One of the most important lessons of recent years has been the power of flexibility.

Organisations that were able to adapt quickly have thrived during the pandemic, and employees are increasingly valuing workplaces that offer flexible work practices.

With the pace of change continuing to increase, HR leaders have a responsibility to keep their workplaces responsive to the wants and needs of their employees, current and future.

Not only has the battle for talent intensified, its scope has also broadened, with employers now also competing on new fronts.

This means your organisation’s health depends on HR being proactive in responding to new trends. It’s not enough to act on developments felt solely in the traditional workplace, or to think the way that things have been done before will be fine for the future. Employees are demanding more flexibility from their employers, and that includes how they are paid.

The relationship between financial stress and mental health

To get the most out of their workforce, HR leaders need to take their employees’ mental health seriously. 

Since the pandemic dramatically altered the (working and non-working) lives of many people, increasing attention is being paid to mental health and wellbeing.

What is too often missing from these conversations is discussion of how intertwined financial health is with our physical and mental health. 

One recent study found that more than two in five employees experience burnout or exhaustion at work. 

Another study found that almost two thirds of adults said their mental health has been impacted by concerns about finances. 

Financial stress and work-related uncertainty have been exacerbated by the disruptions of the past few years – and yet action on this key facet of mental health remains sluggish.

One of the many impacts of financial stress is decreased concentration and productivity at work – when an employee is stressing about their finances, their work is often the last thing on their mind. 

Poor performance can further increase stress levels, perpetuating a vicious cycle as financial stress compounds productivity loss, and vice versa. In some cases, severe financial stress can lead to serious mental health issues such as depression and anxiety.

Early access to wages is a possible solution to financial stress

Earned wage access (EWA) is a simple but effective tool that boasts profound benefits for employers and employees. Gone are the days of employees living paycheck to paycheck: with EWA, employees have increasingly flexible access to their earned wages. 

The value of EWA is simple: employees can visualise, track and draw down on their earned but unpaid wages at any time. 

That means when an expected expense arrives, an employee can access a portion of their earned wages to cover the shortfall and avoid the stress of not being able to pay or being forced to take out a loan.

EWA is easy to implement and doesn’t cost your organisation a cent. Not only does EWA help to improve employee retention and productivity, it’s a fantastic way of boosting your value proposition to potential candidates. To empower your employees and attract the best new talent to your organisation, take advantage of Paytime‘s Earned Wage Access program. Contact us today to arrange a free consultation.

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