Posted on 10/26/2017 9:23:54 PM PDT by nickcarraway
McDonald's, Outback Steakhouse, and several dozen other food and hospitality retailers are using daily paychecks as a means to give low-wage workers more flexibility with their finances.
Steve Barha, CEO of Instant Financial, the technology company enabling retailers' move to same-day pay, said the option is partly meant to cater to a preference shared by millennial employees that quick cash is better than waiting two weeks for a lump sum.
"Basically, their life is real-time," Barha told Business Insider. "Their communication is real-time. Their transportation is real-time, with Uber and Lyft. So this program really aligns with their real-time life and being in control of their whole life experience."
(Excerpt) Read more at sfgate.com ...
If daily paychecks appeal to millenials, then it means that millenials don’t know a thing about budgeting.
This could backfire badly.
Someone works one day, gets a paycheck, and is never seen again.
Yet, state and FED employment/payroll documents will still have to be filed.
This ‘brilliant’ idea could turn into a costly mess. What LIB thought it up?
Why, back in my day, we got paid every two years. And we liked it.
Daily paychecks? Wow, that’ll be an HR nightmare.
I had a great breakfast at McDonald’s yesterday, and for only a few bucks and a few minutes of my time.
So you don’t have a good comeback and were forced to resort to something stupid?
Their drinks — including coffee and ice tea — are very good and quite cheap
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Depending upon the location you can get a small drink for
about 50 cents with as many refills as you like. I agree
their coffee is good.
You are correct in that today a computer system takes care of all the data records.
A few punches on a keyboard, hit enter and it’s recorded. Give the cash to the
employee and away they go. Maybe a couple minutes at most.
"...so you don’t have a good comeback and were forced to resort to something stupid..."
"...EXACTLY!..."
I prefer slave labor coffee. It just tastes better.
So, instead of the Friday paycheck gone by Monday, it’ll be the 5pm paycheck gone by 9pm.
Paying workers on a daily basis is nothing new; do you all not recall the Parable of the Vineyard Workers? (It’s in Matthew 20, if you’d like to take a look.)
I agree with those who say that this will make it even harder for the workers — many of whom probably aren’t the brightest financial bulbs to begin with — to manage their money. But why is that the employer’s problem? We as conservatives should not reflexively support an employer withholding pay for a certain period of time just because it’s good for the workers. The workers did their jobs (presumably) and earned their pay. So their employer should pay them and not worry about managing their financial lives.
And yeah, my first job out of college was a monthly paycheck. Absolutely hated it. The reality is that most people on the bottom end of the wage scale don’t have the discipline, much less the cash reserves, to manage it.
Obviously you’ve never done payroll for a business. There’s a lot more to it than punching a few buttons and then bingo - they get a check! There’s a bunch of record keeping so that Uncle Sam gets his cut and the state you’re in gets there’s etc. I know, because I’m a bookkeeper and I do it for the business I work for.
Obviously you’ve never done payroll for a business.
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You are correct. I hired that done.
Instant gratification mindset.
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