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Same-day pay for hourly workers is not only top-of-mind for employees, but many employers—73% in a new Onbe survey—think so, too, enough for many to begin planning for it.
Buffalo Grove, Ill.-based corporate payouts platform Onbe says that is one finding from its 2024 Same Day Pay Survey. Released Monday, the survey also found that 70% of hourly employees would like same-day wage payments. Of the 339 employers and managers surveyed, 87% of them think their employees would be excited about not having to wait for a week or two to be paid.
Falling under the earned wage access umbrella, same-day pay could alleviate many financial concerns for employees. Pegged as a $12-billion market in 2021, up dramatically from $6 billion only in 2019, EWA is poised to grow 30% annually, according to Advasa, a Japanese provider of EWA services. While the market is still relatively small in terms of annual dollar volume, as Digital Transactions reported in 2022, it has the potential to become a $12-trillion market annually, according to Ernst & Young Global Limited.
Onbe’s survey suggests more timely pay is top-of-mind for many workers. It found 74% of the 457 U.S.-based hourly employees canvassed admit to thinking about their finances at work and more than 50% say they have had to borrow money to pay a bill or emergency expense.
“The preference for receiving earnings daily is also a key consideration in the job hunt—more than half of respondents state they would prefer to work for a company with same-day pay,” Onbe says.
Labor-management platform TimeForge also sponsored the report.
