Ones to Watch: Flexiwage, empowering employees and cutting payroll costs for employers.

South East BIC client Flexiwage is a financial wellness benefit for employees which enables them to schedule their income in a pay frequency that suits their needs without impacting a company’s ability to process monthly.

 

AnthonyFlexiwage enables companies to transition from a weekly pay cycle to a monthly one by allowing the employees to continue to be paid weekly after the transition has occurred. This reduces payroll administration costs by 75% per year.

Although 32% of employees are still paid weekly (mostly in manufacturing and service industries, such as hospitality where hourly pay is common), the majority of companies have started the move to monthly.

Weekly pay, while great for an employee, burdens the employer with the additional administration cost associated with running the payroll tasks to facilitate this. Flexiwage integrates with all payroll systems so there is no need to change provider or system it adds on simply without a complex implementation.  

Flexiwage is a privately funded company, and has received funding from Enterprise Ireland HPSU funding of 200K along with privately matched funds from Investors.

They are currently working towards becoming the leading Employee Financial Wellness benefit for employees in Ireland–and are already working with multinational clients in Ireland such as Eurofins and Voxpro as well and well known brands across the country such as Woodies and Right Price Tiles helping their staff manage their wage, their way.

Flexiwage was developed with global application in mind – the product is designed to empower and engage employees.

Flexiwage are currently participating on the prestigious PwC accelerator program in the UK and piloting there currently with a full market release in 2020. From there we hope to be looking towards the US market in 2021.

Source:  Business and Finance

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