In an ever-changing world and a working landscape being reconstructed by ‘The Great Resignation’, the way we work is becoming largely driven by the way we want to live and about work-life balance. It is becoming increasingly important for employees to love their job and love their life. With the potential new norm insight of a world torn apart by the COVID-19 pandemic, people are re-evaluating what is important to them, leaving both companies and employees relooking at how they are going to continue working together.
What has become clear is that the old way of doing things cannot and will not continue. The freedom to work, play and get paid more fluidly has become increasingly appealing to many and this cannot be ignored by large corporations. Traditional pay day cycles are being eliminated by the on-demand economy, so how can your company keep up? What solution could you implement into your organisation that will help you retain your staff all while meeting both their needs and your goals?
Earned wage access is just one of solutions and it is redefining salary payment structures and giving employees increased job satisfaction and improved quality of life.
On demand pay with Earned Wage Access
There are huge benefits for your employees to have access to their hard-earned cash (at least a percentage of it) as and when they need it. Financial stress has a massive impact on your employees and this in turn affects their performance at work. It is time more corporations took employee health more seriously and actively looked at solutions that could help alleviate financial stress and uncertainty.
One of the ways in which they can do that is to take a page out of the on-demand payment structures book. The way to mimic this and implement access to ones wages is by implementing an earned wage access solution within the organisation. By giving employees access to a percentage of their already earned wages, companies are helping their employees break the pay day debt cycle and thereby taking added financial stress out of the equation and in turn helping to retain employee job satisfaction, reduced absenteeism and overall employee wellbeing.
Paymenow is more than just an Earned Wage Access solution. We are a financial wellness and inclusion platform and our services help alleviate indebtedness and encourage responsible financial behaviour through a multi-dimensional strategy.
Education through gamification – it is our vision to bring financial peace of mind to everyone, everywhere. Our platform integrates a cutting edge financial literacy strategy involving theory, profiling through Big Data, and practical prescriptive triggers prompting responsible financial behaviour. Employees earn points by successfully completing education modules, financial questionnaires, and credit checks and advance through tiers to achieve greater access to already earned wages at discounted fees, all while being financially educated.
Value Added Services- we have partnered with telco’s, retailers and electricity providers to give employees access to essential services and needs all within the Paymenow app. Allowing purchases in-app, in real time, our users receive cost savings. This helps employees stretch their money that much further each month.
So, there you have it. A game changer for your organisation, a solution that allows employees flexible on-demand access to their earnings. A responsible alternative to credit that is ten times cheaper than loans for employees, and three times cheaper than using a credit card.