Pay On Demand
What pros and cons do you see in employees being able to demand their pay before payday?
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Pay On Demand
Pros: Excellent feature as an employee can get the pay up to 80 % of the work done and not to wait Cons: From the Admin point of view for the Payroll Administrator it is difficult to keep track of large volumes and if an employee leaves the organization and has not worked for the hours then it is difficult to recoup it. Furthermore employee may asks for more advances as the cash is available everyday and they might over spend as cash is the king.
Pay On Demand
Pay on Demand can be a great thing but it will only be successful if the employees are comfortable in managing their financial accounts. As an employer, I would recommend the employer offer financial counselling before rolling out Pay on Demand.
Pay On Demand
Added flexibility and accommodation for staff is a pro. The cons would be the extra work to keep track of the requests and payroll adjustments and extra payroll runs, if you don't have a payroll system to accommodate this automatically, and creating policies around such requests to ensure that all staff have equal opportunity to this option and it is handled the same way for everyone.
Pay On Demand
Pros: Convenience for the employee, improved employee morale/experience. Cons: Scheduling issues for payroll staff (especially with in-house payroll process), employee difficulty with managing prepayment (not having a paycheque on payday).
Pay On Demand
I believe the cons far outweigh the pros from an administrative point of view. There is the potential for employees to get into the habit drawing on their pay early, and putting themselves in a position where they can't get ahead. And should there be a situation where an employee an employee is on a "paid current" pay cycle or leaves a company abruptly, it could result in overpayment.
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