TECHNOLOGY
“On-demand pay can contribute to heightened productivity within the workforce and serve as a competitive edge for the organisation”
signals a growing trend among employers around finding new and innovative ways to support employee well-being. As on- demand pay continues to gain traction, it’s essential for business leaders to recognise its broader implication in the workplace. Embracing these solutions, along with financial wellness programmes, reflects a growing emphasis on supporting holistic employee wellness and acknowledges the interconnected nature of financial health and mental well-being. By taking a proactive and comprehensive approach to employee financial wellness, organisations can cultivate a workforce that’s financially stable, engaged and productive – benefitting both individuals and the company as a whole. Employers who prioritise financial wellness and adapt their offerings to meet employees’ changing needs will be better positioned to attract and retain top talent, promote a positive organisational culture and drive sustainable growth. The role of payroll professionals Payroll professionals act as a crucial link between leadership and employees, meaning it’s essential they remain up to date with the latest industry trends and innovations, particularly in areas like on-
demand pay and financial wellness. Being knowledgeable and proactive allows payroll professionals to educate employees on the advantages of these solutions and empower them to make informed financial decisions. Furthermore, they can help business leaders understand the importance of promoting financial wellness and its positive impact throughout the organisation. As the interest in on-demand pay and financial wellness programmes continues to grow, payroll professionals have a unique opportunity to help shape the future of financial wellness in the workplace. By remaining up to date with industry advancements and encouraging their adoption, they can make a lasting difference in the lives of employees and help contribute to the success of their organisation. The path forward The emergence of on-demand pay solutions and the growing focus on employee financial
wellness reflects a significant shift in how employers address and support the holistic well-being of their people. As technology progresses, we can expect on-demand pay solutions and other workplace innovations to become even more accessible, offering employers additional opportunities to support their employees' well-being. Adopting these opportunities and nurturing a culture of financial and holistic wellness will ultimately contribute to any organisation's success and growth. Payroll professionals play a key role in this transformation, acting as a bridge between employees and employers. By keeping up with the latest trends and actively promoting financial wellness, they can help maximise the impact of these solutions on both individual employees and the organisation as a whole. In doing so, they’ll not only improve employee well- being but also strengthen the foundation for long-term, sustainable success. n
Don’t wait until it’s too late
Payroll Assurance Scheme Can you afford penalties of up to £10,000* per day for non-compliance? Make sure your people and processes are working, and get ahead of any nonconformities before they become a problem.
Visit cipp.org.uk/PAS to see how we can prepare you
Scan to book
* Correct at time of publication
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| Professional in Payroll, Pensions and Reward |
Issue 91 | June 2023
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