Imagine if you could completely digitize and streamline payroll, all while improving employee retention and satisfaction.
When you modernize your approach to paying employees, you bring HR and employees to the same page, which helps keep your company in peak condition.
A modern payroll solution gives more flexibility to use employee-centric tools like same-day pay. Worried about it being complicated? No worries – same-day pay for your employees is easier than you think!
Same-day payment can be as easy as a push of a button
The simplicity of same-day pay starts with how it works: Employees get their pay as soon as they earn it. This requires businesses to have flexible payroll systems that don’t disrupt the normal pay cycle. It’s all possible with modern and digital payroll alternatives that make life easier for HR.
Thanks to technology, employers don’t have to rule out profitable employee benefits like same-day pay. In the past, same-day pay would have been every employer’s worst nightmare because of the sheer amount of paper checks that needed to be printed, signed, processed, and distributed. Not to mention the associated accounting headaches.
Today, same-day pay is every employer’s favorite employee satisfaction and retention tool because it’s incredibly easy and convenient. Employers can easily offer same-day pay in various scenarios that may seem complex.
For example, they can apply the same-day pay model to a hybrid workforce that includes employees in multiple states and time zones with no problems. Paying freelancers and gig workers in real-time also becomes a smooth operation that HR can perform anytime, anywhere.
With the right digital payment solutions, same-day pay and early payment can be a no-sweat, smooth-sailing payroll process that’s as easy as pushing a button.
Forget checks – pay your employees anytime, anywhere
Traditional paper paychecks are a dying breed with shrinking popularity. Over 70% of employees want their wages on-demand and no longer have the patience to wait for a payday that comes around once a month or every two weeks.
Providing faster and frequent access to wages is not possible with paychecks because they’re time-consuming and costly. This is why employers should consider these digital payroll alternatives.
Direct deposit involves the electronic transfer of funds into employee bank accounts. It’s a simple, convenient, and fast way to pay employees. However, it doesn’t eliminate the need for manual check distribution since employees without a bank account can’t receive funds via direct deposit. In addition, direct deposit can take time (2 to 3 business days), preventing employees from using funds on the same day the funds are deposited. And it’s a headache to issue an off-cycle payment.
Same-day pay is now a payroll reality, thanks to reloadable payout cards. Payout cards are the ultimate solution to same-day pay and early access to earned wages for several reasons. They are suitable for employees who don’t have bank accounts, so they’re more inclusive than other payroll alternatives.
Depending on their chosen payroll schedule, employers can easily load wages onto payout cards. The best news – there are no delays. Employees can choose to access their money instantly, so every day can be payday if that’s what they want.
How same-day pay goes hand in hand with employee satisfaction
Payroll is an HR function that can be leveraged to make employees happy. Here’s how same day pay translates into improved employee retention and satisfaction:
- Meets employee expectations. We live in a world of convenience and this has set the stage for employees who expect speedy payments and a flexible payroll culture. Same-day pay prevents disappointments and motivates employees to be more enthusiastic and focused.
- Promotes financial well-being. Same-day pay allows employees to meet their spending needs on-demand if they don’t have savings. They don’t have to resort to expensive payday loans that are difficult to repay. Having access to much-needed funds promotes a more positive attitude towards management.
- Enhances the employee experience. Same-day pay is one way to optimize the employee experience. When employees can access funds as soon as they’re earned, they’re less stressed and more productive.
Same-day pay is simple and flexible with Juice Banking
Payout cards have successfully nudged manual payroll processes out of the way. As a result, the future of payroll has never looked better and early adopters of same-day pay have a bigger competitive advantage.
Juice Payout cards are the perfect vehicle to dish out same-day pay without breaking a sweat. It’s as easy as:
- Signing up for a free account
- Ordering your payout cards
- Loading wages on the card
- You’re good to go!
Your employees, contractors, and freelancers get instant access to their money the same day they earn it which unlocks a boatload of benefits for all parties involved.
Same-day pay is only one of the incredible tools you can leverage to build an engaged and loyal workforce. Discover more digitally-enabled tools that enhance the employee experience while making payroll processing a breeze.