{"id":2898,"date":"2023-06-09T13:15:10","date_gmt":"2023-06-09T17:15:10","guid":{"rendered":"https:\/\/www.dailypay.com\/2018\/01\/22\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/"},"modified":"2023-10-20T17:11:01","modified_gmt":"2023-10-20T21:11:01","slug":"financial-wellness-isnt-just-about-education-its-also-about-pay-frequency","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/","title":{"rendered":"What Pay Frequency Means for Employee Financial Wellness"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2898\" class=\"elementor elementor-2898\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1f4aafdb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f4aafdb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-655aa734\" data-id=\"655aa734\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73fde36f elementor-widget elementor-widget-text-editor\" data-id=\"73fde36f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">How often you pay employees is a business decision determined by individual companies. The restrictions and parameters include federal and state laws, the cost of running payroll and your employee\u2019s financial well-being.<\/span><\/p><p><span style=\"font-weight: 400;\">These determining factors don\u2019t always work well together, especially when it comes to taking into consideration the financial wellness of your staff.<\/span><\/p><h2><span style=\"font-weight: 400;\">The Most Common Payroll Frequencies\u00a0<\/span><\/h2><p><span style=\"font-weight: 400;\">In an effort to toe the line between business and staff needs, most businesses select from the following, traditional, options:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Weekly pay, which means employees receive 52 paychecks a year.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bi-weekly pay, which means employees receive 26 paychecks a year.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Semi-monthly pay, which means employees receive 24 paychecks a year.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly pay, which means employees earn 12 paychecks a year.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Selecting the right cadence for payroll is always a delicate decision. The difference between 52 and 12 paychecks a year has many implications for both the employee and the employer.\u00a0 <\/span><span style=\"font-weight: 400;\">The bi-weekly pay period is the most common, followed by weekly, then semimonthly, then monthly. According to the <\/span><a href=\"https:\/\/www.bls.gov\/ces\/publications\/length-pay-period.htm\"><span style=\"font-weight: 400;\">BLS<\/span><\/a><span style=\"font-weight: 400;\">, 43% of employees receive their paycheck bi-weekly, making it the most popular pay frequency.<\/span> <span style=\"font-weight: 400;\">33.3% of employees receive weekly paychecks, making it the second most popular frequency. There are pros and cons for both <\/span><a href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/weekly-vs-bi-weekly-pay\/\"><span style=\"font-weight: 400;\">weekly and bi-weekly pay frequencies.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><h2><span style=\"font-weight: 400;\">Pay Frequency From a Business Perspective<\/span><\/h2><p><span style=\"font-weight: 400;\">Businesses need to be aware of their spending when it comes to processing payroll. Common costs associated with payroll include:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Printing checks for employees<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Direct deposit costs, charged by banks<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Employee or bookkeeper\u2019s time to calculate payroll<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Third-party costs for running payroll, if you outsource<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">The more a business runs payroll, the more it will cost. For this reason, it becomes tempting to consider semi-monthly or monthly pay frequencies. Those schedules aren\u2019t favorable for employees though.<\/span><\/p><h2><span style=\"font-weight: 400;\">Pay Frequency From an Employee\u2019s Perspective<\/span><\/h2><p><span style=\"font-weight: 400;\">On the flip side of the coin, employees want access to their earned income. It\u2019s likely that bills and unexpected costs of daily living happen more frequently than semi-monthly or monthly schedules. Having money on hand can mean the difference between paying a late fee or not for your employees.<\/span><\/p><p><span style=\"font-weight: 400;\">Financial stress is common, too.<\/span><\/p><p><span style=\"font-weight: 400;\">An <\/span><a href=\"http:\/\/www.pwc.com\/us\/efwsurvey\"><span style=\"font-weight: 400;\">Employee Financial Wellness Survey<\/span><\/a><span style=\"font-weight: 400;\">, conducted by PricewaterhouseCoopers (PwC) this year, provided some meaningful insights:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">57% of workers say their finances are their top cause of stress<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">53% of workers say they are most worried about their expenses increasing<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">74% of workers seek financial guidance when dealing with financial decisions, crises or life events.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">The faster your employees can access their earned income, the more peace of mind they will have.<\/span><\/p><p><span style=\"font-weight: 400;\">And, if it weren\u2019t for costs associated with running payroll frequently, business owners would be more open to a faster payroll cycle. Unfortunately, until recently, this concept hasn\u2019t been realistic. But things have changed.<\/span><\/p><p><span style=\"font-weight: 400;\">Additional Reading: <\/span><a href=\"https:\/\/www.dailypay.com\/blog\/financial-wellness\"><span style=\"font-weight: 400;\">HOW FINANCIAL WELLNESS IMPROVES EMPLOYEE ENGAGEMENT<\/span><\/a><\/p><h2><span style=\"font-weight: 400;\">Earned Wage Access as a Financial Wellness Strategy<\/span><\/h2><p><span style=\"font-weight: 400;\">Some businesses opt for financial wellness programs that include financial advisors or budgeting consultants. While this can be a great fit for some employees, others feel embarrassed by their finances, or lack of monetary aptitude and will avoid these types of programs. The enrollment rate is not as high as it could be.<\/span><\/p><p><span style=\"font-weight: 400;\">Employees would rather have more control over their finances on their own. This mentality is catching the attention of many employers.<\/span><\/p><p><span style=\"font-weight: 400;\">As technology advances, it becomes easier for businesses to take on this \u201cpay as you earn\u201d mentality.