A revolutionary new employee financial wellbeing app

As an HR professional, you've invested significant time and effort into sourcing and implementing rewards and benefits for your hard-working employees. However, you may have noticed a lower-than-expected uptake of these offerings. It's disheartening when employees miss out on valuable opportunities due to lack of awareness or accessibility. In this blog post, we'll explore the reasons behind this issue and introduce a solution that can revolutionise how you present and incentivise your remuneration packages.

The Problem

Several factors may contribute to the low participation in your company's rewards and benefits programs:

1. Prioritising immediate needs: With the cost-of-living crisis, younger employees often prioritise meeting their daily expenses over long-term financial planning, such as pensions and savings.
2. Lack of clarity: The benefits and advantages of these programs may not be adequately communicated to employees, leading to a lack of motivation to participate.
3. Accessibility challenges: Employees might struggle to access the programs or miss registration deadlines due to overwhelming email inboxes or missed reminders.
4. Overwhelm and lack of awareness: Investing money can be intimidating, especially if employees are unaware of the available schemes and how they can maximise their net pay. However, in these challenging economic times, it's crucial for employees to have the tools they need to achieve financial resilience.

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The Solution

Introducing Experian's PayDashboard mobile app, a game-changing solution designed to benefit both employers and employees. By bringing pay, credit information, company rewards and benefits together in a simple, accessible interface, this app enables you to present your remuneration packages effectively and encourage employee participation when they are most engaged with their finances—on payday.

Key features of the app

1. Centralised Platform: A one-stop-shop that consolidates pay, tax, credit, remuneration, and total rewards statements in a single interface, providing employees with comprehensive financial information.
2. Push notifications: Instant notifications for credit score changes and benefit window reminders, ensuring employees never miss out on important updates.
3. Easier access to loans: Employees can opt-in to securely share their payslip data with lenders, reducing manual HR processes and enabling faster access to loans
4. Financial guidance: In-app education and guidance empower employees, promoting financial resilience and informed decision-making.
5. Financial inclusion: Language translation and pay visualisation dashboards support employees from diverse backgrounds, ensuring everyone can fully utilise the app's features.

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Benefits of the app

1. Enhanced financial awareness: Employees gain a better understanding of their finances, enabling them to make informed decisions and plan for a more secure future.
2. Increased uptake of remuneration packages: The app's user-friendly interface and clear presentation of benefits lead to higher participation rates in your rewards and benefits programs.
3. Greater employee engagement: PayDashboard has shown a 37% higher engagement rate compared to industry incumbents, ensuring employees actively utilise the app's features.
4. Improved company reputation: Offering a better payday experience through the app enhances your company's reputation, fostering employee retention and attracting top talent.

Why choose PayDashboard

At PayDashboard, we believe in using technology to empower consumers, enabling them to manage their finances better and improve their overall wellbeing. Our app integrates with your existing payroll software and HR systems, providing individuals with fairer financial access and support during life's significant milestones.

From small accounting firms to large enterprises, PayDashboard is trusted by thousands of UK businesses as their preferred payday solution. Our user-friendly platform caters to diverse job roles and sectors, ensuring 24/7 access to critical financial data, whether employees are in the office, on-site, or mobile.

Choose PayDashboard to enhance your employees' financial resilience while reducing time and costs for your business. As a part of Experian, a globally recognised consumer information services company, we prioritise data security, providing you with peace of mind.

Conclusion: To maximise the impact of your remuneration packages and effectively communicate their benefits, it's crucial to engage employees when they are most focused on their finances — on payday. The PayDashboard mobile payday app offers a comprehensive solution that consolidates essential financial information, empowers employees, and promotes financial well-being. Be at the forefront of this transformative solution by booking a demo and ensure your employees never miss out on the rewards and benefits they deserve.

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