges the gap until their first paycheck hits. First-day benefits demonstrate commitment to well-being, which helps attract and retain talent for full-time and part-time roles.
4. Personalized Engagement Campaigns:
Communication about benefits can be cumbersome and time-consuming. We curate tailored communication campaigns for employers so employees better understand and leverage the benefits of on-demand pay, increasing enrollment and utilization.
5. Reporting Dashboard:
Immediate offers insights into every on-demand pay program’s success, including utilization rates and other key metrics, empowering employers to see the effectiveness.
6. Financial Health Score:
Providing employees with personalized financial health scores enables them to identify improvement areas and access resources that empower informed financial decision-making.
7. Access to Additional Benefits:
Providing employees with personalized financial health scores enables them to identify improvement areas and access resources that empower informed financial decision-making.
8. Off-Cycle Payments for Payroll Team:
Flexibility for payroll teams to process off-cycle payments gives your team an efficient way to maintain accuracy and timeliness while meeting workforce needs.
Immediate takes a whole-person approach to the benefit. The results of Immediate’s responsible access to on-demand pay speak for themselves.
With a Net Promoter Score of 88, our customers see extraordinary value in the service – consistently reporting improvements in recruitment, retention, holistic employee health, and an overall positive impact on company culture. If you are interested in learning more about our approach, book a discovery call today.