A salary drawdown service has been introduced in the form of flexible wage application fastPAYE which is expected to allow gaming companies to pay workers what they earn early on.
With Ian Hogg as chairman of the gaming industry veteran, fastPAYE provides a transparent wage management system aimed at improving employee satisfaction and loyalty.
Business heavyweights Sir Terry Leahy and Bill Currie both participated in the initial funding round as well as Mark Blandford, founder of SportingBet, Brian Mattingley, Chairman of 888 Holding and Alan Byrne, Chief Executive and Chief Editor of the Racing Post.
Commenting on fastPAYE launch, Hogg stated: “Through years of experience working with major gaming industry brands as clients of ShopWorks, we understand the pressures caused by the outdated monthly wage system on the sector and how it needs to change.
“Attracting investment from industry stalwarts such as Mark Blandford, Brian Mattingley and Alan Byrne is testament to the value fastPAYE brings to casino and betting businesses and their staff, providing a system that is easy to adopt for all parties and that boosts employee retention.”
Unlike other providers on the fast-growing’ wage-on-demand’ market, employers don’t need credit early on under the fastPAYE model to pay staff. It allows businesses to deliver pre-payday drawdowns based on hours worked through a dedicated Starling Bank safeguard account that enables quick fund transfers and optimum cashflow control, with no effect on current payroll.
Research undertaken by fastPAYE has shown that 78 per cent of employees are struggling to make funds stretch through the month, especially in January when those paid before Christmas experience the longest pay gap of the year.
Hogg added: “We’re 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, and that makes their business a more attractive place to work.”
The application was also supported by staff scheduling solution ShopWorks providing Grosvenor Casinos, Mecca, Betfred and Paddy Power.