Spentra’s Post

📢 Budget 2024: Key HR Takeaways 📢 Today's budget announcement has important implications for HR teams and organisations alike. Key areas of interest include wage support, training incentives, and mental health funding – all of which affect our strategies for employee engagement, retention, and development. Here’s what HR professionals should focus on: 💷 Wage Growth & Support: Evaluate wage adjustments to stay competitive, especially with new funding in key industries. 📈 Upskilling & Training Incentives: Take advantage of grants and incentives to expand skill development programs and support a future-ready workforce. 💚 Mental Health Investments: Leverage increased mental health funding to enhance employee wellness initiatives, fostering a healthier, more resilient workforce. Now's the time to align budgets with these priorities and maximise the support available for our people and businesses! #HR #Budget2024 #PeopleFirst #WorkforceDevelopment https://lnkd.in/e5FEqGcA

UK’s cost-of-living crisis has caused recent January blues to hit even harder. As a result, payroll accuracy has become particularly crucial this January. In his recent article, Marcus Beaver highlights the importance of accurate payroll management during these trying times. Keeping track of employee salaries and benefits is essential, especially when finances are tight. Let's make sure we are taking the necessary steps to ensure everyone is paid accurately and on time. #payrollmanagement #costoflivingcrisis #employeebenefits

Are you looking to enhance your compensation package? With wage growth slowing, it's essential to enhance your benefits to retain top talent. Here are four key benefits to consider: Flexibility: Hybrid work options help employees balance work and personal life, boosting productivity and retention. Financial Planning: Provide financial planning assistance to help employees with any and all financial questions and to maximize their benefits, like 401(k) plans and student loan assistance. Generous PTO: Expanded paid time off prevents burnout and improves performance. Professional Development: Offer mentorship programs and training to support employee growth and retention. Focusing on these benefits can keep your team satisfied and engaged. Learn more here: https://lnkd.in/dbc9zNuN #EmployeeBenefits #HR #Compensation2024 #FlexibleWork #FinancialWellness #PTO #ProfessionalDevelopment

The National Payroll Institute has raised concerns regarding the deteriorating financial wellness of Canadian workers, based on the findings from the 16th Annual National Payroll Institute Survey of Working Canadians. https://hubs.la/Q02RnSjm0 #FinancialWellness

🌟 Unravel the secrets of salary finance and unlock your workplace financial wellness! Dive into my latest blog: 'Demystifying Salary Finance: Your Guide to Financial Wellness at Work' 💼💸 https://lnkd.in/e9qtcSNU #FinancialWellness #SalaryFinance #WorkSmart

In today’s fast-paced environment, leaders must balance business priorities with the real needs of employees, requiring data-driven insights. Our WorkWell research series provides key findings to help organizations make informed decisions in four critical areas: pay, leave, retirement, and scheduling. Globally, many workers still struggle to earn a living wage, with marginalized groups often facing the largest gaps. These pay disparities significantly impact workers' physical, mental, and financial well-being. Armed with these insights, leaders can align policies to not only drive business success but also enhance employee well-being worldwide. In today's fast-paced environment, leaders must balance business priorities with the real needs of employees, requiring data-driven insights. Our WorkWell research series provides key findings to help organizations make informed decisions in four critical areas: pay, leave, retirement, and scheduling. Globally, many workers still struggle to earn a living wage, with marginalized groups often facing the largest gaps. These pay disparities significantly impact workers' physical, mental, and financial well-being. Armed with these insights, leaders can align policies to drive business success and enhance employee well-being worldwide.

Looking for a way to empower your employees and strengthen your workforce? Financial wellness is vital to creating happier, more engaged teams. Earned Wage Access (EWA) offers a proven way to reduce financial stress and improve employee satisfaction. FlexWage’s EWA Done Right framework makes it simple and effective: 1️⃣ Employer-funded: Protects employees by ensuring independence from the provider. 2️⃣ Accurate data: Integrates seamlessly with payroll systems for precise wage calculations. 3️⃣ Transparent and capped fees: Employees know exactly what to expect—no surprises. 4️⃣ Payroll deduction: Keeps transactions clear and fully visible on pay statements. 5️⃣ Real-time funding: Employees get immediate access to their funds without hidden fees. These principles alleviate financial stress and foster organizational loyalty, engagement, and productivity. Here’s what one employee had to say: "With FlexWage, I can access my pay early to fit my bill cycles. It has been a great help to me and my family." Are you ready to make a real impact on your workforce? Schedule a call to learn more: https://lnkd.in/g7BCHjrv P.S. Would you like to know how EWA can transform your benefits offering? Let us know in the comments! #EarnedWageAccess #EmployeeBenefits #FinancialWellness #HRLeadership #OnDemandPay #PayrollSolutions #EmployeeEngagement #CHRO #CFO

🤔 Feeling the Squeeze? As UK employers head into the annual review season, wage costs and living expenses are on everyone's mind. Over half (53%) of employers have seen a noticeable rise in wage costs over the past year. This mirrors the challenges many companies face in balancing payroll costs while also ensuring their team feels valued and competitive in the market. 🔍 The Numbers Tell a Story A recent study from HR solutions provider SD Worx sheds light on these challenges. According to their findings, 44% of employers cite upward wage pressure as their biggest payroll concern, especially with wage growth slowing to 4.9% in the three months to August, per the Office for National Statistics. This state of affairs points to a broader strain—both employers and employees are feeling the pinch. Less than half of UK employees (47%) are satisfied with their pay, highlighting a significant gap between expectations and reality. 📢 Actions Speak Louder Than Words Communication is key, yet only 50% of employees feel they receive enough information about their pay. Encouragingly, nearly two-thirds of businesses are ramping up investment in rewards communications. This shows a promising commitment to better align employee expectations with company policies, ultimately fostering transparency and trust. 👉 What do you think? Are these measures enough to bridge the gap? #HR #EmployeeWellbeing #WagePressures

Only 52% of those with incomes of $100,000 or more feel financially healthy. Earned Wage Access (EWA), also known as OnDemand Pay, provides low-cost, responsible access to a portion of an employee’s wages between paydays. A financial wellness benefits package that includes EWA creates a competitive advantage for employers while reducing employee financial stress and increasing employee productivity. Get started with EWA in your company. Schedule a call to learn more >>>>> https://lnkd.in/g7BCHjrv (Statistic from: Financial Health Network 2023 U.S. Trends Report, September 2023) #EWA #EWADoneRight #OnDemandPay #FinancialWellbeing #EmployeeBenefits #HumanResources #Payroll #Leadership #financialstress #HealthyMind

The Rise Of Instant Payroll and Early-Access Compensation. A majority of working Americans wanted their employers to give them access to wages each day. We found that more than half of those with EWA--early wage access- said they had used it. The data show that almost all — 96% to be exact — of corporates that offer earned wage access say the product helps attract new talent, and 75% of millennials say it would influence their acceptance of a job offer. This last point is critical, as jockeying for younger employees remains intense and loyalty means that companies need to worry less about churn and re-filling/retraining talent. As many as a quarter of companies have said they have lost employees due to delayed payroll. EWA services have been gaining popularity due to their ability to provide employees with access to their earned wages before the traditional payday. Many financial institutions, fintech startups, and HR solutions providers offer EWA services or similar products. #instantpayroll #earlyaccesscompensation #earnedwageaccess #financialfreedom #workplacebenefits #talentattraction #millennialjobs #jobloyalty Image by alexandermils from unsplash