Instant Pay enables instant payment of your staff without distruption to payroll or cashflow. Money in their bank before they reach the car park - which is proven to drive staff engagement and retention. Why wait?
Circular Wave are committed to supporting health organisations to best manage and utilise their workforce. Part of that is driving staff engagement. We are constantly looking for ways to encourage staff to make themselves available for shifts and encourage them to work. We do everything we can to make that as easy and incentived as possible.
Through partnership and consultation with our clients we have identified a key issue which is paying staff for extra shifts. For connivence and through tradition, flexible working staff and overtime shifts are commonly combined with full-time staff payroll so that they are paid at the end of the month.
This disadvantages flexible working staff who don’t benefit from the regular and constant cashflow of a monthly salary and can mean they are waiting weeks for money they are owed. In addition, many third-parties and agencies pay staff weekly or at the end of a shift and this can means that those health organisations that only pay monthly, are not able to attract staff who need or want to be paid quickly.
COVID-19 has highlighted this issue. It’s drastically changed the working and financial circumstances of millions of people and so no more than ever, flexible working staff need support. Paying staff promptly or immediately can make a huge difference to people's lives.
To address this issue we are introducing our Instant Pay service which will enable our clients to pay their staff instantly after completing a shift. This is designed to support staff by giving them access to their money immediately so they don’t have to wait and can better manage their finances.
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In return for an organisation, instant payment is proven to bring substantial benefits to staff engagement and retention such as +22% hours worked, +50% shifts applied and +10% in staff retention.
The service is provided by an accredited financial service provider who charge a small transactional and service (from £1.75 per shift). This can be paid by the employee, employer or split. All the functionality from staff and managers is processed seamlessly through our mobile and web apps - staff can opt-in or out, view balances, see accessible funds and approve shifts.
From May, we will be offering this service through all our systems (E-roster, Bank Staff Solution. Agency Management System, Staff Engagement App) with organisations able to opt-in to the service. We handle the payroll integration which is simple to setup and organisations can be live in 30 days.
We will also we offering this service as a standalone system, Instant Pay, for any health organisation looking to pay its staff instantly. Instant Pay integrates with all HR and Roster systems to automate the process and with staff again, viewing and managing their money via our mobile app.
Let's get your staff paid!
James Shields - CEO