Today’s fixed pay cycles are based on historical practices and outdated technologies. In the current state, pay cycles don’t always line up with expenses. A recent study by the Canadian Payroll Association reports that 43% of Canadians are financial stressed, making it challenging for workers to have enough cash liquidity to meet expenses. Most Canadian workers don’t have a solution to this cash flow crunch, potentially impacting the business and employee retention.
Rapid changes in the workforce and modern world of work have heightened the need for companies to pay their people in new ways. Today’s modern technology makes it possible to provide flexibility in how people are paid, in line with the pace of real life.
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