With the cost-of-living crisis impacting so many, firms are being called to have a more flexible attitude when it comes to paying their employees.
Research from Cloudpay revealed that employees see the frequency of pay days as being equally important as higher rates of pay.
As Paul Bartlett, CEO of CloudPay explains, Pay On-Demand options for staff provide the pay parity employees need without putting further financial strain on businesses themselves.
He said, “Rising interest rates, inflation, and fears of a recession have understandably driven financial worries to the forefront of employees’ minds whilst business leaders contemplate the impact it will have on staff attrition rates.
“Company-wide pay rises aren’t feasible for all employers, particularly as economic uncertainty continues.
“This is why firms need to be more innovative with their solutions and think outside of the box. Our own research found that improved financial well-being can help create a happier, more engaged workforce and, perhaps more importantly, a reduction in staff turnover.
“By giving employees access to the salary they have already earned, when they want and need it, rather than waiting until a designated pay day – or resorting to loans or credit cards – employers can easily alleviate some of the challenges they’re facing. It might not be a salary increase, but it helps provide further stability for staff whilst also acting as both an attraction and retention mechanism on a more sustainable basis.”
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