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While research supports the benefits that financial wellness initiatives and flexible pay options have on employee productivity and retention two in three businesses are yet to make any significant moves in that direction according to a new report in this week’s newsletter.

The Future of Pay research from ADP surveyed nearly 7000 employers and employees across 13 countries to explore workers’ perceptions and attitudes towards traditional and emerging pay methods to address some of the biggest human capital management concerns.

The findings illustrate business’ hesitancy to enhance their employee financial wellbeing initiatives and to make changes to pay structures. This is despite the fact that the report also found almost all of employers admit that employee financial wellbeing impacts their business – particularly regarding employee productivity, engagement and turnover – and that close on two in three of employees say off-cycle pay options, such as the ability to choose pay frequency, would make a difference when considering a job offer.

Commenting on the findings, ADP UK’s Managing Director Jeff Phipps said: “Payment options can have important effects for workers and impact how employees manage their finances. Good companies want to support their employees by doing more to improve their financial wellness because they know that financial concerns can impact engagement and other health factors”.

This research covers off some interesting issues and challenges – ones that will be examined in detail at our forthcoming 2020 Employee Wellbeing Conference next Spring on March 12. A date for your diaries to be sure.

 

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