For low-income and hourly workers, lunar pay cycles can be particularly stressful, as there can be up to eight weeks of elapsed time between when hours were worked and when payment is received.
In an uncertain economic environment, where corporate energy bills continue to rise and inflation is at its highest in thirty years, many business leaders will struggle to align employees’ financial wellbeing with genuine fiscal concerns of the business.
Yet, that doesn’t mean organisations are powerless to respond. Steve Tonks, SVP – EMEA at WorkForce Software, shares insights about Earned Wage Access (EWA). EWA provides a simple yet highly effective way to improve the employee experience, while helping workers to better manage their finances both in the short and long term.
“At a time when low-income, deskless workforces – including healthcare workers, retail staff and delivery drivers – are facing living costs that hit a 30-year high, employers have a responsibility to help break outdated pay cycles,” Tonks says.
Businesses can now leverage modern, cloud-based WFM technologies, that combine timesheet data with automated pay rules to ensure accurate and timely payments to workers that need this money sooner.
Tonks adds, “Encouragingly, research suggests that a thoughtfully implemented EWA programme can lead to a measurable improvement in employee satisfaction. Meanwhile, more than a third (38%) of employees would consider moving to a company that makes financial wellbeing a priority.”