January 15, 2020 (ATLANTA)
New innovations in payments give employers exciting new ways to engage their workforce.
Research tells us that a lost employee can cost between six and nine months of salary, and employers from every industry recognize worker turnover as a major problem. As a result, companies are beating the bushes for new ways to close the Revolving Door. Compensation is obviously a major driver of employee satisfaction – but modern retention strategies don’t stop at how much. Innovative employers are differentiating themselves from their competitors by providing their workers more choices in HOW workers are paid. Below are five innovative ways your company can deliver exciting choices into the payroll process.
1. Offer a choice of payment types.
You can now let your employees select their preferred payment type for getting paid. Most will likely stick with a regular ACH deposit to a checking account; some may select PayPal or physical check. You might consider offering a reloadable pay card for underbanked employees. Allowing your employees to select from an array of payment types is an easy and exciting way to give your workers more choice.
2. Offer Cash Payment.
Employees can even choose to be paid instantly in cash using a code given to the employee and taken to any of MoneyGram’s 30,000 domestic locations. This option is of particular value for unbanked workers.
3. Offer Pay Splitting.
Workers that share their earnings with other family members will appreciate the ability to split their pay between multiple payment types and route to multiple accounts. For instance, a worker might choose to deposit 70% of their pay to their checking account via regular ACH, while routing 10% back home via International ACH, and then send final 20% into a PayPal account to save for a child’s college tuition.
4. Provide access to Advance/Emergency Pay.
Small, unanticipated expenses are a common cause of the late or absent worker. Allowing workers to access earnings in advance of payday is a valuable benefit that can gives your workers financial flexibility when they need it most.
5. Offer Daily Pay.
Allow employees to work a day, and get paid the same day. This benefit is of particular value for short-term contract work.
You may be asking: “How can I obtain these benefits, and how do these offerings mesh with my current payroll solution?” Integration with your current payroll solution and consolidation of services are key aspects of delivering payroll-related benefits. Numerous B2B companies in today’s deliver one or two of these payroll-related services. KyckGlobal’s solution provides all five of these functions from one cloud-based platform as well as a robust array of payment types – all from a single point of reconciliation. The KyckGlobal team connects to your existing payroll solution for a turn-key experience. And with API integration, your company can embed these payroll-related benefits directly into your existing platform, strengthening brand loyalty and providing a consistent experience for salary and contract workers alike.
Payroll-related benefits offer employers an exciting new array of tactics to improve worker satisfaction and retention. The best service providers will deliver a unified experience to your workforce and your administrators alike. Providing new choices in the payroll process telegraphs your company’s flexibility and willingness to engage your workers in innovative ways, and that your company is ready to walk the talk when it comes to investing in your biggest asset: your workforce.