Pay inflation can’t be sustained: financial education is needed

Responding to the latest labour market statistics from the Office for National Statistics (ONS), John Pearce, SVP Payroll Operations at CloudPay, has warned that pay inflation rates are unsustainable:

“With the cost of living still increasing and inflation rates remaining stubbornly high, pay increases aren’t going to be sustainable for all. We believe a balance needs to be struck where employees are paid fairly, but are also given access to benefits and financial education or advice that provides more than pay support.

“It’s clear that people are struggling to make their wages go further and there needs to be additional help in place – that is driven by employers – to enable them to access tailored financial advice during these difficult times. Providing flexible pay solutions that will support those who have unexpected costs before pay day will also keep people clear of costly loans that will only worsen their financial situation.

“Pay inflation can’t be the only solution to the economic challenges that today’s workforce is facing. Businesses need a smarter approach, and that includes flexibility around pay and financial education.”

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Press contact
Vickie Collinge
vickie@bluesky-pr.com
01582 790 705

CloudPay is an organisation united by a single purpose – to modernise the pay experience for business and people, raising the importance of pay processes beyond an operational function to become a true business advantage.

With a proud heritage of over 25 years, we are trusted to manage the pay processes of 250 global organisations, processing over 2.5 million payslips a year in 130 countries and handling over $24bn of payments in 168 currencies. Our integrated portfolio of payroll, funding, payments and pay on-demand solutions are delivered through a single cloud-based platform that can be deployed anywhere in the world.
By unifying payroll, treasury and HCM functions and leveraging the latest technology, we can transform pay processes, making them fast and friction-free. We’re also making payroll more flexible and bringing certainty, with end-to-end compliance, always-on global data analytics and error-free automated operations, so however complex an organisation may be, payroll is one thing that can be relied on.