Pay Day Could Someday Be Any Day
When it comes to paying workers, not much has changed since the days the boss came around handing out envelopes. Direct deposit, which is how most companies pay employees, is more than 40 years old. Pay cards are a more recent innovation, but they're not common and mostly used by companies with casual workers and those without a bank account.
Changes, though, are on the horizon.
A World at Work article rounds up some of the coming new practices in paying employees. What's hot? World at Work says flexibility in choosing when to get paid is an attractive enough option that 62% of the 4,000 workers in a survey said it would make a difference in considering a job offer.
Flexibility in how a person gets paid is just as attractive, as the survey found. 79% were willing to accept payment via mobile, digital or prepaid card. Employers can do that now. Paying workers via digital platforms or mobile wallets is just a matter of adoption; an ADP report found these methods are already in use, though only 5% of employees get their paycheck that way.
How about paying in cryptocurrency? The article says Bitwage is making it possible for employers to pay workers in Bitcoin and Ether. Not many U.S. employees are likely to choose this method, but for overseas workers, getting paid in cryptocurrency might be an attractive option.
As desirable as these options are to workers, don't expect to see much innovation anytime soon. As the ADP report found, 53% of North American employers still provide paper checks; only 4% of workers prefer them.