A Step-By-Step Guide To Implementing A Robust On-Demand Pay Program For Your Business

Key takeaways: 

  • A step-by-step guide to implementing On-demand Pay for your organization. Follow these steps on developing a clear implementation strategy to help you and your employees understand the benefits of On-demand Pay. 
  • What to look for when it comes to selecting the right On-demand Pay provider. These considerations will save you time and energy in finding the right On-demand Pay provider that your business needs.
  • Communication is key to ensuring successful adoption. Introducing the positive impact of On-demand Pay on your employees’ financial wellness requires an effective communication strategy for faster adoption.

Modern businesses are constantly looking for innovative ways to attract and retain top talent. One of the fastest-growing financial wellness benefits that are gaining popularity in the employee compensation space is On-demand Pay, also known as earned wage access (EWA). On-demand Pay is a payroll service that allows employees to access a portion or all of their earned wages before payday. It’s a flexible payment solution for workers who have non-traditional work arrangements like freelancers, independent contractors, part-time workers, and those who work in the gig industry that often face irregular income streams. 

While On-Demand Pay can bring numerous benefits to both employers and employees, successful implementation requires careful planning and execution. Read on as we talk about the best practices for implementing On-Demand Pay for your business, focusing on creating a clear implementation strategy, selecting the right On-demand Pay provider, and effectively communicating how this new benefit can help your employees stay on top of their financial goals. 

Step 1: Creating a Clear Implementation Strategy

1. Defining organization’s objectives and goals

Before implementing On-Demand Pay, it's crucial to define your organization’s objectives and goals. Determine what you want to achieve with offering additional financial wellness benefits such as On-demand Pay. Many employers use On-demand Pay to increase employee engagement that leads to improved employee performance. A recent study1 shows that 69% of working Americans would likely pick up additional shifts or work more optional days if their employer offers On-demand Pay. Setting clear objectives help you align an implementation strategy that works best for you and your employees. 

2. Identifying roles and responsibilities

Assigning clear roles and responsibilities within your organization is vital for an effective implementation of On-demand Pay in the workplace. Determine who will be responsible for the technical integration, employee training, communication, and management of the On-Demand Pay program. Ensure accountability and streamline the implementation process with the right person dedicated to facilitated each role. 

Step 2: Selecting the Right On-Demand Pay Provider

1. Evaluating features for employers

When choosing an On-Demand Pay provider, carefully evaluate the features and functionality that they claim to offer. It’s always best to ask the following questions so that you can know which On-demand Pay provider fits you and your employees’ needs.

For Employers:

  • How simple is the onboarding experience?
  • Does it cost your business a fee to start offering On-demand Pay?
  • Does it expose your business to financial risks in offering these to your employees?
  • Will it impact my existing payroll or business processes?

Thankfully, Clair gets all the answers right for these questions. Employers will find it easy to onboard Clair thanks to it’s on-the-fly integration on many time and attendance partners including When I Work, Trinet Zenefits, Altametrics, 7Shifts, PrimePay, SynHR, and TCP and more.Offering Clair as additional financial wellness benefit is free and it won’t expose your business to any financial risks. More importantly, Clair works without impacting your payroll or existing business processes which makes it an ideal choice among businesses for offering On-demand Pay to its employees. 

Learn more about Clair beyond it’s free On-demand Pay solution for your employees. 

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2. Evaluating features for employees

For Employees:

  • What fees are involved in using this employee benefit? 
  • Is there a support team that can help you with any concerns you have on the service?
  • What are the perks that you can get using On-demand Pay from this provider?
  • What are its mobile app capabilities?

Employees can enjoy the benefits of getting paid early without incurring any fees since Clair is free to use. Should employees feel lost in any stage of the onboarding, fret not as Clair’s excellent support team is more than willing to assist users 24/7.  

Here’s what users love about Clair:

  • Free earned wage access
  • Fee-free withdrawals on 40,000 in-network ATMs
  • a 2% APY high-yields savings account
  • 3% cash back on gas and groceries for eligible users
  • Clair’s award-winning and easy-to-use digital banking app

Learn more about how Clair can help you reach financial freedom with On-demand Pay here.

Step 3: Communicating the Introduction of On-Demand Pay

1. Develop Effective Employee Communications

Communication is key when introducing On-Demand Pay to your employees. Clearly explain the benefits of this new employee benefit, emphasizing how it can improve employees' financial flexibility and overall well-being. Provide step-by-step instructions on how to use the system and highlight any unique features that may be particularly appealing to your employees.

Part of Clair’s onboarding experience is educating employees and employers on the positive impact of using On-demand Pay. We provide communication materials and financial wellness resources that can help increase employee adoption to this new benefit. 

2. Address Frequently Asked Questions and Concerns

Anticipate and address common questions and concerns that employees may have regarding this new employee benefit. Address topics such as security, privacy, transaction limits, fees, and most importantly, eligibility. Clair has a comprehensive FAQ page that users can access to address their most common questions. You may also hold Q&A sessions where employees can ask questions and receive clear answers. Ensure that your employees know how to communicate their concerns to reduce confusion regarding the use of On-demand Pay. 

Follow these best practices to ensure a successful and effective implementation of On-Demand Pay for your business. Remember, it's essential to build a clear implementation strategy, select the right provider, and effectively communicate the introduction of this new employee benefit to your employees. With these, you can enhance employee satisfaction, attract and retain top talent, and foster a culture of financial wellness within your organization.

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