Temporary staffing platform Indeed Flex launched a partnership with workforce payments company Branch.
Via the collaboration, the companies are offering Same Day Pay, which lets Flex users get up to half their earnings within an hour after finishing a shift, according to a Monday (Sept. 30) press release.
“Timely and accessible payment solutions are more critical than ever for today’s temporary workforce, as about 3 in 4 contingent workers want to be paid every day,” the release said. “By integrating Branch’s innovative payments technology, Indeed Flex ensures that its workers can not only choose when they work, but when they get paid: daily or weekly.”
Payments are made at no cost through the Branch app, which offers a digital wallet backed by a bank account and a Mastercard debit card, per the release.
Workers are frustrated with the slow pace of traditional pay periods, particularly in an era when many live paycheck to paycheck.
“For gig workers, freelancers and contractors, the wait for payment is even worse, as they often wait longer than standard pay cycles, putting their livelihoods and businesses at risk,” PYMNTS wrote last week. “Payday delays could have devastating consequences if unexpected expenses arise between pay periods.”
To bolster employees’ financial well-being, companies can offer instant, on-demand payroll, letting workers access pay as it accrues rather than waiting for the standard payday.
It’s a system that can also improve employee relations with their employers. By letting their workers avoid financial hardships, companies can reduce turnover and lower onboarding and training costs, saving money in the long run.
For example, to ease a projected driver shortage of 160,000 by 2030, some trucking companies have introduced instant payments. The effort is proving effective in retaining drivers.
“A PYMNTS Intelligence study found that 91% of truckers receiving instant payments appreciate their speed and the peace of mind they provide,” PYMNTS wrote. “Moreover, nearly 37% of truckers would be willing to pay for this convenience, compared to 29% of general consumers. Beyond speed and peace of mind, 75% of truckers prefer instant payments for their overall convenience.”
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The post Indeed Flex and Branch Team to Offer Temps Same-Day Pay appeared first on PYMNTS.com.
