SalaryFlex
Enhancing Productivity with an innovative Salary Access Solution

A 2022 study conducted by Ernst & Young, titled “Pay in the new economy Whitepaper,” revealed that 50 percent of the Australian workforce grapples with financial strain. This is not just a low paid worker’s phenomenon - almost 25% of workers earning over $150,000 per year were living paycheck to paycheck. This has only worsened with the significant increase in the cost of living. This stress largely stems from a pay cycle and expense mismatch, further compounded by a widespread lack of essential financial literacy.

The research findings also indicated that 55 percent of employees would adopt pay-on-demand if offered by their employer, and employees say it would reduce their financial stress. Addressing prevalent financial stress, SalaryFlex is revolutionising how employees interact with their earnings, offering a much-needed bridge between the financial needs of employees, and the benefits offered by employers.

Financial stress is a productivity killer. Workers in severe or moderate financial stress each lose almost 9 hours per week in workplace productivity, costing the Australian economy $30 billion per annum.

SalaryFlex partners with employers to enable them to provide unparalleled salary flexibility, empowering their staff to decide when in the pay cycle they want to be paid (up to $2,000) via the SalaryFlex App. This comes at no or low cost, with no ad hoc pay runs and no cash flow impact for the employer.

This novel approach meets employees’ immediate financial needs without interest, setup or late fees (transaction fee only), and without necessitating external credit checks or credit reporting, protecting employees’ credit ratings.

“SalaryFlex partners with Australian employers to allow their employees to get early access to their salary, whilst simultaneously providing free financial wellness offerings. This assists employers in attracting and retaining top talent by reducing employees’ financial stress, boosting productivity in the workplace and enhancing their employee value proposition – helping them win the war for top talent at little or no cost,” says Jessica Huberman, CEO and co-founder.

For employees, the journey with SalaryFlex begins once their employer partners with the service. SalaryFlex’s solution is then accessible via the free-to-download SalaryFlex App, taking only a few minutes to sign up. Employees can request immediate advances or schedule them for later, with SalaryFlex depositing funds directly into their bank account on the requested date(s). Repayment is seamless, with advances deducted from the employee’s salary on their regular payday.

Employers benefit from ease of integration. SalaryFlex offers an API solution for full automation with payroll, or a CSV file upload option, ensuring minimal administrative requirements. This flexibility is part of SalaryFlex’s commitment to tailor its services to individual employer needs while maintaining a secure technological infrastructure compatible with various payroll systems.

SalaryFlex also provides free financial wellness offerings, including financial fitness workshops led by a third-party provider experienced in hosting sessions with major organisations like NAB, and Google Australia. The combination of SalaryFlex’s salary on demand solution, together with free financial wellness offerings, are designed to enhance employee financial wellness, reduce financial stress and increase workplace productivity.

SalaryFlex’s flexible model allows employers to decide whether the employer or employee will cover the transaction fee, so they can offer SalaryFlex at little or no cost. This allows businesses to tailor the offering based on their financial capabilities while providing a valuable benefit to their staff.

Highlighting its commitment to social responsibility, SalaryFlex donates 1% of its after-tax profits to a registered charity supporting education of disadvantaged children.

SalaryFlex addresses two critical issues for employees: financial stress, and knowledge gaps regarding finance management. Employers can leverage SalaryFlex’s offering to attract and retain skilled talent and increase workplace productivity, at no or low cost to their business.