Introduction
Same Day Pay is a service offered by some employers that allows employees to receive their earned wages on the day they worked, rather than having to wait for payday.
Our recent study on same day pay sheds light on the growing trend of instant wage access and its impact on employees and businesses. The infographic below highlights the key statistics and insights from our findings.
Infographic
Same Day Pay Facts
The 2024 survey by TimeForge and Onbe discovered that most employees want same day pay—and a growing number of employers plan to offer this option in the future.
Employees Want Instant Access to Their Wages
Same day pay could help workers afford unexpected expenses, relieving their financial stress.
- 74% of employees say they spend time at work thinking about or dealing with their personal finances
- 59% have had to borrow money to pay a bill or emergency expense that couldn’t wait until payday
- 70% of employees would use a same day pay solution if offered by their employer
- When looking for a new job, 56% would prefer to work for a company that offered same day pay
Employers Say Same Day Pay Improves Retention
To engage employees and decrease turnover, most employers plan to offer same day pay in the future.
- 73% of employers and managers said they are likely or very likely to offer a same day pay solution to their employees
- 87% believe their employees would be excited about not having to wait until payday to get paid
- 68% believe offering same day pay would help decrease employee turnover
Conclusion
Same day pay is not just a trend but a beneficial practice for both employees and businesses. Implementing this service can lead to higher satisfaction, retention, and productivity.
Learn More About Earned: Same Day Pay by TimeForge
FAQs about Same Day Pay
What is same day pay?
Same day pay, also known as instant pay or on-demand pay, is service that allows employees to access their earned wages immediately after their work shift, rather than waiting for the traditional pay cycle.
How does same day pay benefit employees?
Same day pay offers several benefits for employees, including increased financial flexibility, reduced stress from waiting for paychecks, and better budgeting capabilities. Employees can access their wages when they need them most, improving overall financial well-being.
What are the advantages of same day pay for businesses?
For businesses, same day pay can lead to higher employee satisfaction, reduced turnover rates, and improved productivity. Offering same day pay can also make a company more attractive to potential hires, enhancing its reputation as an employer of choice.
How can businesses implement same day pay?
Businesses can implement same day pay by signing up for Earned: Same Day Pay by TimeForge. It’s essential to choose a reliable and secure solution to ensure seamless and compliant transactions. Unlike other solutions on the market, Earned has robust controls in place to minimize risk and maximize the benefits of offering same day pay.
Are there any costs associated with offering same day pay?
While there may be some fees associated with implementing same day pay, the benefits and ROI can greatly outweigh these costs. Improved employee retention, satisfaction, and productivity can lead to long-term financial gains for the business.
Survey Methodology
The 2024 Same Day Pay Survey is a market research survey conducted by TimeForge and Onbe to discover employers’ and employees’ sentiments about same-day pay solutions. In June 2024, we received responses from 339 employers and managers, who completed a six-question employer survey. Additionally, we received responses from 457 workers, who completed a six-question employee survey. Respondents must have been at least 18 years of age to qualify for the survey.
