A salary drawdown service has been launched in the form of flexible wage application fastPAYE that is set to enable gaming businesses to pay staff what they’ve earned early.
With gaming industry veteran Ian Hogg as chairman, fastPAYE provides a transparent wage management system that aims to improve employee satisfaction and loyalty.
Business heavyweights Sir Terry Leahy and Bill Currie have both been involved in the initial funding round as well as Mark Blandford, founder of SportingBet, 888 Holding’s chairman Brian Mattingley and the Racing Post’s chief executive and chief editor Alan Byrne.
Commenting on the launch of fastPAYE, 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experience working with major gaming industry brands as clients of ShopWorks, we understand the pressures caused by the outdated monthly wage system on the sector and how it needs to change.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 to pay staff early under fastPAYE’s model. This enables businesses to offer drawdowns before payday based on hours worked via a dedicated safeguard account with Starling Bank that facilitates instant fund transfers and maximum cashflow management, with no impact on existing payroll.
Research undertaken by fastPAYE has shown that 78 per cent of employees struggle to make funds stretch over the month, particularly in January when those paid before Christmas experience the longest pay gap of the year.
Hogg continued: “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 has also received backing from staff scheduling solution ShopWorks, which supplies Grosvenor Casinos, Mecca, Betfred and Paddy Power.