On-Demand Pay to Thousands of Employees New instant pay features to help Randstad clients meet talent demand for earned wage access
As employers in all industries increase their efforts to turn The Great Resignation into The Great Retention, Randstad USA announced that it is partnering with responsible earned wage access (EWA) pioneer Instant Financial to provide thousands of their talent with the option for real-time, on-demand access to same-day wages. At no charge to their clients or talent, Randstad’s PayMyWay solution will help reduce absenteeism and increase job applicants, all while adhering to compliance across 50 states, to avoid risk to Randstad and their clients.
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“It’s no secret that workers are asking more from their employers amid the current labor shortage which has left many businesses struggling to adjust their talent strategies to remain competitive,” said Greg Dyer, Group President, Randstad USA. “PayMyWay is a solution that not only offers new and existing talent more flexibility to control when and how they receive their earned wages but also gives clients an advantage in the current market to support employee recruitment and retention.”
This new partnership comes at a time when the historically tight labor market has accelerated the shift toward employee demand for instant access to wages, and employers are focusing more than ever on employee retention, including benefits offerings that act as a differentiator from competition. A recent Instant Financial data report found that employers are able to reduce employee turnover by upwards of 27% and lower hiring costs by 35% simply by offering access to same-day wages. Without charging fees or interest, PayMyWay will allow Randstad to aid their clients with hiring and increasing job loyalty.
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“The pandemic exposed an unprecedented level of financial anxiety within the U.S.,” said Tal Clark, CEO, Instant Financial. “Many families were forced to drain their savings due to job loss or unexpected expenses, and as we start 2022, the fear of the unknown continues. Responsible earned wage access provides the needed access to earnings between paychecks, removing a piece of the unknown and relieving some of that financial anxiety.”
Even after The Great Resignation comes to an end and the labor market finds a new normal, the recruitment and retention tactics employers have adopted will likely become the standard. The need for employer-driven financial wellness tools is long overdue for hourly and salary workers alike. Through responsible EWA, PayMyWay will enable Randstad to offer their talent, across a wide range of industries, the tools they need to take control of their financial freedom.
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