22% of British Workers Paid Late, Personal Finances Suffer

London U.K. A surprising number of employees work from one pay check to the next. They rely on this steady stream of reliable income in order to make ends meet. The problem, however, is that a lot of British workers are finding that their personal finances are suffering lately because their employers are paying late.

Employees_discuss_in_office22% of British workers are paid late, causing personal finances to suffer.
Photo: Wikipedia.

The Stats Regarding Getting Paid Late

When 2,000 employees in the UK were surveyed by Cascade HR, it was found that over a fifth, or, more specifically, 22 per cent, of all British workers claimed that their employers did not pay them on time. Even though they had put in the work hours and had earned their wages, these people had to go without their pay checks and suffer financial losses.

What’s worse, however, is that, for many of these British workers, the late payments were not a one-time thing. Instead, many of them stated that they were paid late more than once. Of all of the people who stated that they were paid late for the work that they had put in, almost half, or 49 per cent, stated that it occurred multiple times.

The Effects of Getting Paid Late

When employees are paid late, they suffer great losses with regards to their personal finances, and it puts a lot of strain on them to be able to live comfortably and keep their families happy.

According to the survey, 61 per cent of people who got paid late were forced to borrow the money that they needed from a variety of sources. This translates to just under a whopping two-thirds of workers.

On top of that, 33 per cent of UK workers were unable to pay their bills or their direct debits on time. And over a quarter, or 27 per cent, of people who received their wages late had to deal with late payment charges from banks, while 21 per cent weren’t able to cover even the basic costs of living, such as travel expenses and food.

What Employers Can Do

It’s no surprise that getting paid late has such a terrible impact upon workers’ families, home life, and personal finances. Employers who have been unable to pay their staff on time, however, can take steps to make sure that it won’t happen again.

Many times, employers don’t pay their employees on time because they simply can’t afford to do so. By decreasing other costs throughout an organisation, however, business owners can focus on paying their workers first.

A great first step involves investing in new technology that can make staff members more efficient. Cloud based technology, such as XCD HR, is one way to allow employees to access the information they need from wherever they are, thereby increasing their productivity and getting things done even when they aren’t in the office.

By boosting productivity and efficiency, employers can start lowering their expenses so that they have more money left over to pay their employees on time every time. Hopefully the next survey that’s conducted on the same topic will show that progress has been made.

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The Editors
The Stewardship Report on Connecting Goodness is the communications platform of The James Jay Dudley Luce Foundation (www.lucefoundation.org). There are now more than 100 contributors around the world to this publication.

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