The financial struggle to manage from payday to payday is demonstrating a parallel rise with people accessing payday loans, personal credit, and buy-now-pay-later facilities, with 55% of Australians unable to afford a $1,000 emergency cost or purchase mid-payroll run. These offerings are great if used correctly, and have a valid place in the financial market, but they also expose those who are already struggling to even worse financial woes.
There is a clear opportunity for retail employers to offer a meaningful, and impactful benefit to their employees, offset further risk, and increase their employee value proposition, all while adding credibility to their brand.
Through advancements in technology, employees can take control of their finances and reduce associated stress, while the employer has the advantage of putting forward an extremely compelling reason for people to want to be part of their brand.
Real-Time Remuneration (RTR) platforms, such as CashD, allow workers to control their cash flow, and avoid the uncertainty associated with risky lending options. It’s also something workers want, with an independent survey across multiple industries, including retail, indicating that a staggering 81% of workers would like access to their earned wages before the end of their pay cycle.
Further research suggests that offering RTR access through the business will have a visible impact on the business, as it can speed up recruitment by 27%, and improve staff retention by 19%. It’s a sustainable initiative that enables buy-in from both ends of the business.
RTR platforms, including CashD, integrate seamlessly, and securely, into your existing HR and payroll systems with little or no effect on the business’ cash flow.
With the retail job vacancy rate on the rise, addressing employees’ financial wellbeing can set you apart from your competitors, enabling a sustainable and valued benefit for your employees, and make your business an employer of choice now and moving ahead as the industry regains further traction. It’s a win-win multifaceted solution for your retail business, and your workforce.