13% More Employees Want Early Access to Wages, Survey Reveals
Friday, September 15th, 2023
Nearly thirty-four percent of employees in America want access to their wages as they earn them rather than waiting for a traditional payday, according to the results from the 2023 "Getting Paid In America" survey conducted by the PayrollOrg (PAYO) during National Payroll Week. This is an increase of 13% from the previous year's survey.
The annual PAYO survey asked, "Would you be interested in having access to your wages as you earn them rather than receiving them all at once on a standard payday?" Approximately 12,700 respondents, or nearly 34 percent, indicated this is a benefit they already receive or would be interested in receiving.
Earned wage access (EWA) is a tool growing in popularity that allows employees to receive their earned wages from their employers earlier than their regularly scheduled payday. With access to employer-sponsored EWA programs, employees may gain greater financial flexibility and control over their finances.
"Artificial intelligence and machine learning, and the explosion of earned wage access and on-demand pay are modernizing the way payroll is processed. Organizations that emphasize compliance and a great employee experience will be best positioned for the future with an AI-powered HCM suite," said Teresa Smith, director, HCM strategic advisory at UKG.
The "Getting Paid In America" survey was held in conjunction with PAYO's annual public awareness campaign National Payroll Week, September 4 – 8. More than 39,200 individuals responded to the survey, providing insight into how individuals are paid in America. For complete survey results, visit www.nationalpayrollweek.com.
PayrollOrg (PAYO) is the industry leader in payroll education, publications, and networking. Visit PAYO online at payroll.org.