BRENTWOOD, Tenn.--(BUSINESS WIRE)--The Fintwist by Comdata On Demand Pay Survey, The Truth About (Attracting) Talent, has revealed attracting employees is the number-one challenge for nearly half (45%) of payroll professional respondents, with 37% saying retention was their most critical issue. The survey was conducted in partnership with The American Payroll Association (APA) in April 2022.
Fintwist, an innovative fintech solution from Comdata, a leading provider of innovative payment solutions, enables customers to offer their employees access to earned wages before payday without changes to existing payroll processes.
Additional findings from the research include:
- More than 80% of respondents have increased pay to attract employees in the past year;
- To improve employee experience, companies are increasingly offering work flexibility like hybrid and remote options (72%), training (66%), career advancement (48%), diversity (25%), pay flexibility (16%) and financial education (15%);
- Greater than half (55%) stated optimizing the way they pay would be somewhat beneficial, beneficial or very beneficial, even though bi-weekly or semi-monthly paydays are the norm;
- Only half (51%) provide financial literacy education and tools to their workforce; and
- Almost 40% dedicate less than 10% of their HR budget to bettering the employee experience.
“The great resignation accelerated the future of work into the present,” said Brian Radin, president of Comdata Prepaid. “With employees calling for increased pay, greater flexibility and more benefits, organizations must listen and respond, or be left behind. Employees are moving toward companies that are embracing a different future of work, rather than the status quo.”
The Fintwist On Demand Pay Survey, The Truth About (Attracting) Talent with the American Payroll Association polled 742 U.S. payroll professionals in April 2022.
Comdata Inc., a FLEETCOR company, is a leading provider of innovative payment and operating technology that drives actionable insights from spending data, builds enhanced controls and positively impacts its clients’ bottom lines. One of the largest commercial MasterCard providers in the United States and Canada, Comdata employs more than 1,300 professionals across North America and Canada. To learn more about Comdata, Inc. and Fintwist, visit www.fintwistsolutions.com.
FLEETCOR Technologies (NYSE: FLT) is a leading global corporate payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
The Fintwist Mastercard® is issued by Regions Bank®, pursuant to a license by Mastercard International Incorporated. Mastercard® is a registered trademark of Mastercard International Incorporated. Fintwist® and Comdata® are registered trademarks of Comdata, Inc.