Connect@ADP

Partnering with a more human resource

Time to Rethink Your Pay Strategy? Here Are 3 Aspects to Consider

Posted by: The ADP Team on 2 July 2019 in Human Capital Management, Innovation & Technology

Digital and mobile technology is changing every aspect of our daily lives, including the way how we pay for things. A PwC study reports that mobile payment is gaining widespread acceptance globally. In Asia where smartphone penetration is high, the trend of going cashless is even more prominent. In Hong Kong, 64% of the population are using mobile payments.

Despite the fact that we have more payment options as consumers now, the way how we get paid as employees has mostly remained the same.

A recent study on the Future of Pay by the ADP® Research Institute (ADPRI) highlights a number of changes expected in how payments will be conducted within the next 10 years, and companies can leverage this new wave of payment options to deliver better employee experiences.

Modernize your payment methods

Direct deposit still dominates the pay methods used by employers and employees in Asia Pacific and globally according to the ADPRI study, but nearly all employees have expectations that changes in pay are on the way.  More than 50% of APAC employees already prefer non-traditional methods (such as paycards, mobile and digital payments, and cryptocurrency) over direct deposit. Mobile payment is especially popular among Chinese employees as 35% prefer this option.

Demographic and generational trends could be a key driver of the change. Millennials, who grow up in the digital age and are accustomed to the immediacy technology provides, will make up 75% of the global workforce by 2025. Parts of the Asia Pacific region will be focal points for this change, as the average age of the population in markets like Philippines and India is just above 30 years old.

Also with the rising of the gig economy and an increase in unconventional employment arrangements, which further drives the desire for more flexible payment options, it is a good time now to rethink your pay strategy if you want to attract and retain those workers.

Offer off-cycle pay options

Pay frequency is another important aspect to consider. Nine out of ten Asia Pacific workers say they would pay for early access to earned money at least once per year, and over half would do so at least once per month, mostly for emergencies and unexpected expenses. Millennials are even more likely to pay for early access than their older counterparts.

Just as employers’ payment methods lag behind consumer technology, so do pay cycles. Most of Australian employees are paid biweekly, and in other countries across Asia Pacific, monthly pay is common. Offering off-cycle pay options to your contingent workers and full time employees with emergency needs can be as attractive as other popular perks such as telecommuting.

Introduce financial wellness programs

If the future of pay is focused on speed and flexibility, there’s one additional dimension to be explored that is less obvious, but potentially far more impactful.

Recent trends such as rising cost of healthcare, housing and education, along with income stagnation are increasing workers’ financial stress, which could have a direct impact on organizations in terms of productivity and engagement[1].

The good news is that employers are well positioned to offer support in this area as employees make many of their most important financial decisions while at work. Nearly 80% of APAC employees say they want to work for an employer who cares about their financial wellness and 62% are comfortable to share their personal information with employers to receive financial wellness recommendations.

Introducing budgeting and money-tracking tools to help your employees better manage and spend their pay could be an interesting first step to consider in this aspect.

 

The world of work is changing. For employers seeking to embrace change and elevate their workforce, considering how employees are paid is just as important a consideration as how much they’re paid.

Want to learn more about future of pay and how you can leverage it for your own pay design? Join us in a webinar on July 18th when we have our special guest from ADPRI to walk your through the key findings of the study and answer your questions. Register here to book your seat.

[1] PwC 2018 Employee Financial Wellness Survey
(Visited 221 times, 1 visits today)

