Katherine Taylor’s Post

Earned Wage Access is the concept of giving employees early access to the wages they’ve already earned for a certain time period. Proponents say it can help cash-strapped employees make ends meet until payday. However, some HR pros think it’s best to pump the brakes on this perk.

Interesting article about the benefits of early wage access for employees, and also for employers as a retention tool. In this climate of increasing inflation and employees working paycheck-to-paycheck, seems like more and more employers are considering providing this as an option to their staff. https://shorturl.at/4JcqD #earlywageaccess #employeebenefits #benefits

As you are probably aware, from April 2024, the National Minimum Wage will receive a significant increase, benefitting workers and impacting businesses and the economy positively. For an employer, making these changes may be a large task - ensuring your payroll systems are updated, your workforce are informed of the changes, and your budgets have been adjusted. Are you prepared for these changes? Tate has put together a comprehensive guide to help navigate the new adjustments, proving essential information and strategic advice for employers. Please feel free to get in contact for you free guide.

"Faster wage solutions provide the flexibility workers crave, leading to a more engaged and loyal workforce and helping to reduce overhead recruitment and training costs for businesses." Discover more about how we've joined forces with Rain and the power of faster wage access solutions for employers and employees ▶️ https://bit.ly/3vYyiN4

📣 Important Update for Employers: Changes to Superannuation, National Minimum Wage, and Modern Awards from 1 July 2024 📣 Superannuation Increase – The Superannuation Guarantee (SG) rate will rise from 11% to 11.5%, effective 01 July 2024. National Minimum Wage and Modern Awards – The Fair Work Commission has announced an increase to the National Minimum Wage and minimum wages in all modern awards by 3.75%. These changes may affect various industries differently, so it's essential to check the specific awards relevant to your business. These increases will take effect from the first full pay period commencing on or after 1 July 2024. As an employer, it’s your responsibility to ensure your business is up-to-date and informed. These are key compliance matters that could have ramifications and may result in penalties if you are not on top of these changes. We are here to assist you through these transitions. For any questions or additional support to help navigate these updates, please contact our team on 1300 1 OUR HR. #OurHRTeam #HRConsultancy #Brisbane #SuperannuationIncrease #MinimumWage #ModernAwards #BusinessUpdate #Payroll #EmployeeWages #FairWork #Compliance #OurHRSupport

Following on from my previous post regarding the changes to the national minimum wage; now, for the first time, 21/22yr olds have been included in the top band. It used to be 25 and over, then it dropped to 23 and over, but this year it includes 21 & 22yr olds. Not only is this good news for them, it also reflects the change to our society. How younger people are taking on more and more financial responsibilities and needing to support themselves and others. As an employer, please be mindful of birthdays which would move any of your employees into this new pay bracket - ensure your payroll department have some form of system to flag this up. There have already been 500 businesses recenty 'named and shamed' for underpaying the minimum living wage - you really don't want to attract that sort of publicity. Sometimes, it is a true oversight, a pure clerical error, where you may be asking employees to come in before a shift to change into their uniform and you don't pay them for this time - so please be mindful of requests and what is paid and what is not. If you request an employee is to come into the workplace 10 minutes before their shift in order to change into their workwear, it is paid time; if an employee turns up 10 minutes before their shift to have a coffee and a chat with their colleagues, this is unpaid time - even if they have clocked in!

The costs of earned wage access (EWA) When it comes to EWA, apps facilitate the payment of wages at the end of each shift and the service is marketed to both employers and employees as a way to give someone more control over their personal finances. There are a number of EWA and daily pay service providers and the fee structures vary. With some, the costs are largely borne by the employer. This could lead to a reduction in other benefits as employers consider how many benefits in total they can afford to offer. With other services, there are costs to the employees, which might seem small when considered as one-offs, but they add up quickly if someone accesses their income at the end of each workday. WHAT IS DAC’s Pay Any Day Program Pay Any-Day pay allows employees to advance a portion of their earned wages before payday.
It is an employee benefit, reflecting an employer’s commitment to greater flexibility, reducing stress, and empowering employees to take greater control of their finances with an earned wage access product. Pay Any-Day Benefits Include: *       No Cost To Employers *       Works With Most Payroll Providers *       The Pay Any Day Program Accepts Full Accountability For Cash Advances It’s an Advance – Not a Loan Call 226-568-9397 to speak directly to me, Christopher. Click the link below for more information. https://lnkd.in/gMAzpxFn

With January behind us, the days getting lighter (even though they are not warmer) and some of the New Year resolutions hopefully still sticking, we look ahead to February. And not just any February, an extra long February with it being a leap year. This brings with it thoughts about what to do with the extra day. But given that it’s a working day it also brings thoughts for payroll and HR teams regarding payroll and pay governance including 1. Minimum Wage compliance - the 29th is a Thursday and therefore an extra working day for many. This will have an impact on the Minimum Wage checks for February for Time and Unmeasured workers. If you have salaried workers, this will impact their cumulative calculation. Have you considered this and ensured that you will still be compliant? 2. Additional payroll period - if you have a weekly, fortnightly or 4-weekly pay period you may also find that you have to run an additional period to finish off the tax year. This should be considered early as you may wish to inform employees if this will impact them and what this will mean for them. If either of these issues are affecting your organisation or you have not considered the above and want to know more, please do message me.

"More than 60% of workers currently live paycheck to paycheck and often aren't able to wait until payday if they're hit with a surprise bill. Fortunately, new earned wage access options such as flex-pay can help them feel more secure. Here's why employers should consider flex-pay and the organizational benefits they could enjoy as a result." #flepay #payrollsolutions #globalpayrollsolutions #globalpayroll #adp

Earned Wage Access allows employees to access a portion of their wages before payday, providing them with financial flexibility and reducing stress. With 62% of Americans living paycheck to paycheck, offering EWA can enhance productivity, job satisfaction, and retention. This on-demand pay solution addresses urgent financial needs while supporting long-term financial well-being, making it a valuable addition to modern benefits packages. Explore the impact of EWA on employees and businesses in our latest article: https://bit.ly/3Xd4sxV