Leading human resource and payroll software and services provider Ascender has announced partnership with “flexible pay provider” Earnd to offer Australian businesses and employees the benefits of accessing wages as they are earned.
More than 700,000 Australian employees are already paid through Ascender’s payroll platform. The new Earnd functionality can help avoid financial stresses, potentially including predatory payday loans or relying on credit, by allowing staff to draw down on their own wages.
The system even allows a person to set their own pay date, perhaps to better line up getting paid with major outgoings, such as rent.
Research shows 2.44 million Australians live pay check to pay check or struggle to cope with unexpected costs. Figures from AMP estimate the cost of employee financial stress on Australian businesses to exceed A$31 billion annually.
Financial wellness is increasingly being recognised as playing an integral role in employee productivity and engagement, affecting the bottom line.
Staff inflexibility can also cost businesses, particularly during busy periods of the year. The Earnd pay arrangements may benefit employers by facilitating contract staff at key times.
“Employees and contractors are expecting more flexibility in all aspects of their work, whether it be flexibility in roles, hours, location or how they are paid,” suggests Ascender CEO Andrew Wilson.
“This new partnership will give employees the flexibility to draw on a portion of their wages whenever they need to.”
In the future Ascender plans to expand the offering to its client base of more than 1.3 million employees throughout the APAC region.
For more information visit www.ascenderhcm.com.
