How flexible pay propositions can help payroll professionals retain top talent

With the Bank of England forecasting inflation will peak in late-2022 at a staggering 11%, the cost-of-living crisis is not likely to ease any time soon. For millions of people, this means the value of their earnings is eroded; even if they receive a pay rise it's likely to be well below the rate of inflation, meaning a cut in real earnings. 

And the pressure is already beginning to tell. According to a study by flexible payment provider Wagestream, nearly seven out of 10 employees (68%) are concerned about their finances and hiding this from employers, and as many as one-in-four (24%) worry about money every single day. 

For employers, this poses a number of challenges, not least the potential damage that arises from having a stressed and underperforming workforce. But it also adds to the risk of staff moving on - something that's already being seen in the post-Covid 'Great Resignation' - with people more likely to seek a better-paid job.