Evolution of Pay Report | 2019
More from this research
Visualization of Key Findings from the Evolution of Pay Report
May 01, 2019 | 5 min
North American employers cling to paper checks, even though most employees do not use them or express an interest in doing so.
In North America, direct deposit is common. Over 80 percent of employers offer this payment method, and 80 percent of employees say they prefer it. Despite this strong preference, more than 50 percent of employers still offer paper checks. The persistence of this pay method is unique to North America and is not fully explained by employee usage or preference.
Employers believe that pay can have an impact on talent acquisition and retention, and employees say they are right.
Pay, in the form of compensation, has an obvious impact on talent recruitment and retention. Nearly all employers recognize that this is more far-reaching than pay itself and extends to pay as a perk.
Employers believe that employee financial wellness impacts their business. Employees believe their employer can be a reliable source of advice regarding financial wellness.
Financial wellness is a top priority for employees, and they increasingly welcome the role of their employer in providing tools to help them better manage their finances.