[Canada] 75 per cent of Millennials favour jobs with instant payroll

According to new research, 97 per cent of Canadian workers would look for other employment if their paycheques were regularly delayed. A further 91 per cent said they would look for new jobs if their pay was inaccurate, PYMNTS reports.

The PYMNTS survey - The Rise of Instant Payroll and Early-Access Compensation - explores the benefits of instant payroll systems for corporates as well as their employees and freelancers.

Faster payments are reportedly at the forefront of priorities for businesses and consumers, with 83 per cent and 75 per cent, respectively, using some form of real-time transactions. The most common use for business is payroll, with 57 per cent leveraging it to pay their employees. 

According to the survey, 45 per cent of businesses expect instant payroll to lower their costs, and 74 per cent said receiving automated payment-related information via this method is at least somewhat important. 

Other benefits reportedly include flexibility, at 38 per cent; service available 24/7, at 33 per cent; and early-payment discounts, at 30 per cent.

The age of the biweekly pay period is seemingly at its end. Workers are increasingly demanding their wages as they earn them rather than waiting days or weeks before they can access their pay. Offering earned wage access is a powerful way to improve employee loyalty. Additionally, PYMNTS says it gives companies increased visibility into their cash on hand, helping to improve overall money mobility.

Source: PYMNTS

(Links via original reporting) 

According to new research, 97 per cent of Canadian workers would look for other employment if their paycheques were regularly delayed. A further 91 per cent said they would look for new jobs if their pay was inaccurate, PYMNTS reports.

The PYMNTS survey - The Rise of Instant Payroll and Early-Access Compensation - explores the benefits of instant payroll systems for corporates as well as their employees and freelancers.

Faster payments are reportedly at the forefront of priorities for businesses and consumers, with 83 per cent and 75 per cent, respectively, using some form of real-time transactions. The most common use for business is payroll, with 57 per cent leveraging it to pay their employees. 

According to the survey, 45 per cent of businesses expect instant payroll to lower their costs, and 74 per cent said receiving automated payment-related information via this method is at least somewhat important. 

Other benefits reportedly include flexibility, at 38 per cent; service available 24/7, at 33 per cent; and early-payment discounts, at 30 per cent.

The age of the biweekly pay period is seemingly at its end. Workers are increasingly demanding their wages as they earn them rather than waiting days or weeks before they can access their pay. Offering earned wage access is a powerful way to improve employee loyalty. Additionally, PYMNTS says it gives companies increased visibility into their cash on hand, helping to improve overall money mobility.

Source: PYMNTS

(Links via original reporting)