Payroll is Magic ✨
When direct deposit was first introduced into the workforce in the mid-1970s, it revolutionized how workers were paid. Having your wages automatically deposited into your bank account on payday? Without going to the bank? What wizardry is this!?
But then, as now, the payments in a worker’s bank account don’t just magically appear — they are there because payroll professionals took the time and care to process transactions in an accurate, timely manner. If just one of these payments is missed, payment professionals would have a revolt on their hands, and after a few more missed payments their organizations would risk losing talented professionals to competitors in the marketplace.
The magic of payroll then is how seamless it can be. But unlike the lady in the box or the bird in the sleeve, no misdirection or sleight of hand is necessary to complete the transaction!
So in light of celebrating National Payroll Week this month, we want to recognize these hardworking professionals who understand the special significance of ‘an honest day’s work for an honest day’s pay.’ Payroll is magic — and that is due in a large part to the payroll professionals who work behind the scenes to make sure everyone in an organization gets paid and paid on time.
Over the years, with the near-total adoption of ACH payments, traditional 9–5 workers have come to expect regular monthly or bi-weekly payments. But today, as more and more workers enter the agile labor market, our workforce is changing. Now that 40% of American workers are active participants in the gig economy, and 90% of employed Americans would consider a shift to freelance work, innovation in payroll is essential to help companies draw from a wider pool of talent.
A significant number of Millennials and Generation Z make up the gig economy, and they tend to prioritize different benefits from older generations when it comes to gig work and payroll. Flexibility and on-demand pay (as opposed to stability and bi-weekly pay) are highly valued. In fact, 40% of gig workers say that faster payments can be the deciding factor in choosing to work for one company over another.
Managing the payroll for a diverse workforce of traditional employees and contract workers can be very challenging, especially for payroll departments that manually process the payments. And yet, making sure payments are both timely and accurate cultivates loyalty and earns the trust of talented, dedicated freelancers.
In order to make timely, on-demand payments to contractors, companies are adopting innovative payroll providers like Gig Wage that are specifically designed with the gig economy in mind. Gig Wage offers fast, flexible payments to the 1099 gig economy. Whether you’re paying one contractor on a Monday or 10,00 contractors on a Friday, Gig Wage streamlines the payment process to help you focus on your company’s success.
Ever since direct deposit was first introduced, there has been little innovation in payroll. With the rise of the gig economy, these outdated payroll cycles are weighing down the ability of organizations to instantly remunerate their contractors for a job well done. Gig Wage, however, is changing that. We are modernizing payout to thousands of contract workers by automating an organization’s payroll. Payments through Gig Wage are seamless, and everyone is satisfied — and in our humble opinion, that is where the magic is.
Written byErin Lee