ROSELAND, N.J., May 7, 2019 /PRNewswire/ -- As the world of work
continues to evolve, the global Evolution of Pay study
released today by the ADP Research Institute has identified a
growing demand for new payment options among 4,000 employees and
2,900 employers across 13 countries. Amid a tight labor
market globally, employers recognize the need to differentiate
themselves to attract and retain talent by offering various payment
solutions. In fact, according to the study, 78% of employers
surveyed agree that companies will need to customize payment
options to remain competitive in the war for talent; while, 62% of
employees say off-cycle pay options, such as the ability to choose
pay frequency, would make a difference when considering a job
offer.
"From raises, to robust benefits and workplace perks, employers
today are using every opportunity to attract and engage talent,"
said Ahu Yildirmaz, co-head of the ADP Research Institute.
"However, our research shows raises and benefits are not the only
perks employers should consider if they want to remain competitive.
Employees are seeking companies that offer access to alternative
pay methods and financial wellness offerings when they assess a job
offer. Further, with many millennials and Gen Z more aware of their
personal finances, the ability to help with savings is a top
priority for employees."
New & Non-Traditional Payment Options are
Necessitated:
Globally, employees are urging employers to
offer unconventional payment methods.
- 79% willing to accept payment from their employer via mobile,
digital or prepaid paycard
- 97% of employees prefer not to receive paper checks from their
employers
- Looking ahead, 93% of workers believe employers will pay them
via paycards, digital platforms or mobile wallets 10 years from
now
Factor in Financial Wellness:
Employee expectations
for financial wellness offerings at work are growing.
- 79% of employees say they want to work for an employer that
cares about their financial wellness
- 90% of millennial employees are willing to share at least some
personal information (i.e., spending habits, bank balances and
family/healthcare needs) with their payroll provider to track
finances and receive advice
- Nearly all employers surveyed (98%) agree that employee
financial wellness has a direct impact on their organization in
some way – especially concerning productivity (67%) and engagement
(62%)
About the Evolution of Pay Global Report
The
Evolution of Pay Global Report assesses changes in the
payment landscape and the role of pay in talent management
globally. It explores employee and employer perceptions and
attitudes about traditional and emerging pay methods to address
some of their biggest human capital management concerns. An
online survey was conducted among 4,000 employees and 2,900
employers across 13 countries in companies with 50+ employees.
Countries surveyed include: U.S., Canada, Mexico, Brazil, Argentina, the United Kingdom, France, Germany, Netherlands, Australia, China, India
and Singapore. Data was weighted
by country based on size of the workforce. Employee data was also
weighted by age and gender based on their representation in the
individual country's workforce. An additional sample of 900 U.S.
1099 workers who have worked on a contract, temporary or seasonal
basis or who have worked on-demand using an online platform in the
past year was surveyed. No weighting or restrictions on company
size were applied to the sample of 1099 workers.
About ADP (NASDAQ-ADP)
Designing better ways to work through cutting-edge products,
premium services and exceptional experiences that enable people to
reach their full potential. HR, Talent, Time Management,
Benefits and Payroll. Informed by data and designed for
people. Learn more at ADP.com.
ADP, the ADP logo and Always Designing for People are
trademarks of ADP, LLC. All other marks are the property of their
respective owners.
Copyright © 2019 ADP, LLC. All rights reserved.
ADP-Media
View original content to download
multimedia:http://www.prnewswire.com/news-releases/global-study-reveals-increasing-demand-for-alternative-payment-methods-and-flexible-pay-cycles-300844760.html
SOURCE ADP, LLC