Contributed by ETZ payments
20/04/2019 - ETZ payments
The traditional 9-5 working day is thought to date back to the 18th century and the industrial revolution, so is it really still relevant in 2019? In the fast paced 21st century life, a healthy work-life balance is desired more than ever. A YouGov study found that 61% of people thought that flexible work hours were a top criteria for choosing jobs.
The eight hour working day is also having a large impact on our health. A study by Paymentsense found that 59% of workers think that the hours they work have an impact on simple tasks such as attending important GP or dental appointments. With missed appointments costing the NHS £216 million a year, the 9-5 is not only detrimental for our health, but also on the wider economy.
It seems that Brits are now generally busier too with hobbies and secondary jobs alongside their primary employment. Research from reed.co.uk has found that 77% of Brits have a part-time hobby as well as their full-time job. With Brits valuing life outside work more and more, it is no surprise that less and less people are working the outdated 9-5 norm. A study by YouGov found that only 6% of people still work 9-5 hours and that almost half of all Brits work flexibly allowing them to juggle other commitments.
The UK workforce are increasingly choosing to work flexibly and in a freelance capacity, but payment structures within the gig economy remain somewhat outdated with many people having to wait weeks and even months to get paid for the work they have done. These stunted and irregular payments lead to a great difficulty in fluid budgeting for the freelance workforce whether they are Uber drivers or highly skilled IT consultants.
ETZ Payments is looking to revolutionise the way that highly-skilled freelancers in the gig economy get paid by driving down transaction costs that many employers face and introducing daily payments.
Nick Woodward, CEO of ETZ Payments, offers the following commentary: “People are increasingly choosing to work flexible hours in a freelance capacity, but the system for paying these workers is still too slow and archaic. For those who are being hired through an agency, transaction fees are a substantial burden. By reducing or eliminating fees by using 21st century technology, ETZ Payments offers flexible workers faster payments, making it easier for them to plan their finances and also making the gig economy a viable option for the critical mass of society.”
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