Leveraging strategic payroll insights will help HR boost financial wellbeing in the workforce

Leveraging strategic payroll insights will help HR boost financial wellbeing in the workforce

With almost one in five adults experiencing ‘high financial stress’, greater data sharing between HR and payroll should be leveraged to ensure pay insights are more effectively used to help staff wellbeing. That’s according to specialist global payroll and pay provider, CloudPay.

As economic uncertainty continues to impact UK workers, elevating financial wellbeing support will become more critical for HR teams, but there are untapped insights that haven’t yet been utilised. Payroll technology can now enable HR to identify trends across the workforce and, according to CloudPay, this information can help firms spot the early signs that their workforce is struggling with financial stress, allowing them to offer company-wide support quickly.

John Pearce, Chief Customer Officer at CloudPay, comments:

“The rapid growth of pay technology and the increasing spread of AI, automation and APIs within the function, means that payroll and HR teams can access far more information on workforce trends and sentiment than ever before - but only if the right, interlinked platforms are being utilised not just in the right way, but also by the right people.

“Payroll is sitting on a wealth of data that HR teams will find valuable, particularly at a time when financial stress is impacting so many. Being able to identify pay trends across the workforce means that HR teams can intervene and offer support, before it negatively impacts staff mental wellbeing and, in turn, productivity and motivation at work.

“Longer-term, these insights can also help steer more strategic people strategies. For example, benefits packages can be tailored to ensure they are appropriate for the wants of employees. Earned Wage Access data can show where the workforce is tapping into funds earlier, which could be tied into future benefits packages to aid staff retention and attraction.

“There’s so much more that payroll can do beyond ensuring people are paid. And when data is combined with the knowledge and skills of high-performing payroll people, big improvements in employee financial wellbeing can be made.”



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Bruce Callander
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