Let your workers run payroll
The way workers are rewarded is changing
- Ballooning worker debt 760,000 people took payday loans last year because they couldn’t wait for their pay.
- Millennials will represent an astounding 50% of workers by 2020 Flexible workplace benefits as well as hours, location etc. all need to be accessible from a mobile in the same way as booking a taxi, paying a bill or purchasing online.
- Mobile, mobile, mobile Everything needs to be controlled from the palm of your hand: Every element of pay including benefits, time-sheets, holidays, sickness need to be accessible as early as possible.
- Up to 50% of workers are expected to turn freelance by 2020 The workplace is being redefined and the nature of the enterprise is changing. Workers will no longer have a fixed contract or salary – expect to pay them by the day, the week or project. UK employers will have to operate PAYE by 2020 for all personal services company contractors.
- Gig economy companies are unable to pay workers daily They are stuck with 2-weekly or monthly cycles.
What problems does this mean for you?
- Replacing staff costs British businesses £4bn each year with the cost per worker exceeding £30k. Attrition rates average 20% as people switch jobs every 5-years
- Traditional outsourced back office pay and associated benefit platform costs approach £100 per employee pa
- Employees are often frustrated with payroll mistakes
Anyone responsible for pay, talent acquisition & retention will need to be aware of these and have an expense reduction plan
Educate your workers and decrease staff attrition
Workers accessing their pay, several times a month, become more engaged and financially aware, which leads to reduced attrition and a competitive edge in the war for talent. Given it costs on average £30k to replace a worker every 5-years, each percentage point improvement represents a significant saving.
We transform an administrative process into revolutionary benefit for every worker