The company perspective
Going from paying twice a month to paying once a month could really deliver significant savings. Many banks levy a flat fee on any commercial transactions. By doing payments once per month they halve the fees they're paying. It also saves a significant of administrative work for your company, and therefore saves money.
Given that the company has much to gain from it, you should assume this is Going To Happen.
However, because it's worth a lot to them, it's also reasonable to ask that they do the implementation in a way that works for everyone. So what can you ask for?
As @Joe Strazzere shows, the amount of money you would lose in compound interest is really really low, and not in proportion to a 1% raise. If you play it like that you will seem both greedy and bad at math.
You say it's "incredibly inconvenient". If you're not living paycheck to paycheck, then it really shouldn't be incredibly inconvenient. Whether you get paid $1000 once a month of $500 twice a month doesn't make much difference if you have a $500 reserve.
Now, the people living paycheck to paycheck, that's a different story. For them, it's important that this chance is rolled out front-loaded: they shouldn't go the first two weeks without getting a paycheck. That's definitely something bring up with your boss.
A specific topic which you could try to negotiate is the date at which wages are paid out. A lot of bills come on predictable dates; find out when rent, utilities, school bills etcetera are typically due for your co-workers, and ask that wage payments are guaranteed to always happen a few days before.
Suppose it's rolled out well, there's still the question of whether those co-workers can manage their personal finances responsibly - if they gain a month's worth of wages, can they keep half of it untouched for half the month? If not, then they have a problem, for which they really should get help. However, managing their personal finances is their own responsibility; not the responsibility of the company.