<\/span><\/p><p><span style=\"font-weight: 400;\">DailyPay makes it easy to integrate <\/span><a href=\"https:\/\/www.dailypay.com\/resource-center\/how-can-earned-wage-access-help-your-business\/\"><span style=\"font-weight: 400;\">earned wage access <\/span><\/a><span style=\"font-weight: 400;\">technology with existing payroll processes, without disrupting the flow. DailyPay allows your employees to <\/span><span style=\"font-weight: 400;\">access their earned pay before the traditional, scheduled payday. <\/span><span style=\"font-weight: 400;\">It works with any payroll system that currently offers direct deposit. When an employee wants to access their earned income, it will deduct from their next paycheck. It\u2019s not a pay advance or a <\/span><a href=\"https:\/\/www.dailypay.com\/tag\/payday-loan\/\"><span style=\"font-weight: 400;\">payday loan<\/span><\/a><span style=\"font-weight: 400;\"> because the income has already been earned.<\/span><\/p><p><span style=\"font-weight: 400;\">Payroll systems run as they normally would. So, even if you ran a semi-monthly or monthly payroll, your employees don\u2019t need to abide by the payroll schedule. The next pay period an employee would receive their total, minus what they deducted before payday.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>How often you pay employees is a business decision determined by individual companies. The restrictions and parameters include federal and state laws, the cost of running payroll and your employee\u2019s financial well-being. These determining factors don\u2019t always work well together, especially when it comes to taking into consideration the financial wellness of your staff. The<a class=\"read-more\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/\">Read More<\/a><\/p>\n","protected":false},"author":79,"featured_media":37810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[147],"tags":[186],"class_list":["post-2898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-financial-wellness"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Pay Frequency Means for Employee Financial Wellness - DailyPay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Pay Frequency Means for Employee Financial Wellness\" \/>\n<meta property=\"og:description\" content=\"How often you pay employees is a business decision determined by individual companies. The restrictions and parameters include federal and state laws, the cost of running payroll and your employee\u2019s financial well-being. These determining factors don\u2019t always work well together, especially when it comes to taking into consideration the financial wellness of your staff. TheRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailypay.com\/resource-center\/blog\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/\" \/>\n<meta property=\"og:site_name\" content=\"DailyPay\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dailypay\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-09T17:15:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-20T21:11:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Financial-Wellness-Blog-Image-060123.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brian Clifford\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dailypay\" \/>\n<meta name=\"twitter:site\" content=\"@dailypay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brian Clifford\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What Pay Frequency Means for Employee Financial Wellness - DailyPay","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.dailypay.com\/resource-center\/blog\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/","og_locale":"en_US","og_type":"article","og_title":"What Pay Frequency Means for Employee Financial Wellness","og_description":"How often you pay employees is a business decision determined by individual companies. The restrictions and parameters include federal and state laws, the cost of running payroll and your employee\u2019s financial well-being. These determining factors don\u2019t always work well together, especially when it comes to taking into consideration the financial wellness of your staff. 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The background features colorful dollar signs and various abstract shapes."},{"@type":"BreadcrumbList","@id":"https:\/\/www.dailypay.com\/resource-center\/blog\/financial-wellness-isnt-just-about-education-its-also-about-pay-frequency\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Resource Center","item":"https:\/\/www.dailypay.com\/resource-center\/"},{"@type":"ListItem","position":2,"name":"Blog","item":"https:\/\/www.dailypay.com\/resource-center\/blog\/"},{"@type":"ListItem","position":3,"name":"What Pay Frequency Means for Employee Financial Wellness"}]},{"@type":"WebSite","@id":"https:\/\/www.dailypay.com\/#website","url":"https:\/\/www.dailypay.com\/","name":"DailyPay","description":"Earned Wage Access Provider - DailyPay","publisher":{"@id":"https:\/\/www.dailypay.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.dailypay.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.dailypay.com\/#organization","name":"DailyPay","url":"https:\/\/www.dailypay.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.dailypay.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.dailypay.com\/wp-content\/uploads\/dailypay-logo.svg","contentUrl":"https:\/\/www.dailypay.com\/wp-content\/uploads\/dailypay-logo.svg","width":157,"height":39,"caption":"DailyPay"},"image":{"@id":"https:\/\/www.dailypay.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/dailypay","https:\/\/x.com\/dailypay","https:\/\/www.instagram.com\/trydailypay\/","https:\/\/www.linkedin.com\/company\/dailypay-inc\/","https:\/\/www.youtube.com\/channel\/UCOHcuqx2v4Yqpm1bdt1AMWA"]},{"@type":"Person","@id":"https:\/\/www.dailypay.com\/#\/schema\/person\/9641ed58f85755cbc4085f55372f93b6","name":"Brian Clifford","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/66af151ac7324e16f2361ca687ebc7100e3bd93a5732b2466283cf4e58310098?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/66af151ac7324e16f2361ca687ebc7100e3bd93a5732b2466283cf4e58310098?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/66af151ac7324e16f2361ca687ebc7100e3bd93a5732b2466283cf4e58310098?s=96&d=mm&r=g","caption":"Brian Clifford"},"url":"https:\/\/www.dailypay.com\/author\/brian-clifford\/"}]}},"_links":{"self":[{"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/posts\/2898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/users\/79"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/comments?post=2898"}],"version-history":[{"count":0,"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/posts\/2898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/media\/37810"}],"wp:attachment":[{"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/media?parent=2898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/categories?post=2898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dailypay.com\/wp-json\/wp\/v2\/tags?post=2898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}