FINANCIAL WELLNESS
Flexiwage, is a payroll software tool
that employers can use to help employees manage how and when they are paid. Anthony Cronin, CEO, says the product is particularly aimed at the 18 to 35 age group. “We have two products – employee
financial training and software for enabling employees to access their pay weekly or fortnightly rather than being paid at the end of each month,” he says. “We saw that as companies moved
from weekly and fortnightly pay to monthly cycles, younger members of staff were struggling to make their pay last. Retentions rate were dropping and employees would start to go off sick or absent in the third week after being paid. People were finding it difficult to manage their money and it was affecting their attendance and performance at work.” The software allows employees to
determine their own pay frequency. So for example, instead of taking the full amount of pay, they can take 50% to cover two weeks, and then the remainder for
the last half of the month, without the cost to employer of having to make 52 payrolls in a year. The company also provides financial
education, either by training HR staff or delivering it directly. “It’s about basic budgeting. Many employees are in debt – and have credit cards and loans. Millennials have grown up in a society where money is freely available, and they can access cash even when they haven’t earned it.” Another offering is Neyber, a
programme of financial wellbeing which includes an online education hub with articles, podcasts and tools to help employees build their financial knowledge. “We also provide a range of education
through other mediums including online webinars,” says Heidi Allan, head of employee wellbeing at Neyber. “More than half (55%) of employees we surveyed would like help and support in respect of their financial health (this rises to more than 7 in 10 for those aged under 34).”
For those that need help to take
control of their regular or future finances, Neyber offers loans and savings products through salary deduction. “We
are finding that a lot of
organisations are now looking at financial health as part of their strategic agenda which is really encouraging,” she says. “Having an engaged and productive workforce is business critical regardless of industry.” For some industries however, this can
also be crucial for health and safety - those who drive or operate machinery, physical roles, emergency services and those who deal with client money to name a few. A lack of concentration at work can have serious consequences for individuals and the wider community.
Keep up-to-date with latest developments across employee benefits and financial support by visiting
relocateglobal.com
38 | Relocate | January 2019
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