SHRM (Society for Human Resource Management) has launched a new digital payroll service designed to help businesses streamline payrolls. The SHRM PaySolution Enabled by Money Network promises to provide organizations with greater financial freedom.
The company says its electronic payroll delivery solution empowers employees by providing them with faster access to their income. Staff can manage funds directly through a mobile app. Employees can also use a prepaid debit card to access money, which can used anywhere Visa Debit is accepted.
For small businesses, finding the time, money, and resources to issue paper checks can be testing. In the current climate where many small businesses are struggling with cashflow, such challenges are especially pertinent. The SHRM PaySolution says it can eliminate such issues by providing employees with quick and easy electronic access to their wages.
Improving Staff Morale
Being able to access salaries electronically, wages are received up to two days faster than more traditional payment options. Having quicker access wages is naturally preferable to employees, thus helping small businesses boost staff morale. By improving employee wellbeing by providing more efficient and quicker payments, the PaySolution could act as an effective way to improve staff retention.
Adam Sohn, SHRM Chief Growth Officer, commented: “The modern workplace truly is a blended reality of work and home. Nearly 60% of the workforce—some 88 million working Americans—spend time at work on personal finances and even more than that, 70%, believe their employers have little concern for their financial wellbeing. This is an opportunity—a win-win-win opportunity— for employers to stand with employees by going beyond traditional employee benefits.”
Compatible with Wage Laws
The SHRM PaySolution is compatible with wage laws in all 50 states, giving small businesses peace of mind their payment solutions are legally complaint. The PaySolution offers options for off-cycle payments.
The payroll solution is enabled by Money Network from Fiserv, a provider of technology solutions to financial institutions.
The SHRM PaySolution will also benefit HR teams, by streamlining payroll administration. By providing faster access to wages through digital payroll delivery, SHRM PaySolution is empowering both employers and employees.