As businesses compete for top talent in a challenging market, the discussion around employee benefits has taken centre stage.

Many are advocating for the use of enhanced employee benefits as a way to position themselves as attractive employers, with studies finding that 69% of workers would be more loyal if they had access to a wide array of benefits.

A benefit that has driven considerable conversation is Earned Wage Access (EWA), also known as On-Demand Pay, which allows employees to withdraw a portion of their already-earned wages before their scheduled payday.

With EWA gaining more and more traction in the payroll space, we wanted to better understand the overarching sentiment.

As such, we’ve conducted a survey of 1,000 workers to gauge their views on traditional pay cycles and whether there’s truly a demand for Earned Wage Access.

Here are the top three takeaways from our research.

Nearly half of employees want to scrap the monthly payday in favour of On-Demand Pay

Of the workers surveyed, 46% said they would prefer their wages on demand, with a further 29% neutral on the idea.

Traditionally, payroll has been operated on fixed cycles, either fortnightly or monthly, to reduce the administrative burden.

However, this payroll rigidity doesn’t align with reality, as bills don’t always fall on payday – think emergencies like a car breaking down or children suddenly needing new school uniforms.

The rising cost of living further emphasises this disconnect between employees and payroll, with the Financial Conduct Authority reporting that 25% of UK adults have less than £100 in savings, leaving millions vulnerable when expenses arise between paydays.

Stephanie Coward, Managing Director for HCM at IRIS Software Group, said:“For over a century, many Brits have lived by the rhythm of the monthly payday.

“It’s so ingrained that few of us ever question it.

“But technology is revolutionising every aspect of how we manage money,  from instant payments to real-time banking.

“The workplace is the final frontier.

“This isn’t just about paying people differently; it’s about using technology to give workers the financial flexibility that matches the reality of modern life.”

Two-thirds would access pay more than once a month if given the option

Two-thirds (66%) of people told us they would access their pay more than once a month if they could, with 22% saying they’d access it weekly, 12% fortnightly and 6% daily.

These findings come as no surprise, as financial stress is impacting a considerable number of UK employees.

Currently, if the next pay cycle is too far away, unexpected bills can force people into expensive borrowing options, with payday loans exceeding 1,000% APRs.

However, financial stress isn’t just an issue for employees to deal with.

With it impacting productivity, mental health and staff retention, pressure is on businesses to act and support their people if they want to truly thrive.

Almost half say an employer offering EWA is more attractive than one that doesn’t

Nearly half (48%) of our survey respondents agreed that an employer providing Earned Wage Access would be more attractive than one that didn’t, compared to just 7% who disagreed. 

The findings suggest that EWA could become a meaningful differentiator in competitive talent markets.

The long-standing tradition of the monthly payday – a workplace convention dating back over 100 years – is ripe for disruption as employees seek greater financial control.

Our Senior L&D Advisor, Vanessa Myatt, further explained the correlation between offering meaningful benefits and being an attractive employer, saying: “Too often, benefits are lumped into the ‘cost centre’ bucket.

“But in reality, they’re one of your most powerful tools for building trust, loyalty and wellbeing.

“When done right, benefits don’t just reward, but they should also reassure.

“They say to your team, ‘we’ve got you’, and that kind of emotional security drives deeper engagement and longer tenure.

“The organisations that thrive are those that treat benefits as part of the employee-experience ecosystem.

 “When your people feel supported, they give more, stay longer and speak highly of your business.”

How Earned Wage Access works

To offer On-Demand Pay, you need an Earned Wage Access platform that syncs with your current payroll software.

Once implemented, employees complete their shifts as normal, accumulating earnings.

Employees can then access their funds – often up to 50% of their accumulated pay – almost immediately or within a few hours via a mobile app or online platform.

When payday arrives, the advanced amount is subtracted from their regular salary, along with any applicable fees.

Reshaping the role of payroll

Historically, payroll has been viewed as a necessary administrative function.

But as technology advances, eliminating labour-intensive manual tasks, an exciting opportunity arises to be more strategic.

The focus of payroll is now turning to areas such as supporting employee financial wellbeing, in which Earned Wage Access plays a vital role.

The future is bright and holds immense potential for payroll professionals to lead, innovate and thrive.

Partnering with Level to offer On-Demand Pay

We’ve partnered with leading On-Demand Pay provider Level Financial Technology to bring the feature to our payroll and HR software users. 

Via this partnership, data is seamlessly synced between IRIS and Level to automate Earned Wage Access for staff.