How Flexible Pay Will Enhance The Workforce in 2024
This episode is from a live webinar recording of The HR and Payroll Foundation series.
In our 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
Our panellists:
- Nick Day, Founder of JGA Payroll Recruitment – nick@jgarecruitment.com
- Emily Trant, Head of Impact & Inclusion, Wagestream
- Ana Laiu, Head of Payroll, PPHE Hotel Group
Nick Day, MD at JGA Recruitment. Nick is a leading authority on HR and payroll issues and hosts two popular podcast shows, The HR L&D Podcast and The Payroll Podcast.
Payroll Recruitment:
If you require the support of a specialist payroll recruitment agency, please also contact me! I would love to help show you what a great Payroll recruitment agency experience feels like! You can reach out to me directly at nick@jgarecruitment.com or give me a call – at 01727 800 377
Thanks for listening – I look forward to bringing you the next episode of the Payroll Podcast real soon!
