Typically, Nigerian organizations run their payroll once every month. But, as most employees will tell you, financial obligations or emergencies don't play by the same rules.
Unexpected expenses can show up at any time and quickly become a source of financial stress to employees.
Employees who are financially stressed lose focus at work.
And when employees lose their focus, the organization's productivity suffers.
This is why today, we are excited to launch a new offering to help reduce employee financial stress while boosting productivity in Nigerian organizations.
Introducing Earned Wage Access by PaidHR, which will allow employees to access a portion of their earnings before payday.
This provides employees with the financial flexibility they need to tackle emergencies without incurring debts.
PaidHR (formerly Pade HCM) is recognized as one of Africa's leading HR Tech companies, and we've committed ourselves to building solutions that simplify the world of work and improve the lives of the average African worker.
Earned Wage Access by PaidHR is the latest milestone in our journey toward achieving our mission.
Why is it important for organizations to adopt Earned Wage Access as a benefit?
Earned Wage Access, as a product and company initiative, promises strategic benefits for organizations that adopt it.
Earned Wage Access improves employee productivity in the workplace
Nobody works to their full potential when stressed about finances.
Financially stressed employees are more likely to have sleepless nights, not complete their daily tasks, and have poor relationships with their colleagues.
But when you give your employees access to their earned wages and provide them with a means to tackle emergencies as they occur, you can ease this burden and boost their overall workplace well-being and productivity.
Earned Wage Access improves employee retention
Job satisfaction is one of the first things that take a hit when employees worry about money. And this often pushes them to seek new opportunities outside your organization.
Enter Earned Wage Access as a retention strategy to solve this issue.
By allowing your employees to access a portion of their salary ahead of the designated payday, you reduce immediate financial stress and positively influence job satisfaction and retention rates.
Earned Wage Access helps organizations attract the best talent
Employees see Earned Wage Access as a symbol of financial stability and security.
70% of employees say that the availability of Earned Wage Access will increase the likelihood of them accepting a job offer.
As the competition for the best talents in Nigerian organizations continues to heat up, companies that offer Earned Wage Access as a benefit will have an edge over organizations that don't.
Nigerian organizations that want to empower their workforce can no longer overlook financial wellness and solutions like Earned Wage Access.
If your organization already uses PaidHR to run its payroll, your employees can easily get started with our Earned Wage Access solution.
First, you have to enable Earned Wage Access in your PaidHR admin dashboard. Then your employees need to download the Pade app from the Google Play Store or Apple AppStore and log in to their PaidHR account.
With the PaidHR app, they can:
- Access a portion of their earnings when they need it.
- Never worry about ridiculous interest rates.
- Download their payslips on the go.
There's more coming too.
In time, PaidHR customers will also be able to request Leave and monitor work performance via the mobile app. As mentioned earlier, this is all part of our mission to simplify work processes and increase the value created on the African continent.
Want to learn more about Earned Wage Access by PaidHR? Request a demo here.