Looking to provide a comprehensive overview of how digital benefits distribution is transforming workplaces and enhancing employee satisfaction across the globe, global issuer processor, Paymentology, has published its new vox pop report.
The report, Employees with Benefits, explores employees’ growing demands and needs as their benefits landscape evolves. It also shines a line on the fintech solutions that are meeting these needs and changing their workforces for the better.
Anna Porra, chief revenue officer at Paymentology
Anna Porra, chief revenue officer at Paymentology commented: “As the gig economy expands and remote work becomes more entrenched, the demand for flexible, on-demand access to wages and benefits will continue to rise.
“Companies that embrace these trends early will gain a competitive edge, attracting top talent by offering dynamic and adaptable benefits. Ultimately, the future of employee benefits lies in innovation and adaptability, with digital payments and technological integration at the forefront, positioning companies to thrive in a rapidly changing global economy.”
Adapting to changing demands
Employers have had to adjust to new employee demands as it becomes clear that the pre-pandemic working environment and associated attitudes are no longer acceptable in the modern day. As a result, the benefits employers provide must match these changes.
As global interconnectedness accelerates, the demand for technological innovation is at an all-time high, pushing industries to adopt digital strategies to remain competitive in a fast-paced environment. Luis Rocha, co-founder and CMO at Coverflex, added: “We’re leading a pan-European movement to bring better, more flexible benefits to the pockets and fingertips of every employee. That is only possible through the advances in technology that are making smartphones smarter and payment services more advanced.”
Revealing the industry’s views on the topic, the report has insights from:
Workday
CoverFlex
HariGaji
Equals Money
Rain
VC Innovations
Paymentology
Emerging trends
One of the ways organisations can change was highlighted by Workday, the financial management software vendor: utilising AI. By embracing the technology, employers can reduce manual input while boosting compliance by automatically checking payments at scale. According to its research, it found productivity could be boosted by £19billion in the UK using AI.
Other ways firms can improve benefits include closing the gap in expectations, as well as integrating finance and accounting teams into wider development plans.
Another topic explored in the report includes a shift toward corporate and expense cards, digital payments, and end-to-end payroll management.
Furthermore, it looks at the critical role of API integration in connecting digital payment systems with an organisation’s partner ecosystem.
Lisa Moyle, chief strategy officer at VC Innovations
Lisa Moyle, chief strategy officer at VC Innovations concluded: “According to the World Economic Forum, 59 per cent of professionals in Europe say they wouldn’t work for a company that doesn’t share their values, and not even a pay rise would change their minds.
“This isn’t a phase. Much like the changes witnessed across the financial services sector, a one-size-fits-all approach to employee practices and remuneration does not match the realities of the modern world of work. Traditional modes of rewarding employees, outside of salaries, bonuses, and pension contributions, are simply not enough to retain talent. With increasing competition, companies are feeling the need to expand their offerings, proposing more attractive and convenient forms of compensation.”
The “Employees with Benefits” report offers valuable insights for organizations looking to stay ahead in the global economy. For more information, or to download the full report, please visit: https://bit.ly/3ML8IAa
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