How flexible pay propositions can help payroll professionals retain top talent
In our the third of five HR & Payroll Foundations webinars, we addressed crucial topics that HR & Payroll leaders should consider as their workforce face the cost-of-living crisis and may be struggling to make ends meet. How can a more flexible payment offering make a difference?
The reality is that the cost-of-living crisis is not likely to ease anytime soon. For millions of people, this means the value of their earnings is eroded; even if they receive a pay rise it’s likely to be well below their needs, meaning a cut in real earnings.
For employers, this poses several challenges, not least the potential damage that arises from
having a stressed and underperforming workforce. But it also adds to the risk of staff moving on –
something that is already being seen in the post-Covid ‘Great Resignation’ – with people more likely to seek a better-paid job.
According to a study by flexible payment provider Wagestream, nearly seven out of 10 employees (68%) are concerned about their finances and hiding this from employers, and as many as one-in-four (24%) worry about money every single day. One way in which HR can help is through strengthening their relationship with their payroll departments and more specifically through considering the use of flexible pay. This enables employees to access money they have already earned when they need it, rather than having to wait until a set pay-day. For those on lower incomes, this can make a real difference, potentially avoiding the use of credit cards or, worse, payday lenders.
In this time of uncertainty, our esteemed panel discussed all of these topics, including expert advice and real-life case studies in detail during a perceptive, 1-hour free webinar.
Watch now to discover:
- How organisations with a fresh look on payroll can make a positive impact on recruitment
- What changes flexible pay can make to your employees’ financial wellbeing
- Workplace management systems that can further help employees manage their money and increase savings during a cost-of-living crisis
- The key benefits of implementing flexible pay services
- How to create a winning business case for HR and payroll’s strategic investment plans