What is it?
Flexiwage is a financial wellness benefit for employees which enables them to schedule their income in a pay frequency that suits their needs without impacting a company’s ability to process monthly. Flexiwage enables companies to transition from a weekly pay cycle to a monthly one by allowing the employees to continue to be paid weekly after the transition has occurred. This reduces payroll administration costs by 75% per year.
Although 32% of employees are still paid weekly (mostly in manufacturing and service industries, such as hospitality where hourly pay is common), the majority of companies have started the move to monthly.
Weekly pay, while great for an employee, burdens the employer with the additional administration cost associated with running the payroll tasks to facilitate this. Flexiwage integrates with all payroll systems so there is no need to change provider or system it adds on simply without a complex implementation.
Who’s behind it?
Flexiwage was founded in 2016 by Anthony Cronin and the team has now grown to 9 members between Ireland and the UK.
Anthony has been in the Payroll industry for over 15 years, most recently as Global Payroll Implementation Manager for EY. He has also worked as a Project Manager and Consultant for some of the world’s leading Payroll Service Providers including ADP, SGWI and CoreHR. Anthony was named by Payroll World Magazine as one of the 100 most influential people in payroll in 2017 and 2018.
Paul Ryan Paul is Flexiwage’s Global Payroll expert and has been working in the HR and Payroll industry for 20 years. He has worked as a Programme Manager and an Independent Consultant for the some of the worlds leading providers including ADP, Convergys and Cloudpay. Paul has led multinational HR and Payroll Transformation projects for clients including BP, Coca-Cola, Siemens, Intel and Dixons.
Lindsay Melvin Lindsay has been in the Payroll industry for over 40 years and has to date had a distinguished career, including as CEO of the CIPP (Chatered Institute of Payroll Professionals). Lindsay is a vocal advocate for empowering employees and has led national initiatives in the UK, alongside the government to tackle personal debt.
Criostoir O’Codlatain Lachtna, CTO Chris is a strong entrepreneurial professional with a BSc Enterprise Computing focused on IT and Business fromDCU. Skilled in Java, PHP/Front-end Web Dev, and Swift/iOS dev. He has also been CTO in successful startups including Wellola and WOWIT.
How is it funded?
Flexiwage is a privately funded company, and has received funding from Enterprise Ireland HPSU funding of 200K along with privately matched funds from Investors.
We are currently working towards becoming the leading Employee Financial Wellness benefit for employees in Ireland–we are already working with multinational clients in Ireland such as Eurofins and Voxpro as well and well known brands across the country such as Woodies and Right Price Tiles helping their staff manage their wage, their way.
Flexiwage was developed with global application in mind – the product is designed to empower and engage employees.
We are currently participating on the prestigious PwC accelerator program in the UK and piloting there currently with a full market release in 2020. From there we hope to be looking towards the US market in 2021.