The onset of COVID-19 has changed many areas of our lives. Whether that’s dining out, watching a movie or socialising with our family and friends, the influence of COVID-19 on our behaviour will remain for a long time, if not forever. If there had to be a silver lining to what is an otherwise disastrous event, it would be the acceleration of structural, technological shifts and flexible working cultures. From an office-based organisational perspective, hiring and onboarding have shifted online, as has regular team meetings enabled by booming video conferencing tools. The workplace itself has shifted to our bedrooms or home offices.
The implications for frontline workplaces has been even more severe, with the work processes of the healthcare, recreation and hospitality industries continually shifting and moving with abrupt changes in regulations, health advice and case-frequencies. The rapidly changing nature of these occupations highlights the need for all of us to increasingly embrace flexibility and agile adaptability as criteria to promote employee trust, engagement and productivity in a post-COVID world.
Flexible Work Has Benefits for All Stakeholders
Nearly one-third of Australian workers have been working from home since the onset of COVID, a number many multiples of what we thought was possible prior. We also believe it’s here to stay, with the University of Sydney finding that 75% of workers think that employers will support future work from home plans. The benefits are numerous, with the regular commute and noisy offices being replaced by comfortable home offices, promoting productivity.
Technology has enabled a seamless transition for many organisations, particularly in tech-savvy office-based industries, such as finance & insurance. These flexible work policies are popular and will continue as they save employees time, reducing their stress and preventing burnout. This, in turn, improves the employee experience, improves productivity and encourages more time working (& less time travelling).
A perhaps even more pertinent benefit is that flexible working reduces the number of employees in the office. Not only does this help with social distancing, but it also reduces the need for expensive office space. Employees also have a life outside of work. Employers that trust their workforce to balance their responsibilities are reaping the rewards. Those with children or other family members to support are able to keep them close throughout the day, earning trust and loyalty to their employer.
Flexible Pay Via Earned Wage Access is Another Part of the Equation
Earned Wage Access (EWA) is rapidly increasing in popularity as both employers and employees embrace modern solutions for age-old problems. One critical problem many employees face is the wait until next payday. With over six million Australians living paycheck to paycheck, it is easy to see how financial worries can impact so many of us, so quickly.
This issue is exacerbated by COVID-19, as many of us are concerned about ensuring the safety and wellbeing of ourselves, friends and close family. While the worst is probably over, the financial shock and operating uncertainty highlight the inability for many of us to effectively deal with unexpected expenses. Loaded with debt, Australians are struggling to meet the requirements of true financial wellbeing. With a reliance on the next payday, it’s almost impossible to develop a feeling of financial control. You’re at the mercy of your next paycheck.
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 draw down on their earned (but unpaid) wages, whenever they like, for a small charge less than the cost of a cup of coffee. When an unexpected expense bill arrives, instead of stressing and eventually having to turn to credit or a dangerous payday loan or even going overdrawn on their bank account, they can instead access a portion of their earned wages to cover any shortfall.
Paytime’s EWA app provides an easy-to-implement solution that your organisation can offer to your employees. The Paytime app conveniently ties into your payroll system and simply subtracts any early access from your respective employee’s next payslip – it’s no extra effort for your payroll team.
Providing employees with an EWA solution is a great way to help Australians achieve the financial wellbeing they deserve while also contributing to the corporate’s bottom line. If your company wants to empower your employees and improve their financial wellbeing and workplace performance by enabling flexible on-demand access to their earned wages, contact Paytime today to arrange a free consultation.