A third of UK workers would prefer to be paid weekly to allow them to budget better for the rising cost of living, according to new research.
Researchers for temporary work platform Indeed Flex found that 34% of workers wanted to be paid each week, but currently only 15% were paid in this way while three quarters (77%) received their pay packets monthly. About 5% were paid fortnightly they found.
Meanwhile, Indeed Flex’s parent firm, Indeed, has released figures showing sharp rises in job searches for part-time, zero hours and shift positions, as workers have sought to increase their earnings as prices rise.
Workers who preferred the idea of a weekly wage said it would help with budgeting, because nearly one in three people were regularly running out of money by the end of the month or using overdrafts. Only 35% of workers in full-time work always had money left over at the end of the month.
With paychecks becoming stretched amid the cost of living crisis, a quarter of workers (24%) who would prefer a weekly wage say it would help them budget and a fifth (22%) say it would help them feel more in control of their finances.
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A quarter (24%) of UK workers are doing some form of temporary work, either as their main form of employment (9%), or alongside a part-time or full-time job (15%).
Novo Constare, CEO and co-founder of Indeed Flex, said: “While the appearance of a lump sum of money in your bank account at the end of the month is always welcome, for many people the pleasure is short-lived as bills and one-off expenses quickly make it drain away.
“The majority of the UK workforce are paid monthly, yet a third would prefer to get a weekly wage to help them budget and manage their finances better.”
Constare added that Indeed Flex paid its workers every Friday even if they had been working for a client firm for a long period.
Rise in searches for zero contract roles
Meanwhile, Indeed has released data showing a significant rise in the demand for part-time roles, zero-hour contract positions, as well as roles where little or no experience is required.
People are likely seeking a second or third job or juggling new work alongside caring responsibilities to pay the ever rising bills” – Jack Kennedy, Indeed
Among the more significant figures were that searches for zero-hour contracts had increased by 70%; demand for weekly pay had risen by 122% and “full-time, no experience” searches had shot up by 219%. Searches for “night-time shift part-time” had more than doubled over the past year.
Jack Kennedy, UK economist at Indeed, said the growth in searches for part-time and flexible roles and work where no experience was required, showed that people increasingly sought jobs that enabled them to bend around their personal lives, and likely their current work lives too.
He added: “And, with work being sought for less-favourable time frames – such as weekends and night-shifts – and contractual arrangements with zero-hour contracts, it likely demonstrates individuals seeking a second or third job or juggling new work alongside caring responsibilities to pay the ever rising bills. It’s not surprising therefore to see the ONS’s figure of 1.22 million currently having second jobs, exceeding its pre-pandemic peak.
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“Furthermore, the huge increase in demand for roles with ‘weekly pay’ should not be ignored. During this challenging economic period businesses need to not only consider supporting staff with flexibility regarding working hours and location, but also pay cycles.”
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