The latest employee payment models offer the chance to redress the balance between labor and pay and make a meaningful change to financial wellbeing.
EY’s research finds three in four people with financial difficulties suffer material health deteriorations. A further 70% of UK and US individuals regularly experience financial stress. But this outdated model of employee pay is also having a spiralling effect on businesses. One fifth of staff turnover is attributed to financial stress, not to mention how poor wellbeing manifests as distraction, absenteeism and poor performance. Aegon research estimated absenteeism and presenteeism due to poor financial wellbeing could be costing as much as £1.56bn a year.
To discover more on this topic, and the broader landscape of the future of payments, download our special report published by the Sunday Times.
