While the impact of COVID-19 on the workforce has brought to light just how important it is for employees to have flexibility with their paychecks, the need for flexible payroll solutions isn’t new. The gig economy first challenged traditional pay periods and checks as hourly workers became more prevalent, creating a need for a fast, efficient means to get paid—how and when employees wanted. The pandemic has reinforced this need by triggering organizations to move to virtual environments or consider layoffs and furloughs, giving employees even more reason to want their pay as it is earned, not just every few weeks, and through convenient channels.
With these unexpected obstacles in mind, many employers are starting to reevaluate how to better deliver employee paychecks (how and when they want them) with flexible payroll options. Technology solutions like DailyPay or eChecks are just two of the many potential partner options that make flexible payroll possible for employees—and not just full-time.
DailyPay eliminates the need to wait for a pay period to end by allowing employees to transfer portions of their accrued pay directly to a bank account or pay card before the pay period is over. This helps alleviate late payments and provides a fast payment option for those that do not have direct deposit. Employees can get paid for what they have earned instantly, instead of needlessly waiting for the pay period to end.
The eChecks solution helps eliminate different problem areas of payroll. As some employees still receive paper checks in the mail, eChecks provides a convenient, digital means of delivering checks and earning statements via an email link. Employees can download and print their own checks even faster through the link, eliminating the wait times of standard mail—especially with today’s postal delays brought on by COVID-19.
Both DailyPay and eChecks are innovative and helpful options for workforces that have a mix of both part- and full-time employees, as well as those who prefer access to their hard-earned funds as they are accrued. Although traditional payroll was undergoing a shift even before the pandemic, we will continue to see a shift in how employees prefer to be paid as technology becomes even more engrained in our daily business processes.