This collaboration leverages CloudPay NOW, a digital pay-on-demand platform, allowing employees of Santander’s SME clients and larger businesses to access earned wages at any time, improving financial flexibility and wellness.
The partnership broadens the availability of on-demand pay, traditionally offered by larger enterprises, to businesses of all sizes. This initiative reflects the rising demand for financial wellness solutions, providing employees with real-time access to their earnings. By addressing unexpected expenses and promoting financial stability, the service aims to reduce the stress associated with conventional monthly pay cycles.
Research from CloudPay highlights the significance of such services, with 44% of employees reporting increased loyalty to employers offering on-demand pay. For businesses, this feature can improve employee engagement, productivity, and retention while reinforcing their commitment to workforce well-being.
By integrating CloudPay NOW, businesses gain a competitive edge in attracting and retaining talent in an increasingly challenging labour market.
This partnership underscores the growing focus on employee-centric financial solutions, fostering a workplace culture that prioritises financial empowerment and overall wellness.
SMEs account for over 99% of businesses in Spain and employ approximately 65% of the country’s workforce, making them a cornerstone of the national economy. Despite their critical role, SMEs often face challenges in accessing financial tools and technologies that larger enterprises take for granted. This gap in resources can hinder their ability to attract and retain talent in an increasingly competitive labour market.
Solutions like CloudPay NOW address these challenges by offering SMEs access to on-demand pay, a benefit typically reserved for larger companies.Therefore, the adoption of pay-on-demand solutions is particularly relevant for Spain's SMEs operating in industries with high employee turnover, such as retail, hospitality, and services, which together employ a large portion of the workforce. Research indicates that 44% of employees are more likely to stay with an employer offering on-demand pay, highlighting its potential as a retention strategy. For SMEs, this translates into lower recruitment costs, better workforce stability, and improved operational efficiency, ultimately improving their capacity to compete with larger firms in the market.
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