# How to support employees amid financial strains
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-13
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: How to Improve Employee Financial Wellbeing with Payroll
Meta Description: Enhance financial wellbeing plans with accurate payroll systems and pay flexibility. Discover how Alight Solutions can streamline payroll processes for your
URL: https://financedigest.com/how-to-support-employees-amid-financial-strainshtml

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_By **Marcus Beaver,** UKI Country leader_ _at Alight Solutions_

Financial concerns are emerging to the forefront of employees’ minds, amidst spiralling energy costs, rising interest rates and UK inflation hitting its highest [level since 1981 at 11.1%.](https://news.sky.com/story/rising-energy-bills-help-tip-inflation-to-highest-level-since-1982-at-11-1-12748553) The [2022 Alight International Workforce and Wellbeing Mindset Study](https://www.alight.com/getmedia/d0e7d60f-4bb1-4007-a391-420f9e92e7b3/2022-Alight-international-workforce-and-wellbeing-mindset-study-United-Kingdom.pdf) has now uncovered that over half of employees (60%) feel their salary is not enough to cover their costs.

Despite wellbeing plans being commonplace for many companies, finances remain an often neglected aspect. The solution cannot simply be to increase salaries, which isn´t entirely realistic. When developing financial wellbeing plans, it is essential to link strategies to pay and benefits policies that help [employees regain control of their finances](https://www.financedigest.com/4-reasons-your-finance-employees-are-showing-signs-of-stress.html "4 reasons your finance employees are showing signs of stress"). Employers have several paths available to achieve this objective.

**Accurate payroll systems**

It might seem obvious, but the first [step of any financial](https://www.financedigest.com/5-steps-to-strengthening-your-online-financial-security.html "5 Steps to Strengthening Your Online Financial Security") wellbeing strategy must be ensuring that employees get paid on time, everytime. A missed payday or miscalculated [payment can result](https://www.financedigest.com/polands-bank-millennium-third-quarter-results-hit-by-payment-holidays.html "Poland’s Bank Millennium third-quarter results hit by payment holidays") in worry and broken trust. However, ensuring perfect payroll is challenging, especially if [employers have an international workforce or differing pay](https://www.financedigest.com/uk-employers-see-slight-fall-in-pay-awards-over-2023-xperthr.html "UK employers see slight fall in pay awards over 2023 – XpertHR") legislation and operational structures. Delivering multi-country payroll is no easy task.

Today’s payroll solutions, integrated with HR and [finance systems](https://www.financedigest.com/from-fragmented-systems-to-unified-cpm-unicredit-prepares-for-todays-finance-challenges.html "FROM FRAGMENTED SYSTEMS TO UNIFIED CPM – UNICREDIT PREPARES FOR TODAY’S FINANCE CHALLENGES"), can streamline payroll processes, control costs, and improve payment accuracy. Ensuring a [continuous flow of business](https://www.financedigest.com/despite-return-to-work-virtual-meetings-will-continue-to-disrupt-business-as-usual-in-finance.html "Despite Return to Work, Virtual Meetings Will Continue to Disrupt Business as Usual in Finance") intelligence between systems can automate employee bank data verification, enabling accurate, compliant, and secure payment delivery. It can also reduce the administrative burden of global bank transaction management with [reliable and fast payments across multiple currencies.](https://www.alight.com/gb/library/case-study-alight-payment-services)

Centralising [systems allows organisations to embrace automation and avoid costly payroll process](https://www.financedigest.com/solvency-ii-pushing-existing-systems-and-processes-harder-is-not-enough-for-compliance.html "Solvency II: pushing existing systems and processes harder is not enough for compliance") failure while also allowing for greater flexibility for employees.

**Pay flexibility to** [support employees](https://www.financedigest.com/73-of-employees-in-the-banking-and-financial-services-industries-are-looking-for-better-physical-and-mental-wellbeing-support-in-the-workplace.html "73% of employees in the banking and financial services industries are looking for better physical and mental wellbeing support in the workplace")

Waiting until the end of the month to [access salaries leaves many employees](https://www.financedigest.com/700000-employees-across-the-uk-have-access-to-fair-finance-will-reach-one-million-employees-in-2017.html "700,000 Employees Across The UK Have Access to Fair Finance, Will Reach One Million Employees in 2017") facing financial pressure, with the last of the week ramping up the pressure to make last month’s wage stretch. Instead, flexible pay models such as [Earned Wage Access](https://www.alight.com/gb/solutions/payroll/alight-digital-wallet)(EWA) put employees in control of when and how they access their pay.

EWA echoes the digital experiences that employees are used to as consumers, and for employers can provide an essential point of differentiation in a tough [labour market](https://www.financedigest.com/spains-labour-market-resilient-as-unemployment-drops-in-nov.html "Spain’s labour market resilient as unemployment drops in Nov"). It demonstrates employees are valued for their work, empowered, and [supported in their workplace](https://www.financedigest.com/a-sensitive-guide-to-supporting-your-female-colleagues-in-the-workplace.html "A sensitive guide to supporting your female colleagues in the workplace").

