If you’re in Nigeria, then rising inflation has been a concern for some time now, and it shows no signs of abating anytime soon. This continual rise in the cost of goods and services has prompted employers to consider on-demand pay as a viable solution. This trend is driven by the financial strain experienced by employees due to inflationary pressures.
Financial stress has emerged as a significant issue affecting employees worldwide. When employees are preoccupied with their money troubles, it can adversely impact the bottom line, leading to decreased productivity and profitability.
As an employer, it’s crucial to address this issue and mitigate its effects on the workplace. Introducing on-demand pay is one effective strategy to alleviate financial stress among employees, demonstrating your commitment to their financial well-being.
So, what exactly is on-demand pay, and why is it essential for your business?
What is On Demand Pay?
On-demand pay, also known as earned wage access (EWA), allows employees to access their earned wages before the next payday. This payment method enables you to receive your wages based on the days worked.
Instead of waiting for the bi-weekly or monthly pay cycle, you could request to receive a deposit of wages earned based on the number of days you worked. Amazing, right?
You may be thinking “Are there on-demand pay service providers in Nigeria?” Yes, there are, and Earnipay is one of the best on-demand service providers in Nigeria.
At Earnipay, we offer technology-driven solutions that allow employees to access their earned wages before their next scheduled payday. With our product, you can request and receive payment for the days you have already worked, helping to improve financial stability and reduce the need for high-interest loans or other forms of credit.
How Does On-Demand Pay Benefit Your Business?
Our on-demand payroll software benefits employers and employees, making it a win-win for everyone. Our on-demand pay product benefits your business in the following ways:
- It helps to improve your employee productivity: While employees work and wait to get paid monthly, their financial well-being is under pressure. With Earnipay, you can boost your employee’s productivity and show you care about empowering your people with flexible salary access and financial education.
- Streamlining Operations: As work models evolve, providing on-demand pay streamlines your business operations by minimizing the administrative burden associated with managing salary advance requests.
- Controlled Access, Responsible Practices: With Earnipay, you maintain control over the percentage of earned income accessible to employees. Our all-in-one dashboard ensures responsible access while putting you in the driver’s seat.
- A competitive advantage that attracts great talents to your business: According to a Gallup poll, 64% of workers stated that an increase in pay or benefits is more essential to them than accepting a new job offer. On-demand pay gives you an edge over your competitors. and attracts fantastic talents to your business while boosting the morale of your existing employees.
Why Choose On-Demand Pay? Exploring its Advantages for Employees
Earnipay’s on-demand pay offers a plethora of benefits, creating a mutually beneficial scenario for both employers and employees. For employees, the advantages are evident:
- Financial Security: Gain a reliable safety net to manage unexpected expenses and urgent payments effectively.
- Escape Predatory Lending: By eliminating the need for untimely borrowing, steer clear of the pitfalls associated with predatory payday lenders, ensuring financial stability.
- Convenient Access: Seamlessly access earned wages anytime, anywhere, through the user-friendly web or mobile applications, available on Playstore or App Store.”
How Can I Offer On-demand Pay To My Employees?
Would you like to offer On-Demand Pay to your employees? Click here or send an email to sales@earnipay.com to get started.
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