Pay-on-demand company, FlexWin has partnered with the leader in payroll technology, Sage, to deliver a new Access to earned wages service to UK businesses using Sage Payroll software, supporting the responsible financial well-being of employees. Available now through Sage Business Cloud Marketplace, the app allows employees to withdraw a portion of their salary before their regular salary payment date, helping them budget more easily and with less stress.
FlexEarn works with Sage 50cloud payroll software without any modification to an employer’s payroll process and at no cost to employers. Employees pay a small flat fee per withdrawal (typically £ 1.50), although some employers may choose to fund this on their own.
Employees benefit from better financial well-being, while employers can benefit from improved productivity and a healthier and happier workforce overall: three-quarters (77% ) of employees say money worries affect them at work, and employers report losing 2.5 days per employee through absences due to financial stress. Staff turnover can also be affected; The EY Employee Financial Well-Being Survey calculated that 20 percent of employee turnover is due to financial stress.
FlexEarn’s solution is built with state-of-the-art technology and offers compliance and peace of mind recognized by its ISO certification
Jonathan David, Founder and CEO of FlexEarn, said: “In Sage we have found a great partner, an organization that is gaining a foothold in payroll across the country. Over 40% of UK private sector companies trust Sage payroll software. , paying more than 25% of UK employees. FlexEarn’s solution is built with state-of-the-art technology and offers compliance and peace of mind recognized by its ISO certification. Since FlexEarn is so easy to set up and manage for employers, this deal should help grow our business while giving Sage another chord to their payroll.
Sage says its partnership with FlexEarn reflects a key element of the company’s ambition to tackle societal and economic inequalities with the support of technology. Mai-Po Wan, Product Director for Sage HR and Payroll, Sage Group, said: “Our partnership with FlexEarn enables employers to support the financial well-being of their employees, giving them access to their pay when they need it. , helping them manage their finances with less stress. It’s a great example of how businesses across the country can use technology to improve the health and well-being of employees.
In April, research by the debt charity StepChange found that more than 14 million people had experienced a drop in their income, which had affected their ability to pay essential costs since March 2020, due to the pandemic. 11 million people affected said they still struggled to meet these costs. Research highlights how the pandemic has exhausted coping strategies and eroded financial resilience, increasing the likelihood of people going into trouble.
Jonathan David said: “A financial health crisis is plaguing the UK workforce. Access to earned wages The programs can enable people to access their income earlier and help them navigate the cycle of debt, avoiding the need for expensive alternatives such as high-cost payday loan options. FlexEarn can help them avoid debt by making it easier for workers to access their income at more frequent intervals. We are now able to implement our leading financial wellness solutions across the UK, providing employees with access to the most comprehensive set of tools and resources to help avoid stress financial. Since it’s free for employers, and setting up FlexEarn takes very little time and effort – we offer a bespoke service and work with businesses throughout the setup, helping them improve the efficiency of the payroll process as you go – this should be in the employers’ interests too. “