On-Demand Pay is a tool that gives staff the flexibility to access their earned income any day they need, rather than having to wait for payday. It’s not a loan or a wage advance, as only money that has already been earned can be accessed.
Where On-Demand Pay differs from most financial products, is its availability to all employees for the same cost, regardless of their credit history. So it’s a perk that helps everyone!
With recent years leaving so many people in a more financially insecure position, employees can be bringing their money worries into work with them. Sometimes unexpected costs can leave staff unable to pay bills, and accumulating debt.
By offering financial products such as On-Demand Pay to employees, you can help them to avoid debt, budget better throughout the month, and come to work focused and worry-free.
A fifth of employees* use an unarranged overdraft each year, and paying overdraft fees or looking to payday loans can compromise employees' financial health.
Offering staff access to earned income can help your team to budget, even allowing them to withdraw money several times throughout the month rather than receiving the lump sum. Less financial stress means happier employees!
*Source: The Financial Conduct Authority
My Staff Shop has partnered with On-Demand Pay specialists Level, so that you can provide your employees with a service that is becoming part of the norm. It’s already offered by 15% of employers, and you too can give staff more financial flexibility with Earned Wage Access.
Through the My Staff Shop platform, you can choose to add-on On-Demand Pay, and give employees the option to access pay before payday, to help when the unexpected causes financial strain. Even better, this doesn’t impact the cashflow or payroll process. This is all accessed from right inside the MyStaffShop app that your employees have already downloaded!
Get in touch via the form below or call 03300 242 281 to speak to one of our friendly team and start making a real difference to the health and wellbeing of your employees.
We can walk you through a demo so you can see for yourself how our platform can help your company.
From everyday purchases, fuel, eating out, entertainment, gym and holidays, employee savings using the My Staff Shop Platform can be over £1000 a year - that’s less than 2% of the cost of a pay rise. You can offer your employees relevant, useful and impactful savings that can really stretch their pay packets.
Don’t use this form if you are an employee and have a query about your account, gift cards, orders or anything else. Please contact us Here