Disbursements Tracker – November 2021

Gig workers are a growing presence in the workforce, and many businesses rely on them to stay afloat. How can offering faster payouts to gig workers give businesses a key advantage over competitors?

During a recent rideshare, I asked my driver if she also worked for the competition. Turns out, she had stopped driving on both platforms because the other service didn’t offer as many opportunities for her to earn extra income through contests or incentives.

Her not-so-subtle message is that she’s behind the wheel to make money, and she has no qualms about going all in on the employer that best meets her needs.

That struck a chord with me because it echoed a recent poll that found [that] 81% of workers would leave a job for an employer that offered no cost on-demand payouts. After maximizing their earning potential, freelancers are “in it” for the flexibility. And a big part of that is fast access to wages that are rightfully theirs.

This is part of a larger shift across the U.S. workforce, with 83% of workers in that same poll aged 18-44 saying they want same-day access to earned wages. Nearly 80% said access to free on-demand wages would make them feel more valued as employees and make them more loyal.

Unfortunately, there is still a long way to go. According to 2020 data from Deloitte, only 7 percent of employers that hire gig workers pay out daily wages. And a recent PYMNTS survey found that gig workers receive more than half their payouts via slower methods such as ACH transfers.

These employers ignore the expectations of gig workers for “more income, faster” at their own peril. Instant payouts through a platform like Ingo Money deliver on both and are a powerful way to attract and retain increasingly scarce workers.

Drew Edwards
CEO at Ingo Money

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