EPIC has identified when and how workers get paid as an untapped opportunity for building financial resiliency and security in the face of growing volatility. This brief explores the ways in which payroll innovation and technology can help workers better manage volatility, including:
- giving workers quicker access to funds they have already earned;
- rescheduling paydays to better align with lumpy expenses like rent;
- customizing paychecks so that bills, debt payments, and other expenses are deducted automatically; and
- linking paychecks to a worker’s other financial accounts so that payroll deductions for savings or other uses can be automatically dialed up or down based on the worker’s current cashflow position.