Early Payroll Doesn’t Mean Late HR Hours

How do you feel about early payment? If you ask employees, chances are the answer is, “Yes, sounds good!” It’s common knowledge that many employees live paycheck to paycheck, so they will undoubtedly appreciate getting their money as early as possible.

On the other hand, if you ask employers the same question, you might get a less enthusiastic answer. That’s because most employers are still stuck on the idea of a fixed payday. Traditionally, this involved printing and sending out paychecks to pay employees. It worked because it was more economical, time-wise, and money-wise.

This explains why early payroll might look like an unnecessary, newfangled idea today. However, this doesn’t have to be the case, thanks to technology.

How hard or easy can early payroll be for employers?

The world has gone digital, so early payroll is one of the easiest initiatives to implement in the workplace. Regardless of which payroll schedule works best for your business, you can operate outside of the normal schedule with no problem. In essence, early payroll doesn’t have to be a nightmare for employers or HR departments who leverage the following digital payment solutions.

  • Direct deposit – Employers can deposit wages directly into an employee’s bank account via electronic funds transfer. However, employers will have to expedite payroll to ensure payments reflect ahead of schedule. When you consider the pros and cons of direct deposit vs. paychecks, it’s easy to see why direct deposit has become so popular.
  • Payout cards – As popular as direct deposit is, it’s still not a viable payment solution for employees without a bank account. In addition, paying your workers frequently through direct deposit often means high transfer costs. Fortunately, payout cards are a simple solution to this. Employers can load wages onto payout cards quickly and easily, and employees can access their money instantly, even when they don’t have bank accounts. It’s also not hard to see why employees want payout cards – it’s one of the best ways to ease worries about late or delayed payments.

As you can see, these convenient payroll alternatives are highly convenient for employers. For example, you can be on the golf course teeing off and all you have to do to pay employees is press a button between breaks. Similarly, if employees work outside of the normal schedule, such as over the weekend or on holidays, they could be paid immediately afterward for their hard work.

This eliminates the punitive costs associated with early payment via paychecks. Paper checks can cost employers an estimated $25,000 per year, not to mention the time it takes to sign or print and mail them. If you’re looking to implement sustainability initiatives, you should consider how checks impact the environment by consuming trees, water, and gas while generating greenhouse gas emissions.

Improve employee retention and satisfaction the easy way

Early payment is an effective strategy for improving employee retention and satisfaction for the following reasons.

  • Provides financial wellness –  Early payment allows employees to pay bills on time and avoid late fees. On top of that, workers are protected from unexpected expenses that pop up at the last minute, forcing them to seek out predatory payday lenders. This eliminates financial stress that can impact productivity.
  • Creates a more flexible work culture – Early payment enables employees to access current earnings outside the customary payroll cycle. This goes a long way towards building a flexible work culture where employee satisfaction is the order of the day.
  • Helps employees feel supported – You hear so much about the paycheck-to-paycheck syndrome that plagues employees, but what are employers actually doing to solve this problem? By ensuring early payment for workers, you can set yourself apart from traditional and inflexible employers. Your team will be more content and productive, and your employee retention rates will climb.

Ask how Juice Banking can help you get early payroll set up

Understandably, employers might be worried about the hassles that come with early payroll. But now that you know how payout cards work, it’s up to you to ensure your employees don’t fret about surviving until the next paycheck.

The best thing about payout cards is that they combine early payment options with opportunities to reward employees with bonuses and additional benefits.

That way, you help stabilize income volatility and disrupt the statistics about employees living from paycheck to paycheck. This, in turn, boosts employee satisfaction and retention, two of the most crucial elements of improved productivity.

So, once again, how easy can early payroll be? It’s as easy as ordering Juice Banking custom cards and getting set up within minutes. No late HR hours – we promise!

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