67% of employees would prefer to have access to their salary in real time without waiting for the end of the month
More than two-thirds of Spanish employees, 67%, consider that the current remuneration model does not adapt to the characteristics of the modern labor market and would prefer to be able to have the salary already generated instead of receiving it in full at the end of the month. This is one of the main conclusions of the study New Compensation Models: Real-Time Salary, recently carried out by Wagestream, a financial health platform that, via an application, allows employees to see their salary worked to date. and whether they wish to receive in their bank accounts instantly.
One of the main benefits of this new form of fundraising is financial peace of mind and a positive impact on mental health. Indeed, 71% of participants consider that having the possibility of accessing their salary in real time would improve both aspects and 72% added that it would increase their commitment to the company and strengthen their intention to stay there in the company. duration.
Financial stress, another consequence of the pandemic
In addition to the effects on health and on the social level, the crisis derived from Covid-19 causes in many citizens what is called stress, anxiety or financial pressure in the face of an economic situation full of uncertainties or in consequence of economic difficulties. According to study data, 60% of Spanish employees have experienced this sensation in recent months and 74% say that having financial liquidity influences their mental health.
One of the aspects that negatively impact financial stress is unforeseen expenses that require additional investments, such as repairs or replacements of essential products. Up to 42% of study participants admit that they were sometimes forced to resort to credits or loans from family or friends to meet these types of expenses, although only 21% chose request a payday advance from your business. However, if they were in need, respondents would go to family or friends first (67%), followed by their business (17%) and credit companies (15%).
Benefits to the business beyond traditional benefits
Benefits are one of the increasingly important aspects of employee compensation, so much so that 70% of respondents indicate that this will be one of the aspects they value when accepting a new job. job offer. Despite this, half of the participants (50%) say that their company does not currently offer them.
If we analyze the three social benefits most appreciated by employees, the ranking would look like this: health insurance comes first (87%), followed by restaurant vouchers (61%) and real-time salary ( 55%).
“In the context of economic uncertainty that we are experiencing due to the Covid-19 crisis, employees very positively appreciate that their companies are helping them achieve greater financial security. In this sense, the real-time salary is a simple and fast formula to provide them with greater liquidity and which adapts perfectly to the new needs for flexibility demanded by the labor market ”, underlines Hugo Olaizola, Managing Director of Wagestream in Spain.
The Wagestream study also shows that the concept of real-time salary is not yet very widespread in Spain, so much so that only 10% of participants know it well, 15% have heard it, but do not know exactly how what it consists of. . and up to 74% had never heard of it.