We live in a world that is still slowly recovering from the effect of a pandemic that disrupted supply chains and triggered inflation. The result? Prices of goods and services are on the rise while the purchasing power of the average person continues to decline. Your competitive salary is now truly competing against a hike in the prices of all the goods and services you require monthly and it is losing the fight.
This harsh reality has led to calls for a change in the current compensation structure for employees. Instead of waiting for “salary week” employees now prefer to access a part of their accrued wages for the days they’ve worked before payday.
With the Nigerian reality where you are just one phone call away from an unplanned expense, it is easy to understand why this is happening. Imagine your car starts overheating, and your mechanic says you have to change the radiator because you didn’t realize the radiator was empty and the engine started overheating, which led to the burning of the gasket and also cracked the radiator bla bla bla. After your mechanic sways you with the mechanical jargon, you have to part with some money to get your car running again.
Your mechanic gives you a quote, but you can’t afford it because it’s the last week of the month and you just finished a family “owambe” a week ago. Now, you not only have to manage the little money you have till payday, but you also have to start using public transport to get around. This is a typical example of your expense not coinciding with your payday. You have worked for almost a month already but you still have to wait until payday to access your salary. If your fear of “danfos” is too great to take a risk, your only option is to take out a loan to fix your car. This unlocks a cycle of financial stress that never stops.
According to a survey by the International Foundation of Employee Benefit Plans (IFEBP), 4 out of 5 employers say their employees’ financial issues are impacting job performance negatively. Employees who are financially stressed lose nearly one month of productive workdays per year and they are also two times more likely to seek a new job opportunity.
Earnipay solves this problem with a flexible salary solution that allows employees to track how much they’ve earned per day and allows them to access 50% of this accrued earnings at any particular time. Earnipay is the hack for increasing retention and boosting productivity in the workplace. The rationale is simple: financially free employees are more productive and less stressed.
If you are an employer looking to provide a perk that truly matters for your employees, visit our website; www.earnipay.com to get started.
As an employee, you can also spur your employer to action by referring them to earnipay.com/refer-employer