Last month fastPAYE launched after a series of high-profile gaming industry investment, and debuted a salary drawdown service that enables industry businesses to pay staff what they’ve earned early.
With Ian Hogg at the helm of chairman, fastPAYE aims to provide a transparent wage management system that aims to improve employee satisfaction and loyalty.
Hogg has been talking to CasinoBeats about how letting people access what they’re owed, while at the same time providing employers with a wage management tool that is fast and easy to integrate, makes businesses a more attractive place to work.
The betting and gaming industry forms one of the largest private employers in the UK by sector with over 88,000 people working for casino and sports betting companies in September 2019 (ONS). However, against a backdrop of increasing recruitment pressures and staffing challenges, that figure is steadily declining, and firms are finding it increasingly difficult to hire and retain staff across their business.
Increased competition for skilled and dedicated employees is part of the problem, particularly in part-time roles and shift-work vacancies that are common in the casino environment. With the emergence of the gig economy, which despite its pitfalls has transformed the employment landscape with flexible hours structures, it’s never been easier to chop and change between jobs. Businesses therefore need to move with the tide of evolving employee demands in order to stay competitive.
There are many avenues to explore in order to boost the appeal of your business to prospective hires, but it ultimately comes down to giving control back to employees. Better still is giving them more flexibility over when they get paid.
“Recruitment issues in the betting and gaming industry haven’t been helped by intensifying political and media scrutiny”
Staff these days want to be offered new, innovative and quicker ways of accessing their earnings when they need it. With a wage management system that allows staff to drawdown on their salaries early, employers can harness a happier workforce. And when your staff feel good, productivity and engagement naturally increase.
Recruitment issues in the betting and gaming industry haven’t been helped by intensifying political and media scrutiny in the last year. Corporate social responsibility strategies are now becoming increasingly critical to not only boosting public perception but also making the sector a more attractive place to work. In this regard, demonstrating that you are considerate of your staff’s financial well-being can help progress CSR policies.
According to a recent fastPAYE survey, 46 per cent of Britons suffer money-related stress in the week leading up to payday. As a result, some turn to expensive credit products to make up the shortfall particularly when unexpected expenses arise, relying on overdrafts, credit cards and even payday loans to make ends meet between pay cheques. This level of financial worry can impact performance and productivity in the workplace, yet it is fuelled by the outdated monthly payday system.
By enabling staff to access a proportion of the income they have already earned, businesses can help cut reliance on high-interest credit products and in turn mark themselves as a progressive employer. Of the people we surveyed, one in five workers would consider a new job in the same role if it gave them access to the money they’ve already earned before payday.
The monthly pay role system is a hangover from the days of analogue and out-of-step with the modern workforce. We designed fastPAYE as a new socially responsible way to help employees manage their finances better through a simple to use, fast and flexible application, while creating a stronger link between the hours put in and the financial reward. Meanwhile businesses retain control of when and how much employees can access, and they don’t need to take out credit to offer advances.
“Casino and betting businesses face unique challenges in maintaining a skilled workforce”
Through years of working with major gaming industry brands as clients of fastPAYE’s sister company ShopWorks, we understand the pressures caused by the outdated monthly wage system on the sector and have the technical expertise to change it for the better.
Our proficiency lies in creating and implementing effective workplace technologies for casino operators, including Rank Group and Betfred, that streamline workforce management and improve business processes.
The funding support we have received from high-profile gaming industry investors, including Mark Blandford, founder of SportingBet, 888 Holding’s chairman Brian Mattingley and the Racing Post’s chief executive and chief editor Alan Byrne, underlines the importance of recruitment issues to the industry.
Casino and betting businesses face unique challenges in maintaining a skilled workforce, but by giving staff back control over their working lives – starting with salary payments – the industry can stead the downward curve and instead boost job satisfaction, improve employee loyalty and ultimately drive recruitment.