Paytime, a tech platform that plugs into payroll software allowing employees to access a portion of their earned pay before payday, has seen more than 2000 Australians sign its Paytition in the past month.
The company say the spiralling cost of living, inflation rising, and interest rates increasing each month have contributed to thousands of working Australians wanting control over when they’re paid.
Paytime says McGrath Estate Agents, Supabarn Supermarkets, and Aspen Pharmacare are among several Australian companies allowing their staff to access their money after they have earned it, but before a set payday.
In the US and UK, Paytime says this is already a commonplace offering with Uber, McDonalds, KFC, Target, Foot Locker, Hilton Hotels, Paypal and Pizza Hut amongst the companies which have this in place for their staff.
Paytime CEO Steven Furman says with current labour shortages, many companies are looking at this as a way of attracting and retaining staff.
“Now that people have flexible work they are demanding flexible pay too,” he says.
“We’re seeing Australian families under greater financial pressures more than ever as household budgets are stretched and people are under financial stress. They’re telling us a big part of that stress is unexpected (eg: medical bill) or unbudgeted expenses (eg: Rego) that come up that they haven’t budgeted for.”
Furman says that if somebody runs into an unexpected expense, their only solution is a credit card, buy now, pay later or a payday loan, and those options all put people into debt.
Paytime’s software plugs into an employer’s existing payroll, and by using an app, staff can access up to 70% of their earned wages on demand. They can only access a portion of what they’ve already earned so there’s nothing to pay back – it’s not a loan.
To learn how you could adopt this modern HR solution and make employee wellbeing your employer value proposition, visit Paytime.