PayCaptain is one of the UK’s leading providers of payroll software. It has just launched a new app feature to help employees become more financially resilient.
PayCaptain conducted a thorough study of employee saving behaviour and found that many workers in the UK are concerned about their financial security.
PayCaptain, Nest Insight, and the Behavioural Insights Team worked together over a 15-month period to create a paper on using payroll as a tool for building financial resilience. They discovered that nearly half of UK workers have financial problems. PayCaptain, Nest Insight and the Behavioural Insights Team (BIT) worked together over a period of 15 months to gather this information. They discovered that almost half of UK workers experience financial difficulties.
PayCaptain and the BIT worked together to create SmartPay, which was designed to overcome the behavioural barriers that users face when it comes to saving money.
PayCaptain’s mobile app also provides a range of financial services that are tailored to the individual. These services, which are offered alongside PayCaptain’s existing payroll software, are powered by tailored recommendations that employees can use to improve their financial stability at certain points.
SmartPay users are asked to complete a series questions by Money and Pensions Service in order to determine their current ‘financial strength’. This is followed by a unique “well-being score”. The score is used to customize the financial advice they receive. SmartPay, for example, would automatically recognize if an employee had received a raise or bonus and offer suggestions on how to save money.
Simon Bocca, Founder of PayCaptain offered his thoughts on SmartPay, and how it could be used.
Our research showed that millions of people could benefit from financial guidance. It was therefore a no-brainer for us to develop SmartPay to help employees get paid more efficiently. We wanted SmartPay to be intuitive and simple to use. That’s why we worked closely with the BIT to develop its functionality.
The ability to receive automatic prompts at key moments and move money with just a few clicks helps people overcome the barriers that prevent them from saving. SmartPay has had a very positive impact on the lives of those who have used it. We’ve seen an increase of 205% in users making savings and 7 out of 10 employees have expressed a desire to use SmartPay.
Dishoom is an early adopter of SmartPay. They have already praised the positive impact it has had on the employees that use it. Kate Moscardini is the Head of People for Dishoom.
SmartPay has enabled Dishoom’s employees to engage in a new level of financial education and engagement. Savings accounts that are FSCS-protected and earn interest encourage people to save regularly. The team has identified over PS45,000 worth of state benefits that they could claim. The launch was well attended and we’ve been thrilled to see the number of savers increase.
PayCaptain hopes that businesses who use SmartPay for their employees will also begin to see a range of other benefits. PayCaptain is convinced that a financially secure and resilient workforce will result in lower stress and an increase in productivity, engagement, and efficiency.
The original HR News article UK Payroll Software Provider Launches New ‘SmartPay” Feature to Help Employee Financial Security and Wellbeing appeared first on HR News .
