NEWS: Vivup partners with Earnd to provide On-Demand Pay to millions of employees

Vivup are delighted to announce the latest benefit to their portfolio, On-Demand Pay, in partnership with Earnd. Financial stress is costing the UK £51bn1 a year in lost productivity, absenteeism, recruitment and turnover. This staff benefit exists to tackle the financial burden employees face by enabling staff to instantly access their earnings ahead of payroll and to choose a pay cycle that works for their lifestyle.

Simon Moyle, Commercial and Strategy Director at Vivup said:

We recognise the traditional approach of a monthly salary is not compatible with the lifestyle of the majority of employees we support. The impact that financial stress has on staff and in turn the consequences for employers was not something we could ignore. We are delighted to have partnered with Earnd on our On-Demand Pay staff benefit with the goal of revolutionising pay and changing lives.

The Earnd app enables staff to budget weekly rather than monthly, pick up an extra shift to cover an unexpected expense, pay off debt sooner, save quicker and pay bills on time – without paying late fees or having to rely on credit.”

Vivup’s On-Demand Pay staff benefit enables:

  • 19%2 decrease in staff turnover due to on-demand pay
  • £340k saved per 1,000 employees due to 19%3 reduction in turnover (Based on 15%4 annual turnover rate with an average turnover cost of £12,000 p/p)
  • 57%5 would work harder and stay longer if offered On-Demand Pay

About Vivup

For 15 years, Vivup have been providing award winning health and wellbeing benefits to employees in both the public and private sectors

They are currently trusted by 280+ NHS Trusts, Local Authority, Blue Light and private sector organisations nationwide, supporting 1,000,000+ employees

Contact Details:

For further information, call 01252 784 541 or email [email protected].

 

Sources:
1. https://www.aegon.co.uk/content/dam/ukpaw/documents/financial-wellbeing-and-productivity.pdf
2. https://www.hks.harvard.edu/sites/default/files/centers/mrcbg/working.papers/88_final.pdf
3. https://www.accountsandlegal.co.uk/small-business-advice/average-employee-cost-smes-12-000-to-replace
4. https://workforceinstitute.org/the-death-of-the-traditional-pay-check-u-s-workers-want-faster-access-to-wages-finds-workforce-institute-at-kronos-survey/
5. https://www.england.nhs.uk/ournhspeople/people-stories/milton-keynes-university-hospital-nhs-trust-boosting-retention-through-staff-wellbeing/

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