Payroll Technology May Offer the Answer to Recruitment Woes

Ask any recruitment officer or hiring manager at any major company and they’ll all tell the same story: it’s harder than ever in 2022 to attract and retain a quality workforce. Between looming inflation, rising cost of living, and the so-called Great Resignation in the wake of the COVID-19 pandemic, talented employees are increasingly difficult to find, much less to hire.

Desperate to attract the workforce they need, companies are experimenting with a wide array of recruitment schemes, from flexible remote positions to office benefits such as catered meals.

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According to Eynat Guez, the Co-Founder and Chief Executive Officer of Papaya Global, however, free lunches aren’t going to solve this particular problem. Instead, she wrote in a recent column, companies should look to fintech — specifically, payroll technology.

“Fintech dominates consumer life, whether it’s mobile payments, online banking, or sending money to friends,” said Guez. “Employees, as fintech consumers, expect their payroll and wages to be delivered precisely and according to their preferences.”

Recent research backs up Guez’s claims: a study conducted by Ernst & Young indicates that options such as earned wage access (EWA) and on-demand pay would be used by 80% of workers. These and other cutting-edge payment options are difficult to achieve through conventional payroll practices, but are easily integrated into a business’s daily operations through existing payroll technology.