Nearly all millennials (90 percent) are willing to share personal information with a payroll provider in order to receive support with their financial wellbeing, as are half of UK employees.
This is according to the Future of Pay research study by ADP, a global technology and HR company. The report surveyed 4,000 employees and 2,900 businesses to explore workers’ perceptions and attitudes towards traditional and emerging pay methods to address some of the biggest human capital management concerns.
The study found that the quantifiable economic benefits of financial wellness to businesses are recognised by 67 percent of employers, suggesting that the implementation of support may have a significant role to play in addressing the UK’s productivity crisis.
ADP said that by introducing alternative pay methods and financial wellbeing programs, workers are empowered with greater control over their finances in order to avoid economic hardship, and to assist them in their financial planning.
The study also found that almost 80 percent of workers expect their employers to help them with their financial wellbeing, with 62 percent of employees saying that off-cycle pay options would make a difference when considering a job offer.
Jeff Phipps, ADP UK’s managing director, said: “In a time of increasing focus on personal data protection, it is eye opening that almost all millennials would be willing to exchange their personal information in order to receive support in their financial wellbeing.
“While employers do need to address this demand in order to remain competitive, it is equally important that they take a considered approach to ensure that employees’ personal data is not being misused.
“Employers must start a conversation with their staff about financial wellbeing in order to provide support without overstepping the mark into employee personal affairs.”