Unlocking financial freedom: Enhancing payroll with on-demand access to earnings at TFG London
TFG London, a division of The Foschini Group Limited (TFG), a prominent South African retail conglomerate, embarked on its UK venture in 2015 through the acquisition of Phase Eight. Since then, TFG has expanded its footprint by adding esteemed brands such as Whistles and Hobbs to its portfolio of premium womenswear brands in the UK. In December 2019, TFG London inaugurated its flagship store, marking the beginning of an exciting journey of growth and innovation and most recently launched a homeware brand called Inside Story.
The challenge
In response to employee feedback gathered through engagement surveys, TFG London identified the need to enhance their benefits package and sought a solution that addressed the financial needs of their workforce. Employees expressed a desire for real-time access to their earnings, which led to the exploration of solutions like Access EarlyPay, in line with the company's commitment to employee well-being.
Solution
After careful evaluation of different options and competing solutions, TFG decided to implement Access EarlyPay in February 2024. The transition occurred smoothly, without any setup charges or workflow disruptions.
One of the main influences of opting for Access EarlyPay was the seamless integration with their existing payroll system, People XD, which is also a product of The Access Group.
Access EarlyPay emerged as the ideal solution, seamlessly integrating with our existing payroll system. Its intuitive interface fosters ease of use for both employers and employees, granting real-time access to earnings and promoting financial wellness. With customisable reporting features, we can effectively monitor usage patterns and initiatives to enhance financial well-being.
Find out how on-demand pay can help you engage employees, boost productivity and improve retention
Results
Since implementation, Access EarlyPay has been widely adopted by employees at TFG. Real-time access to earnings has diminished the need for alternative financial services such as payday loans or high-interest credit cards. The app's user-friendly interface has contributed to its popularity among both hourly and salaried employees.
It's been excellent to see the level of adoption over the past three months since implementing, confirming that our employees are embracing the service. We prioritise providing a beneficial solution that empowers them to access their earnings in real-time, steering clear of less favorable alternatives like payday loans or high-interest credit cards. Access EarlyPay offers a practical and immediate solution for our employees' financial needs.
Dianne Hoodless - Head of Group Compensation and Benefits at TFG
Recommendation
TFG's experience with Access EarlyPay underscores the benefits of innovative payroll solutions tailored to employees' needs. By prioritising user experience and seamless integration, businesses can optimise payroll processes while fostering financial wellness and employee satisfaction.
Key features and benefits
- Seamless integration with existing payroll system (Access PeopleXD)
- Intuitive and user-friendly interface for employers and employees
- Real-time access to earnings promotes financial wellness and reduces reliance on external financial services
- Customisable reporting features enable effective monitoring of usage patterns and financial well-being initiatives
From an employer's perspective, having the ability to monitor how frequently employees utilise Access EarlyPay provides valuable insights into their financial behaviors. By identifying patterns and trends, we can proactively address any potential financial challenges and promote overall well-being.
The clear and concise invoicing, and user-friendly reporting features make managing payroll a seamless and efficient process. With the ability to download reports and tailor them to our specific needs, Access EarlyPay offers unparalleled convenience and functionality for employers.
Access EarlyPay is truly a game-changer. We've experienced zero glitches with the system itself and the simplicity of Access EarlyPay is remarkable; it effortlessly provides the necessary data, allowing us to monitor drawdowns effortlessly. It's a reliable tool that simplifies payroll management and empowers us to focus on what matters most.
Dianne Hoodless - Head of Group Compensation and Benefits at TFG