With millennials and GenZ expected to comprise 75% of the global workforce by 2025, according to Forbes, it’s more imperative than ever for companies to address their concerns and consider benefits that will attract and retain these groups. But how?
The younger workforce craves experiences. In fact, a Harris Poll on behalf of Eventbrite found that 78% of millennials would rather pay for experiences over material items. Businesses are working overtime to accommodate this and are inventing creative ways to deliver consumers and employees alike an experience at every touchpoint.
A simple example on the consumer side? Take coffee. Thirty years ago, coffee wasn’t much of an experience. You would simply prepare a cup of joe at home and that was that. But these days, things are different. It’s not at all uncommon for a millennial or GenZer to research the coolest coffee spot on Google or Yelp and trek over to the cafe. From there, he or she won’t hesitate to spend $7 for an Instagram-worthy latte or flat white before snapping a photo and sharing it to social media. Something as simple as getting a cup of coffee has become a true experience, and it’s not alone.
Companies have begun to use the same principles that their sales and marketing organizations apply to their customer experiences by focusing on the employee experience for their own workers. But when it comes to pay, things haven’t changed much. Payroll has been largely impersonal and transactional — until now.
What is a Pay Experience?
Whether or not you use the term “pay experience” to describe it, you are offering one to your employees today. A modern pay experience revolutionizes the way you and your workforce interact with and think about pay. For payroll teams, it could mean reducing the administrative hassle of common pain points like employee rewards and off-cycle disbursements. For employees, this could mean accessing earned funds before payday or helping employees to develop savings "muscle memory.” A pay experience helps employees to rethink the way they engage with pay and build good habits that will make a positive impact in the workplace and help them achieve financial stability.
In “Rethinking the Pay Experience,” Josh Jackson, DailyPay’s Product Marketing Director, and Laura Burgess, CPP and Senior Director, HR Operations & Talent Acquisition for Vista Outdoor, walked the audience through the steps and considerations payroll teams should take when evaluating pay experience solutions. They also explored the trends that underpin the need for a new pay experience, and covered the various models companies can implement to deliver a pay experience to their employees.
Josh and Laura shared key insights that your team needs to know if you’re considering a pay experience. Tune into this must-watch webinar to learn more about the important role payroll teams can play in creating a positive pay experience for their organization and making a meaningful impact in the lives of your employees.
Want to view the full webinar? Click here to watch on-demand.
