Whitepaper: Pay in the new economy

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Pay in the new economy
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Pay in the new economy

Beating the Great Resignation with benefits

Flare has collaborated with leading consultancy Ernst & Young (EY) to examine how the great Resignation is taking shape in Australia, and how employers can best position themselves to retain and attract talent in the post-COVID economy.

A study of 7,000 workers in Australia demonstrates significant financial stress and an “under-packaged” workforce, with limited access to benefits or products that support financial literacy and wellbeing.

Among the study's key findings

Benefits:

Employers of all sizes have an imperative to review the financial and personal benefits that they are offering their employees, or risk being left behind.

Approaches:

The conventional approach of providing a static intranet page focussed on self-service misses significant opportunities for employee empowerment and engagement.

Savings:

7 in 10 Australian employees are living paycheck-to-paycheck and have less than AU$5,000 in savings on average.

On-demand pay:

There is significant merit in giving employees the option to access pay on-demand without charging interest or fees, as part of a comprehensive suite of benefits provided to them by their employer.

Adoption of ODP:

Nearly 55% of the respondents advised that they would take up on-demand pay if their employer offered it, as they feel it would reduce their financial stress and make them less likely to leave their job.

Novated leasing:

Australian workers have a clear interest in salary packaging like novated leases, with 76% wishing to take it up if offered.
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