Even in these days of online shopping and cash-free living, more than a million people in the United Kingdom don’t have access to a bank account. This can be a big problem for temporary workers and migrant workers, particularly if they have recently immigrated, as they often get declined for standard bank accounts due to a lack of credit history.
As an agency, you could make both your life and the lives of all the temporary workers on your books a lot easier by automatically signing up all your contractors to a payroll card.
Benefits to Employers and Agencies
Although the benefits for temporary workers and migrant workers are clear to see, what exactly are the benefits for you?
Saving Time and Money
Membership of a payroll card can save you time, resources and admin costs that you would normally incur when employing workers without a bank account. You eliminate the need to print and distribute checks, for instance, as well as the time you would have to spend chasing timesheets and payments. This means you save instantly, but also on the long term.
Contractors will enjoy added benefits, such as cashback rewards scheme. These benefits are likely to lead to a happier workforce that is more loyal to your agency and clients. And a good agency reputation can never hurt to gain you more business in future.
Helping Your Workers Make Ends Meet
Similar to the point above, contractors are likely to feel more secure and at ease when they are given the opportunity to manage their own money. Having an e-money current account means that workers are able to take control over their funds. They can set up direct debits and buy items online, which will provide them with a better idea of where their money goes on a monthly basis. They can save money in separate ‘envelopes’, allowing them to save for a rainy day or a sunny holiday. But if they are ever short at the end of the month or are experiencing a financial emergency, an ‘On Demand Pay’ option can allow them to gain access to their wages prior to their usual pay day.
Suits Me is an alternative to traditional banking for temporary agencies and their workers. As part of the scheme, workers will be provided with a VISA debit card and a range of online banking facilities.