Exploring the Impact of Flexible Pay Model on Employees' Financial Well-Being in Nigeria: A Case Study of Advans La Fayette Microfinance Bank

This study explores employees' perceptions of Flexible Pay Models (FPM) and their potential impact on financial well-being in Nigeria. With a focus on employees from Advans La Fayette Microfinance Bank, the research aims to understand the challenges, opportunities, and barriers associated with the implementation of Earned Wage Access (EWA) and Flexible Benefits Plans (FBP). An exploratory research design was used to capture the varied experiences and expectations of employees regarding flexible pay systems. Semi-structured, in-depth interviews were conducted with 17 employees from different organizational levels, allowing for rich, qualitative data collection. Thematic analysis was employed to analyze the data, revealing key themes related to financial well-being, employee satisfaction, and the perceived benefits and drawbacks of FPM. Findings suggest that flexible pay models could significantly enhance financial well-being by offering employees greater control over their income and improving financial security. However, challenges such as technological barriers, employee awareness, and organizational readiness were also identified. The study highlights the need for further research into the practical implementation of flexible pay models within the Nigerian financial sector.