In an increasingly competitive jobs market, some companies are offering a 'Pay on Demand' option to staff allowing them to access their wage in real time. Australian payroll technology provider Affinity says it hopes the service will also help reduce the need for employees to rely on quick-fix loans in emergency situations.

In response to the evolving and competitive job market in Australia, several companies have begun adopting a 'Pay on Demand' service for their employees. This innovative approach permits workers to gain immediate access to their earned wages, diverging from traditional payroll schedules. The primary catalyst behind this movement is the Australian payroll technology provider, Affinity, which advocates for the service not only as a means of offering financial flexibility to employees but also as a strategy to mitigate their dependence on high-interest, quick-fix loans during urgent financial needs.



'Pay on demand' shaking up the Aussie jobs market

Forget having to wait till payday for your paycheck. Some Australian businesses are offering their employees the chance to get paid on demand. Traditionally people have been paid on a regular cycle normally monthly, fortnightly or weekly. Pay on demand is something that delivers people access to their salary as and when they need it. According to research by Finder more than 60% of households with a combined income between $50,000 to $99,000 say they live paycheck to paycheck and 2.3 million Aussie workers admit to having no more than a week's worth of savings in the bank. This could practically mean that people don't have enough money to fund their insurance premiums which might have gone up. It might even be simple things like being able to afford the grocery bill, the petrol, the electricity bills that they've received. In recent years Australians have turned to high-fee, high-interest payday loans in record numbers with the National Australia Bank labeling them the number one most stress-inducing debt. Payday loans are like a band-aid so someone finds themselves in an emergency situation where they need funds and therefore the question around how much it's going to cost becomes secondary to how quickly can I get the money. With its pay on demand technology Australian payroll services provider Affinity says it hopes to reduce the need for workers to rely on so-called quick fix loans. So we've seen employers able to engage with employees that have been having financial difficulties. In some cases being unable to attend work because they needed access to a few hundred dollars to fix a car. Turning on pay on demand for those individuals gave them access to the salary that they had already earned. And in an increasingly competitive jobs market many Aussie companies are seeing other benefits too. Access to earned pay is hugely valuable to employees and it helps in retention and engagement. Whether or not your workplace currently offers pay on demand technology as the cost of living rises money experts say it's vital to be aware exactly how your salary is calculated when you're paid and to speak up early if you might need help. So in a perfect world Australians would use pay on demand services really only when they don't have the funds available in say emergency savings or a cash buffer to fill a very immediate and important need. If you don't understand how the hours that you worked contributed to what's on your payslip go and educate yourself by finding your payroll manager or whoever does your payroll and ask them to explain that to you.

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