NEW YORK–(COMMERCIAL THREAD) – Gusto, a leading payroll, benefits and human resources technology platform, today announced the launch of Flexible Pay, a new feature that allows employees to choose their own payroll schedule. For the first time, employees can be paid for work they’ve already done, regardless of their employer’s pay schedule.
“The two-week pay schedule should no longer exist in today’s world. It is a holdover from the manual calculation of payroll taxes and was instituted in the United States almost 90 years ago. With modern technology, employees shouldn’t have to wait weeks to get paid, ”said Josh Reeves, co-founder and CEO of Gusto. “Flexible Pay allows employees to decide when they want to be paid for the work they have already done, at no additional cost to employers. This is the way we think everyone will be paid in the future. ”
Flexible Pay can help people take control of their finances or respond to sudden expenses without resorting to payday loans or other high interest loans like credit cards. Eligible employees set up direct deposits of their earned wages through their Gusto account and choose when they want to be paid, the next day.
Eligible employers are able to offer flexible compensation with just a few clicks through Gusto’s platform, without any changes to their existing compensation schedules and frequency of withdrawal. Gusto automatically calculates, pays and classifies relevant taxes, providing peace of mind when payroll is executed. Since Gusto advances the money to the company, employers don’t need to make additional pay or manually approve their employees’ flexible compensation requests.
Serving more than 60,000 businesses nationwide, more than one percent of all U.S. employers, Gusto is a popular private financial technology company that is reinventing payroll, benefits and human resources for modern businesses. Each year, Gusto processes tens of billions of dollars in salaries and enables its clients to offer benefits such as health insurance and 401 (k) plans, many for the first time.
Flexible Pay is available in Texas and will expand to other states later this year. To offer flexible compensation to your employees, or to learn more about how your employer can provide flexible compensation, visit gusto.com/flexible-pay.
Gusto’s mission is to create a world where work makes life better. By simplifying and customizing the most complex business tasks, Gusto is reinventing payroll, benefits and HR for modern businesses. Gusto serves more than 60,000 businesses nationwide and has offices in San Francisco and Denver.