Kiwi workers want pay flexibility amid high cost of living
More than half of employees in New Zealand would like to receive their pay more frequently amid high costs of living, according to a new survey.
Findings from Deel's poll among 750 full and part-time private sector employees in New Zealand showed that 54% of people paid fortnightly would prefer to receive pay more frequently.
This rises to 69% for those paid monthly, the report revealed.
The demand for greater pay flexibility comes amid high costs of living, where just 10% of Deel's respondents said they are living comfortably.
More than three in four (77%) employees polled said they are "just getting by" or "doing okay," while 13% said "finding it difficult to get by."
Shannon Karaka, Deel ANZ country lead, previously said the findings indicate that the days of fortnightly and monthly payroll runs are "coming to an end."
"In simple terms, that means 'pay me now, for work I've done, rather than waiting for the next payday,'" Karaka said.
Alternatively, employees in New Zealand said they are also willing to explore other forms of remuneration, with more than 40% considering accepting some part of their salary in non-cash form. These non-cash pay options include:
However, 59% said they want to receive their full salary in local currency.
Karaka said the findings show that employees now expect the same level of customisation, control, and speed in their pay.
"Just as the nature of work is evolving in today's digital economy, so should the experience of being paid, and employers who innovate to offer an enhanced pay experience will be better positioned to attract and retain great people," he said.
Meanwhile, the report found growing support for pay transparency in workplaces, led strongly by younger employees.
Two-thirds of employees (65%) believe that pay transparency is ultimately good for the workforce, with 78% of employees under the age of 35 expressing support for it.
"Younger workers are driving this change," said Jessica Pillow, Global Head of Compensation at Deel, in a statement. "They now have much greater access to salary data and expect clarity not just on pay figures, but on the principles and processes behind them."
More than a third (35%) of employees, however, said the topic of salaries is "too private" for them, while 20% said pay transparency may demotivate people and lead to a decrease in productivity.
Pillow told employers that increasing pay transparency should come with solid compensation foundations.
"Talking about salary ranges alone can be confronting unless employees also understand the reasons behind them. That’s why having a clear compensation philosophy and robust compensation strategy are vital," she said.
