Employers are continually expected to take a keen interest in providing workplace perks. This helps businesses prosper by attracting, retaining and motivating talent. Remote working schemes and free food and drink are popular workplace benefits, but are these sufficient to please the younger generations? Employers must fulfil their duty of care, but with millennials and now centennials known to desire workplace initiatives that are flexible, transparent, fast and mobile, employers could find their responsibilities extend to protecting staff employee wellbeing outside work.
The implementation of carefully-formulated wellbeing strategies in UK workplaces was recently reported to have grown by 20 percent within the past year, according to REBA’s 2017 Employee Wellbeing Research, and that trend looks likely to grow.
But why should employers care, and how far should the duty of care extend? Some might argue that providing paid employment with fair workplace policies and a comfortable working environment should be enough to keep workforces satisfied.
By extending their duty of care to cover the financial wellbeing of the workforce, employers can increase their appeal to new talent, retain existing personnel and ensure the best possible engagement from their workforce. Research from debt charity Step Change shows that financial troubles have a significant impact on mental health with 5,000 users of the charity’s online debt counselling service over one year showing signs of anxiety or depression.
With experts at Manpower Group predicting that by 2020 millennials (now aged 21-35) and Gen Z (aged 20 and younger) will make up more than half of the entire workforce, the financial wellbeing of employees has never been a more important factor.
These studies show that yes, now is the time to disrupt the way people are paid. While monthly payroll works for the employer, it doesn’t always serve the worker. Beyond the demanding expectations and requirement for instant gratification within younger generations, employers must acknowledge the financial burdens that can so quickly intensify, even for the steady earners.
Removing the struggle of individuals waiting long periods for pay that they have already earned no longer has to rely on businesses changing their payroll cycles and risking cashflow dilemmas. With Hastee Pay’s solution, businesses can embrace giving workers instant access to the wages that they have already earned with zero impact on companies’ cashflow.