/ Branch Spotlight

Branch Spotlight: Instant Pay Across the Enterprise

Thanks for checking out the first ever Branch Spotlight! We’re excited to bring you our latest edition -- a look at Instant Pay and why it’s become an enterprise-wide benefit for hourly employees. Scroll down for video, employee quotes, and use-case data!

Instant Pay, which provides hourly employees same-day access to earnings, has become an increasingly popular new feature on our mobile app. With the addition of Instant Pay, employees on Branch can check schedules, swap shifts, chat with coworkers, and access their earnings ahead of their paycheck, all from one app! Hourly employees’ reception of Instant Pay has been incredible, proving that flexible pay alternatives have become a highly sought-after benefit across industries.

We’ve all read about the average American’s struggle with cash flow, but seeing the extent of this first hand across our user base has shed new light on the issue. Hard-working, hourly employees use the money they withdraw from Branch before payday to access the necessities of day-to-day life. We recently surveyed hundreds of Instant Pay users to better understand how the service helps these hourly employees overcome financial hurdles. Here’s a breakdown of how they allocate the money:

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Additionally, we asked users to share their stories of how Instant Pay helped them get out of a tough financial situation. Here’s what one hourly employee said:

“When I was short on paying rent, I was short at least $65 dollars and was about to overdraft. With Instant Pay, I was able cover the overdraft and come up with the last of the rent.”

Read more about the day-to-day impact of Instant Pay in our latest blog post, where we dive into a recent survey completed by hundreds of hourly employees who use Branch to manage their work-lives. But the benefits of Instant Pay don’t stop at the employee level.

Benefits beyond the employee
As we discover new ways Instant Pay has benefitted users, we do all that we can to extend its reach. Employers, too, have a lot to gain my implementing Instant Pay, a technology that alleviates some of the biggest challenges companies face today.

Most large US employers currently face turnover rates anywhere from 60 to 100 percent. Couple that with an extremely low unemployment rate (3.9%) and it becomes increasingly difficult to attract the necessary talent to meet proper staffing levels. We found that offering Instant Pay solves this challenge that enterprises face in two different ways. First, providing hourly employees with Instant Pay significantly reduces employee turnover as it alleviates stress and leads to an increase in shifts covered and hours worked. Second, employees are more likely to apply for a role where Instant Pay is offered. But how can an app become a solution tailored for your hourly teams?

Packaging Instant Pay as an enterprise-ready solution
At Branch, we partner with Fortune 500 companies to streamline their staffing while providing hourly employees with greater scheduling and financial flexibility -- all within the app. These partnerships have enabled us to understand and master the processes and requirements necessary to package an enterprise-ready solution.

We’ve incorporated these concepts into Instant Pay so that it’s ready to deploy across your organization, regardless the size:

  • Easy to scale and get started: Employees download the app from App Store or Google Play and use Single-Sign-On to join their location and sync their account. All the employee has to do is add their information for where they wish to receive their payment.
  • Connect and configure: While integration is not required, Branch makes it easy to connect the mobile app to your existing Payroll and WFM systems so that you can streamline the exchange of data across systems.
  • Maintain and monitor compliance: Branch adheres to scheduling and hourly worker laws across all 50 states. Furthermore, Instant Pay does not require “constructive receipt,” so that payments can come from Branch versus the employer. Providing Instant Pay does not alter any existing payroll processes.

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More than just another pay app
As we move toward 2020, a common obstacle enterprises cite is the challenge of keeping a consolidated tech stack. In a world of emerging technologies for the hourly worker, it’s important that enterprises tap into new tools, while keeping the experience simple for both the company and the end-users. We often see companies who previously struggled trying to get their hourly employees to move suddenly from using zero work apps to juggling several, frequently using separate platforms for schedules, chat, and pay.

Branch simplifies the process by having all of these dynamic features in one mobile app. This adds greater value not only because enterprises can keep tech stacks simple and clean, but they can also easily connect Instant Pay to other modules, such as Shift Flexibility and Employee Self-Service. Connecting Instant Pay with Shift Flexibility incentivizes shift coverage by enabling employees to get paid right away if they pick up a shift and boosts coverage. Adding payout data to employee’s schedules and the shift alerts they receive decreases absenteeism.

The graphic below highlights some of the enterprise-wide benefits of companies who use Branch’s Instant Pay, Shift Flexibility, and Employee Self-Service modules. If you want to learn more about Branch’s cost savings, download the Pay Data Sheet.

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Thanks for checking out this edition of Branch Spotlight! Stayed tuned for new updates and other module information. If you’d like to learn more about Instant Pay as a solution for your company, request a demo from a product specialist.

If you have any questions, tips, or tricks, please reach out to tom@branchapp.com.