Human resources (HR) has always been one of the most adaptive areas of an organisation. People are dynamic, and change occurs at a pace that accounting could only imagine. Compounding this, of course, are the events of the past year which have drastically altered the future. As an HR leader, the need to reassess every area of what you (and your staff) do is integral to the health of the organisation.
Lines have also blurred between work and home life more than ever, so it’s not enough to simply think about and act on the implications felt in the workplace. After all, for many of us, the workplace is now our home. The so-called ‘battle for talent’ has not averted; it has merely changed landscapes. Employees are demanding more flexibility from their employers, including how they are paid.
Mental health and minimising workplace stress is essential
As a result of the rapid changes experienced in the workplace and in everyday life, employees are increasingly experiencing financial stress and the accompanying impacts of uncertainty. A recent review found that over 40% of employees feel burnt out or exhausted from their work. More concerning is perhaps that an almost similar percentage have done nothing to cope with this workplace stress. Therefore, it’s an issue that employers need to take increasingly seriously if they want to get the most out of their workforce.
Our financial, physical and mental health are more interlinked than most of us realise. Studies have found that over 60% of those over eighteen have felt an impact on their mental health due to monetary concerns at some point in their life. The worries caused by financial stress are difficult to escape, playing on our minds throughout the day. With financial worries taking up vital mental capacity, it’s often difficult to concentrate and be productive at work. Poor performance at work may put further pressure on a person’s finances as they get fewer shifts, take more time off and miss promotions (or worse, are let go). Worse still, severe financial stress can lead to much more severe mental health issues, such as anxiety and depression.
Incorporate Earned Wage Access into your strategy
The issues presented by workplace stress, financial concerns and the associated mental and physical health impacts are not easily solved. However, as an HR leader, it’s within your power to influence your staff’s wellbeing. Easy-to-implement tools, such as Earned Wage Access (EWA), have profound benefits for both the organisation and its employees. EWA addresses the need for employees to have increasingly flexible access to their earned wages. Staff living paycheck to paycheck are reliant on their next payday. EWA reduces this reliance by allowing employees to visualise, track and drawdown on their earned (but unpaid) wages, whenever they like. When an unexpected bill or expense arrives, instead of stressing and eventually having to turn to credit or a dangerous payday loan, they can instead access a portion of their earned wages to cover any shortfall.
EWA is simple to complement and doesn’t cost your organisation any money – unless you choose to subsidise the small fee on behalf of your employees as part of your benefits program. It helps to improve employee retention, productivity and is a fantastic bonus to lure attractive new talent. As a forward-thinking HR professional, it’s clear that EWA ticks all the boxes. If your company wants to empower your employees and attract quality new talent by providing Earned Wage Access, contact Paytime today to arrange a free consultation.