How flexible pay propositions can help payroll professionals retain top talent

23 June

How flexible pay propositions can help payroll professionals retain top talent

Read this People Management Insight expert report, produced in partnership with SD Worx, to find out how implementing a pay-on-demand payroll system can help your people when they most need it

With the Bank of England forecasting inflation will peak in late-2022 at a staggering 11 per cent, the cost-of-living crisis is not likely to ease up any time soon. For millions of people, this means the value of their earnings is eroded; even if they receive a pay rise it’s likely to be well below the rate of inflation, meaning a cut in real earnings. 

For employers, this poses a number of challenges, not least the potential damage that arises from having a stressed and underperforming workforce. But it also adds to the risk of staff moving on – something that’s already being seen in the post-Covid ‘Great Resignation’ – with people more likely to seek a better-paid job. 

One way in which HR can help is through payroll and more specifically through the use of pay-on-demand. This enables employees to access money they have already earned when they need it, rather than having to wait until a set pay-day. For those on lower incomes in particular, this can make a real difference, potentially avoiding the use of credit cards or, worse, payday lenders. 

SD Worx