On-demand pay is set to transform the way businesses attract, retain and engage talent. Are you ready?
Today’s employees expect to be treated like consumers in the workplace. This isn’t a revolutionary concept yet the way to successfully enable this without blurring the line between personal and professional, is still the subject of debate amongst HR leaders.
Now, for payroll at least, there is a way for businesses to replicate the great online experience and sense of empowerment enjoyed by consumers: by giving employees full control over their pay and benefits.
How is this you ask?
Through paiyroll® – the cloud-based HR, pay and benefits technology solution that we’re excited to be one of the first in the UK to experience.
Why on-demand pay?
We live in an on-demand world where, rightly or wrongly, consumers are used to getting what they want, when they want and however they want it. With pay on-demand, workers can access their earned pay, at any time, 24×7, without waiting for a fixed payday.
Allowing workers to access pay-on-demand means that they are twice as likely to apply for a job and half as likely to leave – figures every employer would love to see.
For businesses, this not only allows them to reduce payroll costs but helps to attain that all important 100% accuracy – engaging workers with visibility of their pay from day one and enabling errors to be caught early.
“By automating traditional manual processes, employers can reduce internal effort by 75% and external costs by 50%.”
According to Mark Paraskeva, CEO and founder of Paiyroll, we are in the midst of three key ‘mega-trends’, which have profoundly changed every aspect of our lives:
- Cloud (Mobile/SaaS/Online). Every industry has re-invented itself in terms of a cloud platform app.
- On-demand economy. We live in an on-demand world, where consumers can get what they want, when they want and how they want it.
- Robotic Process Automation. Automation is everywhere.
These trends however, have not so far been realised by the payroll sector: something that Paraskeva set out to change when he created Paiyroll:
“I realised that almost every payroll still ran on desktop, or even mainframe computers. I was struck how pay and benefits, for the most part, had been entirely missed by these mega-trends, and was firmly stuck as a manual process in the last millennium.”
His idea was quite literally to reimagine payroll in terms of the three megatrends above:
- Why not take payroll out of the back-office and onto the workers mobile?
- Why not give workers pay on-demand?
- Why not automate a manual industry with Robotic Payroll Automation (RPA)?
People are critical to the success of a business
We don’t need to tell you that people are the most important asset in a business. Attracting, retaining and engaging talent is therefore critical to the success and creation of shareholder value.
Enabling the ‘consumer experience’ at every HR work related touchpoint will go a long way toward achieving this.
Workers can get visibility and control of every aspect of their pay and benefits – from using a live payslip on their mobile to check their pay, to buying / selling holiday as simply as making an on-line purchase.
There is no other way to deliver this level of experience other than through HR technology.
Implementing new HR technology
In spite of all the obvious benefits, we know that implementing new technology can be a struggle. After all, that’s one of the main reasons why Silver Cloud exists! Current teams are generally sized to run existing systems and processes, with not a lot of wriggle-room for implementing new HR technology.
Thankfully, there are ways in which to overcome this:
Step 1: Choose a partner
Identify a partner who can truly assist in addressing this issue. A partner that not only provides the new HR technology but has software and expertise that can lead the transformation of old data and old processes for you. It’s not only the shiny new tech, but its software that can migrate from the old to the new that is just as important.
Step 2: Include a phased roll-out
Often, there is no need to switch everyone over on day one. This allows the organisation to establish best practices prior to full successful deployment.
Step 3: Select a mobile-first approach
Choosing a mobile-first cloud technology approach, which can also provide real-time analytics, will ease adoption with workers and key stakeholders like management and finance.
The end of the monthly pay cycle
Today’s workers demand a different experience, and smart employers are responding. By deploying cloud, on-demand and RPA technology, employers can lower their cost base, attract talent and improve retention while delivering on the expectations of their workers.
And for payroll managers? You can wave goodbye to the stress and anxiety that is so synonymous with the monthly pay run and turn your skills to more strategic, satisfying roles that will have you looking forward to the end of the month, not dreading it.
We’ll be sharing much more information about on-demand-pay and its practicalities over the coming weeks, so keep an eye on our newsletter for updates!
If you’d like to hear more about our experiences of Paiyroll, or would like to discuss whether it is the right payroll option for your business, get in touch – we’d love to hear from you.