The traditional weekly or monthly [pay run does not always meet the needs of today’s](https://www.financedigest.com/how-pay-stubs-have-become-useful-today.html "How Pay Stubs Have Become Useful Today") workforce but has continued to be the dominant method of remuneration. This is mainly due to the rigidity of employers’ payroll processes, a lack of digital integration, and wariness from payroll practitioners. There are many [pervading myths surrounding the implementation of EWA](https://www.alight.com/gb/blog/engaging-the-human-side-of-payroll-with-earned-wag).

Besides the rich benefits EWA provides employees, on-demand pay solutions also [enable integrated technologies to deliver faster](https://www.financedigest.com/forescout-and-fireeye-expand-partnership-enabling-faster-response-to-cybersecurity-threats.html "FORESCOUT AND FIREEYE EXPAND PARTNERSHIP, ENABLING FASTER RESPONSE TO CYBERSECURITY THREATS") and more efficient payroll solutions. This optimisation mitigates [common mistakes](https://www.financedigest.com/5-common-mistakes-around-accounts-payable-automation.html "5 Common Mistakes Around Accounts Payable Automation") or issues that could result from human error and affect business and HR operations.

**Offering [support when times](https://www.financedigest.com/uks-sunak-to-halve-support-that-helps-businesses-pay-fuel-bills-the-times.html "UK’s Sunak to halve support that helps businesses pay fuel bills -The Times") demand it**

Alongside the practical solutions that can support flexible and faultless payroll, [employers can also support their employees](https://www.financedigest.com/why-more-companies-are-asking-new-employees-to-commence-employment-before-christmas.html "Why more companies are asking new employees to commence employment BEFORE Christmas.") with information and resources. Crucially, they should also consider how they can communicate with empathy and [understand employees’ financial](https://www.financedigest.com/10-ways-to-make-your-financial-model-easier-to-understand.html "10 Ways to Make Your Financial Model Easier to Understand") pressures.

Less than a [fifth of employees (15%)](https://www.alight.com/getmedia/d0e7d60f-4bb1-4007-a391-420f9e92e7b3/2022-Alight-international-workforce-and-wellbeing-mindset-study-United-Kingdom.pdf) say they currently receive personalised communications around financial-related benefits. This should be enough for employers to consider how they can [support access](https://www.financedigest.com/51-of-brits-support-teresa-may-and-would-grant-access-to-their-personal-communication-and-internet-browsing-history-as-part-of-the-snoopers-charter.html "51%* of Brits support Teresa May and would grant access to their personal communication and internet browsing history as part of the Snooper’s Charter ") to information and advice to better fit their staff. Whether partnering with a relevant third party, creating a [digital information hub or empowering managers](https://www.financedigest.com/managing-the-cost-of-digital-transformation-with-saas-optimisation.html "Managing the Cost of Digital Transformation with SaaS Optimisation") to signpost employees more effectively, much can be done to show workers you recognise their worries. Helping [people take control of their financial future is a powerful way](https://www.financedigest.com/5-common-ways-people-end-up-in-debt-without-realising.html "5 Common Ways People End Up In Debt Without Realising") to build trust and loyalty.

Of course, this also requires employers to truly understand their workforce. Two-way empathetic communication is essential to building a picture of your workforce, so you can tailor your [approach to financial](https://www.financedigest.com/4-key-financial-trends-as-we-approach-2021.html "4 Key Financial Trends as we Approach 2021") wellbeing to their needs.

**[Embracing](https://www.financedigest.com/why-the-time-is-right-for-finance-to-embrace-digital-change.html "Why the time is right for finance to embrace digital change") financial wellbeing**

The impacts of today’s [economic crisis](https://www.financedigest.com/new-pm-rishi-sunak-pledges-to-lead-britain-out-of-economic-crisis.html "New PM Rishi Sunak pledges to lead Britain out of economic crisis") are undeniable and being felt by us all. During tumultuous times, employers have a duty to think of their [employees and offer whatever support](https://www.financedigest.com/5-ways-to-support-your-employees-during-the-cost-of-living-crisis.html "5 ways to support your employees during the cost of living crisis ") they can. [Improving financial](https://www.financedigest.com/5-ways-to-improve-your-financial-literacy.html "5 Ways to Improve Your Financial Literacy") wellbeing programmes calls for a new and fresh approach. This can be achieved leveraging HR and payroll technologies for an efficient and cost-effective delivery. These strategies can meet the needs of employers, as well as employees, and [represent the future](https://www.financedigest.com/why-blockchain-could-represent-the-future-of-cross-border-payments.html "Why blockchain could represent the future of cross-border payments") of workplaces that put wellbeing first.


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