A New Survey Suggests That Corporate America Is In Dire Need Of A Refresh, With Over Half Of Americans Agreeing That The Nine-To-Five Work Week Is Antiquated
Corporate America is ripe for an update, according to a recent survey which revealed that over 70% of employees feel that current work environments are stuck in the past.
Commissioned by The Financial Technology Association and conducted by OnePoll, this survey involved 2,000 working Americans and highlighted a consensus that change is desperately needed– particularly in conventional work elements such as work hours at 54% and payment methods at 41%.
The standard Monday to Friday, 9 to 5 work schedule, a staple for almost a century, doesn’t meet the expectations of 57% of those surveyed.
Furthermore, 67% consider the typical once or twice-a-month pay cycle to be outdated. In fact, 51% of respondents believe a strict, inflexible work structure is considered a relic, emphasizing that the lack of workplace flexibility is increasingly untenable.
When presented with the option of choosing between getting paid more frequently or having a more flexible work schedule, a majority of working Americans lean towards the former option, with 50% preferring more frequent payments compared to 44% who favor schedule flexibility.
At present, payment frequencies among respondents vary, with 51% being paid bi-weekly, 23% weekly, 14% monthly, and a mere 7% receiving their wages daily or immediately after completing their work.
The survey also found that 62% of those surveyed believe their current pay cycle is out of sync with their financial needs, with 61% pointing to living paycheck to paycheck and 52% indicating they run out of money too swiftly as reasons for this mismatch.
Plus, an alarming 56% of employees “always” or “often” face the challenge of stretching their income to make it last until the next pay period, with the average worker running out of money a mere 12 days after payday.
About 64% of survey respondents claimed that, in a perfect world, they would prefer to be paid weekly. Meanwhile, 19% would opt to be paid on a daily basis to more closely align with their financial requirements.
BullRun – stock.adobe.com – illustrative purposes only, not the actual person
The drawbacks of the existing payment framework are clear, as 35% of those surveyed confessed they would struggle to handle an unforeseen expense of $400. Moreover, 59% feel they would be unable to cover essential costs if their paycheck were delayed by even a week.
In the last five years, 28% of the survey respondents have missed payments on credit cards. At the same time, 22% have missed payments on utilities like electricity and gas and 20% on medical bills due to a lack of funds. Additionally, one in four have had to skip buying groceries for the same financial reasons.
To bridge the gap, 34% of American workers have turned to continued use of credit cards. Additionally, 31% have taken on multiple jobs, and 28% have borrowed from family and friends to manage their finances.
Nevertheless, 30% of those surveyed prefer to deal with their financial issues in private, opting for high-interest loans over asking for assistance from their support systems.
Still, 58% of those surveyed think they would be better off if they received their paychecks at the end of each workday. So, 74% of respondents agreed that a job becomes more attractive when there’s the option to access earned wages earlier.
Despite these preferences, only 35% are acquainted with the term “earned wage access,” a financial service enabling employees to collect part or all of their earned income before the scheduled payday. And although 27% have the option of an earned wage access program via their employer, merely 16% have actually utilized it.
These findings highlight how the American workforce is poised for a major transformation in compensation and workweek structure.
Adopting contemporary practices such as earned wage access and offering greater flexibility can provide employers with a means to mitigate the financial pressures faced by numerous workers– fostering a work environment that is not only more attractive but also more supportive of staff.
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