Paynest, a financial wellness platform targeting companies that allow employees to pay their wages flexibly and improve their financial literacy, outlines three steps to adopting flexible wages in a simpler, faster and fairer way.
1. Create an Employee Response Mechanism: To request an advance on part of the salary for which he has already worked, the worker needs to submit a request to the HR team and wait for its approval, which may cause discomfort and end up not responding to the needs of the professional.
Platforms like Paynest allow a business owner to receive an order, analyze it, and act on it automatically — rejecting the order, if it doesn’t meet certain criteria, or automatically transferring the authorized amount, if it’s accepted. By integrating with payroll processing systems, it will no longer be necessary to manually make adjustments at the end of the month.
2. Setting transparent standards: It is important for companies to set clear and transparent criteria regarding these requests in order to establish a relationship of trust with their employees. These criteria can be based on several factors, such as how much the company is able to provide for this benefit, what percentage of the salary is accessible and from what moment, for example. Once identified, workers will already know, from the outset, what they can count on and avoid being disturbed by the analysis process.
3. Prepare employees for this feature: Flexible salary returns cash flow to workers, however, they must be prepared to manage this income well. Therefore, it is necessary to promote financial literacy, through the consumption of specialized content and the individual monitoring of trainers, as a complement to this feature. In this way, employees can make the most of a flexible salary.
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”