Most things are paid for right away, labor is not. This, plus stagnating wages and a lack of free, widely available banking options, has paved the way for re-skinned versions of payday loans.
Excellent point. I never thought about the "runaround" that is payday loans from an employer perspective. If labor were paid as it was done, which is 100% possible in a digital economy, it would spell ruin for these loan shark providers. I really want to think more about ways technology can solve some of these problems for those who are more likely to run into near term cash flow problems, but more on the HR side, not on the "hey we're a third party and we don't bite" side.
Exactly! Imagine the sort of competitive advantage a firm might have if they were able to pay their employees in real time at no cost to the employees. Could attract a lot of great talent.
This will be an interesting topic to talk about more. I legitimately see it as a really good startup idea, though any of the other big companies could easily take any moat and do it too. There is zero reason ADP can't just start paying on an "as worked" basis.
The wolf has undergone a costume change. This is awful, thanks for the quick and excellent snapshot on this new high tech fleecing of those that hurt the most.
Excellent point. I never thought about the "runaround" that is payday loans from an employer perspective. If labor were paid as it was done, which is 100% possible in a digital economy, it would spell ruin for these loan shark providers. I really want to think more about ways technology can solve some of these problems for those who are more likely to run into near term cash flow problems, but more on the HR side, not on the "hey we're a third party and we don't bite" side.
Exactly! Imagine the sort of competitive advantage a firm might have if they were able to pay their employees in real time at no cost to the employees. Could attract a lot of great talent.
This will be an interesting topic to talk about more. I legitimately see it as a really good startup idea, though any of the other big companies could easily take any moat and do it too. There is zero reason ADP can't just start paying on an "as worked" basis.
The wolf has undergone a costume change. This is awful, thanks for the quick and excellent snapshot on this new high tech fleecing of those that hurt the most.
Thanks for reading. As long as the market conditions persist, the wolf will keep changing outfits.