Ascender, a leading human resource and payroll software and services provider in the Asia Pacific region has announced it has entered into a partnership with flexible pay provider Earnd.
Phase one of the new partnership will see more than 700,000 Australian employees who use Ascender’s payroll platform gain the ability to access their income as they earn it. Earnd and Ascender plan to expand this offering to Ascender’s client base of over 1.3m employees throughout the APAC region in the future.
Financial wellness is playing an ever more integral role in employee productivity and engagement. Studies around the world highlight how financial stress can significantly impact an organisation’s bottom line. Recent research from AMP estimated the cost of employee financial stress on Australian businesses to be over A$31 billion annually.
What does this partnership mean for employees?
The Earnd and Ascender partnership will help employees manage their financial demands by giving them access to their accrued income when they need it most. Andrew Wilson, CEO at Ascender, believes this offering will help organisations improve employee engagement, create significant productivity gains and, ultimately, have a positive impact on retention and business performance.
“We are extremely excited to partner with Earnd and provide this new offering to our customers and their employees. Employees and contractors are expecting more flexibility in all aspects of their work, whether it be flexibility in roles, hours, location or how they are paid. This new partnership will give employees the flexibility to draw on a portion of their wages whenever they need to, for example to cover an important bill,” said Wilson.
“We believe this will drive a fundamental shift in how people work, allowing businesses to keep pace with the changing requirements in the labour market and unlock the full potential of their workforce. Not only does Earnd enhance the employee experience by providing the flexibility of on-demand pay, but it will ultimately help employees tackle financial stress, leading to a more engaged, productive and high performing workforce.”
Josh Vernon, CEO, Earnd, shared “We’re extremely proud to be partnering with Ascender to bring the future of pay to so many hardworking Australians. Ascender’s genuine focus on better supporting the experience of their customers’ employees and contingent workers deeply aligns with our mission to put people first and radically improve the lives of our users by supporting them financially. We’re grateful to be tackling such a big challenge with Ascender, one of the leading HR and payroll providers in APAC.”
Ascender and Earnd finalised the agreement in late May, with early access payroll being rolled out in the Australian market before being introduced to the wider APAC market. The partnership gives Ascender customers the simplicity of ‘one-touch’ access to Earnd’s functionality and offers on-demand-pay to their employees.