There's no denying that the response to COVID-19 has shaken the standard working models of many businesses, stoking uncertainties for members of every workforce.
Stability and a solid foundation for professional growth are both key contributors to productivity under normal conditions, and now it's more important than ever to protect employees' confidence and well-being. Decisions we make now to build a more supportive structure in the face of current coronavirus challenges can set the stage for continued empowerment and success, long after things return to "business as usual."
Employers have a significant opportunity to attune with employees' diverse financial needs and support their overall wellness and stability—and tying payroll closely to key workforce management solutions, like timekeeping, can help.
Although convenient for many, direct deposit doesn't work for every employee. For some, paper checks are still the preferred way to get paid, but the wait before they hit their mailbox can be stressful, especially with rising concern over possible delivery delays. Even a small delay can add to employees' worry over meeting their regular financial obligations.
If payroll is outsourced or centralized at a remote business location, it may be difficult to expedite the process of getting checks into employees’ hands. Where possible (especially for essential onsite employees), bringing paper payroll in-house and onsite can support greater immediacy in employees being able to make their deposit and pay their bills on time.
Bimonthly pay schedules may work fine for many under normal conditions, but one size or style doesn't always fit all needs. As workforce technology has evolved, add-ons to workforce management solution suites like Kronos have helped employers more easily support the individual payment needs of full-time and hourly employees alike.
Practices like on-demand pay allow employees to tap into their earnings as needed beyond the usual pay schedule. For some, being able to clock out and count on having money in their bank each day can make a huge difference in getting bills paid on time and avoid penalties/fees/credit interest that adds to stress and uncertainty.
Greater Privacy and Flexibility
On top of frequency, many employers are even discovering the advantages of on-demand advances through add-on tools and services. When unexpected expenses would otherwise turn an employee's life upside down, being able to privately request a temporary advance on anticipated earnings can help secure their stability and control.
Financial service partners (such as those that integrate with Kronos) may also include private financial counseling, so employees can overcome their challenges without fear of the impression their unique and changing needs have on their employer.
Cloud-Based Workforce Management Makes This Possible
Achieving these key financial benefits in support of stability and productivity requires a razor-thin link between timekeeping and payroll services. Consolidating both with cloud-based solutions like Kronos Workforce Central or Dimensions ensures accurate real-time data and responsiveness wherever your payroll offices reside. Allowing greater financial flexibility and empowerment for employees that could mean the difference in getting a bill paid or even addressing prescient health needs without fear of short-term financial implications.
Are you prepared to implement changes to support your employees' financial well-being and productivity, for both now and into the future? Would greater support and flexibility position you as a leading employer in your industry? These are necessary questions to consider, especially now in times of uncertainty. Reach out to speak with one of our workforce management specialists. We're more than happy to discuss the unique benefits and opportunities as they relate to you.