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Is earned wage access shaping the future of payroll and financial well-being?

by | Nov 2, 2023

The latest HR on the Offensive podcast has Chris being joined by two fellow LACErs Simon Puryer and Chris Kirby to delve into the world of faster payments and earned wage access. In this podcast our in-house payroll experts discuss the evolving landscape of financial wellbeing and the role of payroll professionals in this context.   

Chris Kirby highlights the substantial growth in earned wage access and faster payments, acknowledging its rise in popularity over the last few years. However, he explains that this also comes with increased scrutiny from legislators as well. This regulatory aspect is a significant factor that will influence these pay methods utility.   

The discussion then moves on to the Code of Practice released by the CIPP, which set the standards for businesses looking to incorporate earned wage access, and the role it plays in the ever-changing landscape of financial wellbeing and payroll. The industry has progressed from early adopters to a more mainstream presence, as evidenced by CIPP’s involvement in creating guidelines. 

Does age play a role in the perception of earned wage access?

There is a tendency for younger employees to be more open to such offers. The importance of understanding employee needs and ensuring that it aligns with the organisation’s overall wellbeing strategy is also highlighted. 

Chris and Simon unpack why it’s important for both employees and organisations to understand the pros and cons of earned wage access. Organisations need to conduct employee surveys and consider the holistic impact on the organisation’s infrastructure and strategy. Listen now, if you are considering faster payments, for valuable insights into the world of faster payment. 

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