Back in March 2020, everyone from school children to CEOs found themselves in a totally new environment. Spare rooms became home offices. Kitchen tables were transformed into classrooms. And people’s financial security – already strained in many cases – was thrown into turmoil.
It wasn’t just that household expenses suddenly rocketed, with 86% of parents on benefits alone The coronavirus pandemic has – and will continue to create – months of economic inactivity. At a time when UK employees have suffered a huge drop in earnings as a result of reduced hours or furlough, they desperately need liquidity in order to get back on their feet. So, what’s the answer?
From rigid systems towards financial freedom
Tough times call for flexibility. But it’s the one thing that the rigid monthly pay cycle just doesn’t allow. Not only does it hinder people, particularly those on lower incomes, from being able to meet everyday costs such as getting to work. But, in addition, the stress caused by eking out already-stretched finances to the end of the month has a massive impact on Now, more than ever, UK workers need a flexible pay system that equips them to adapt to the economic uncertainty of the months – and possibly years – to come.
Hastee – the flexible way forward
With Hastee’s earnings on demand benefit, staff get just that: financial flexibility and the chance to choose how regularly they’re paid. Our easy-to-use app allows them to access a portion of their pay when they’ve earned it, releasing much-needed liquidity so they can continue to manage the cost of living. And it benefits employers, too. As well as being free and simple to implement, it offers support. By looking after its people’s financial wellbeing, an organisation gives its staff greater financial stability and saves them from having to turn to high-interest credit and risky payday loans.
Adopting a flexible pay benefit like Hastee’s earnings on demand can also:
- Increase staff productivity and decrease absenteeism, vital for UK businesses – especially those in the hospitality and services sector – as they look towards recovery
- Enhance a company’s chances of retaining its staff – crucial if the UK is hit by the expected recession this summer
- Promote greater financial wellbeing and mental health – an often hidden aspect of financial stress.