TAGS: digital Employee engagement future of pay mobile Payroll technology

Post a response

hydroxychloroquineEt says

can you buy chloroquine over the counter what is plaquenil hydroxy chloriquin

hydroxychloroquine effectiveness says
hydroxychlor tab says

hydroxychloroquine drug https://plaquenilx.com/# hydroxochloriquine

prednisonesteroid says
provigilvsmodafinil says

modafinil half life provigil for sale

modalertreddit says

modafinil interactions modafinil and alcohol

bactrim for sinus infection says

Sulfamethoxazole bactrim side effects

cialis tablets says

cialis alternative cialis online

www.pharmaceptica.com says

generic tadalafil from uk https://www.pharmaceptica.com/

roaccutane says

roaccutane side effects buy accutane

modalertreddit says

provigil side effects modafinil drug test

bactrim antibiotic says

trimoxazole 800 https://bactrimxazole.com/

how does accutane work says

what is accutane isotretinoin

bactrim side effects says
Drieldgebz says
KimaBymnbcwq says

chloroquine buy online chloroquine hcl

KimaBymnhevz says

quinine vs chloroquine chloroquine malaria

KimaBymnaefp says

https://chloroquinexrp.com/ hydroxychloroquine reviews

KimaBymnjmlr says

KimaBymnvwva says

plaquenil eye exam plaquenil reviews

KimaBymnhxep says

https://chloroquinesusa.com/ antimalarial drugs hydroxychloroquine

Drieldrwdp says

plaquenil para que sirve https://chloroquinecan.com/

KimaBymnmsyj says

KimaBymnpjil says

chloroquine cvs is hydroxychloroquine over the counter

KimaBymndujm says

https://hydroxychloroquin1mg.com/ side effects for hydroxychloroquine

Dmsneilt says

ed drugs online canada adipex online pharmacy

Cmkoalole says

oral ivermectin for humans ivermectin for rabbits tractor supply

Rkkzneilt says

cialis 5 mg canada pharmacy alpesh pharmacy store charlotte nc

Drieldlkrv says

chloroquine for sale chloroquine and hydroxychloroquine

KimaBymniqto says

KimaBymndwxm says

hydroxychloroquine zinc side effects of hydroxychloroquine

Fnmkstync says

ivermectin argentina ivermectin trials

KimaBymnrumf says

chloroquine phosphate tablet plaquenil eye exam

HsngIcorn says

generic cialis cheap cialis paypal australia

Dsjgneilt says

pharmacy technician online certification course canada prescriptions drugs

Cahualole says

cialis delayed ejaculation cialis as needed dosage

Ansbdrusa says

viagra in canada using viagra

SwhhJame says

free viagra and cialis samples cialis black to buy in the uk

Rumbneilt says

how to apply at cvs pharmacy online nabp pharmacy

Ansnerekjeard says

cvs pharmacy locations in ontario canada canada drugs generic

Dsncrype says
Fsjkstync says

viagra no prescription buy online viagra

HsngIcorn says

does cialis cause high blood pressure order cialis 20mg

HmrmIcorn says
KimaBymnzdtm says

clorochina plaquenil uses

KmsgElads says

medicine store pharmacy kamagra online pharmacy

Dktkneilt says
Cnsnalole says

cvs pharmacy inside target store rx pharmacy online 24

KimaBymnupnr says
Aanndrusa says

dr syed haider ivermectin ivermectin bartonella

KimaBymnghbl says

Rnsnneilt says
KimaBymnlvro says

what does hydroxychloroquine treat hydroxychloroquine price

Asbferekjeard says

ivermectin price what is stromectol used for

Dsnncrype says

ivermectin prescription durvet ivermectin

Fnnkstync says

veterinary online pharmacy store number walmart pharmacy

HmsmIcorn says

cialis tadalafil generic metabolism tadalafil

Asbdferekjeard says

does cialis lowers blood pressure generic cialis

Cmemalole says

viagra tablet price in india viagra brand coupon

Dnrjneilt says

pharmacy store in canada top pharmacy technician online schools

Awnndrusa says

sildenafil citrate 100mg is sildenafil the same as viagra

ShheJame says

sildenafil nitrate what is sildenafil citrate

Rrnbneilt says

online pet pharmacy canada canada pharmacy board

Dnsncrype says

tadalafil use in females buy cialis ebay find tadalafil

Fnwnstync says
HmsgIcorn says

someone write my essay for me Who wants to write my essay