Emerging Payroll Methods May Put an End to the Paper Check
This week is National Payroll Week, and the annual event marks a perfect time to look at the latest trends in paychecks so you can make sure you’re offering employees the best options to keep morale high. Here are some recent payroll developments that are shaping workplaces today.
- Paycards: These reloadable pre-paid cards onto which employers deposit an employee’s wages can be used by workers to make purchases, withdraw cash and even pay bills, increasing their popularity over paychecks and direct deposit. Read our blog to find out more.
- Mobile Pay: Instead of requiring access to a bank account, some employers today are giving employees access to their pay from their phones or smart watches through digital accounts like Venmo where employers deposit wages.
- Instant Payments: While contractors pioneered the demand for instant payments via services like PayPal, same-day pay is becoming more popular among hourly employees as well who want to be paid as soon as possible after their shift.
- Personalized Pay Schedules: Instead of every other Friday, some tools allow employees to pick which day of the week they get paid or get early access to funds. Walmart is just one company that allows employees to drawdown on their salary ahead of time up to eight times for free.
Identifying new methods for employees to receive and manage wages can go a long way to making them feel you’re aligned with their desire for quicker and more convenient access to pay – boosting satisfaction in the process.
To learn about our payroll solutions, Contact Complete Payroll Solutions at 866.658.8800.