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The Challenges You Might Be Experiencing
“We want to support employees with poor financial resilience” – 2 in 5 of us has less than £100 left to spend at the end of the month. (Money Advice Service). Over two fifths (43%) of respondents use an overdraft to cover costs in the week before payday.
“We are experiencing potential loss in revenue” – For every £1 million an organisation spends on payroll, there is an estimated 4% loss in productivity due to poor employee financial wellbeing (Barclays)
“We want to improve employee performance” – 34% of employees say they have missed work because of financial constraints (fastP.A.Y.E). 2.4 million employees throughout the private sector experienced a fall in productivity over the last three years due to financial concerns. (Ageon)
“We have a decline in employees’ productivity” – One in four people performs poorly at work due to money worries (CIPD)
“We experience high staff turnover” – 40% of employees said that they would move to a company that put their financial wellbeing as a priority (Metlife)
“We would like to improve our employees financial education” – 24% of UK adults have little or no confidence in managing their money (FCA’s Financial Lives survey)
“Our employees are experiencing financial stress” – 45% of employees stated that money worries are the number 1 cause of stress. (Ciphr)
Implementation
fastP.A.Y.E gives you vast flexibility to choose the most appropriate use case for YOUR BUSINESS and the one that fits with the challenges YOU want to address.
The fastP.A.Y.E implementation team will work closely with you through every step of the journey.
Launch fastP.A.Y.E within your business in just 3 weeks.
The wide range of benefits you can receive by using fastP.A.Y.E
Improve your recruitment pool: 60% of employees would favour you as a prospective employer if an EWA app like fastP.A.Y.E was part of a new job offer.
Improve your retention: Employers offering Earned Wage Access apps like fastP.A.Y.E report a 41% reduction in staff turnover.
Increase productivity and fill in extra shifts: Employers that use fastP.A.Y.E have increased uptake in overtime from their employees by up to 4.5 times.
Improve financial wellbeing and reduce financial stress: Users of fastP.A.Y.E are able to cover unexpected bills when they arise or if they fall short at the end of the month and avoid getting into short term debt.
Modern-day employers: Employers using fastP.A.Y.E can meet the demands of the modern workforce, their changing habits and the need for more flexibility.
Enhance your business operations and boost employee satisfaction with fastP.A.Y.E
Book a free demo now with one of our Product Experts. Let us show you how your business can benefit from fastP.A.Y.E.
fastP.A.Y.E is a socially responsible way for your employees to access their already earned wages before payday.
You keep control of when and how much your employees can access while removing the need for expensive short-term credit.
Our solution is designed for the modern workforce. Flexible wage access helps employees better manage their finances and will mark you out as a highly progressive employer.
fastP.A.Y.E is authorised and regulated by the Financial Conduct Authority