How Payroll Improves Financial Wellbeing in Your Workplace | Jo Phillips
Description
Today’s Payroll podcast is brought to you by Deel, the all-in-one global-first people platform. Learn how to streamline payroll for your global team with our comprehensive checklist to help ensure compliance and increase efficiency.
Welcome back to The Payroll Podcast! I’m your host, Nick Day and today we’re diving into the pivotal role payroll can play in unlocking financial well-being for employees.
I’m excited to welcome Jo Phillips, Director of Research and Innovation at Nest Insight, as she shares fascinating insights from their latest research on how smarter payroll can improve employee financial health and resilience.
In this episode, we’ll explore how payroll is no longer just about paying employees—it’s about supporting their financial journey, helping them build savings, reduce stress, and plan for a secure future. With the right tools and insights, payroll can be a powerful ally in boosting financial well-being for employees.
Key Learnings:
- Financial Well-being & Payroll: How payroll can act as a gateway to greater financial security for employees, improving both mental and physical health.
- The Impact of Earned Wage Access: A look into how EWA can reduce financial stress by giving employees access to earned wages before payday.
- Workplace Savings Programs: Jo shares how payroll savings options can help employees build emergency funds and prepare for retirement, especially in lower-income groups.
- The Power of the Payday Moment: Why the moment employees receive their pay can be a crucial touchpoint for driving financial education and engagement.
- The Role of Payroll Professionals: How payroll professionals can support employees’ financial journeys, turning payroll into a strategic tool for enhancing employee well-being.
If you’re ready to explore how payroll can go beyond its traditional role and make a significant impact on your employees' financial health, this episode is packed with valuable insights you won’t want to miss!
Resources:
Nest Insight website: https://www.nestinsight.org.uk/
Smarter paydays report: https://www.nestinsight.org.uk/wp-content/uploads/2024/05/Smarter-Payday.pdf
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Find your ideal candidate with our job vacancy system: https://jgarecruitment.ck.page/691ee4537e
Connect with Jo: https://www.linkedin.com/in/jo-phillips-3930323/
Nick Day’s LinkedIn - https://www.linkedin.com/in/nickday/
If you need the support of a payroll recruitment agency or a payroll staffing partner to help fill your next payroll vacancy, please please contact me! I possess over 20 years of payroll recruitment agency expertise and I would love to help! nick@jgarecruitment.com or call 01727 800377
Find out more at www.jgarecruitment.com
Stay tuned for the next episode of The Payroll Podcast, brought to you by Nick Day, CEO at JGA Recruitment, landing soon!
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(00:00 )The Importance of Payroll and Financial Well-being
(03:38 ) What Does Payroll Mean to Jo Phillips?
(04:53 ) About Nest Insight and Their Research
(07:09 ) Why Financial Well-being is Important
(12:34 ) The Role of Earned Wage Access in Supporting Employees
(17:06 ) How Financial Stress Impacts Employee Performance
(21:25 ) Integrating Payroll with Financial Tools
(25:51 ) Enhancing Employee Experience with Payroll Innovations
(27:43 ) Early Results from Payroll Savings Programs
(30:41 ) How Payroll Can Help Employees Build Financial Resilience
(31:22 ) Practical Steps for Payroll Professionals
(33:16 ) Conclusion and Call to Action