New payroll service offers the convenience and cost savings of 100% electronic pay1 to employers and their workers
SHRM PaySolution to provide employees with payroll delivery service, including checks and prepaid cards that can be used everywhere Visa® Debit is accepted
ALEXANDRIA, Va.--(BUSINESS WIRE)--SHRM (Society for Human Resource Management) today announced the availability of the new SHRM PaySolution, enabled by Money Network®. The SHRM PaySolution is an electronic payroll delivery option1 that streamlines payroll administration for employers. The new solution also empowers employees—especially the millions of unbanked and underbanked Americans—by providing quicker access to their hard-earned income, the ability to manage funds digitally through a mobile app, and a prepaid debit card that can be used anywhere Visa Debit is accepted.
In one of the most challenging economic periods for both businesses and employees in recent history, the SHRM PaySolution enables businesses to eliminate the challenges and costs of issuing paper checks, and provides employees with electronic access to wages up to two days faster2 than most other payroll options. Compliant with wage laws in all 50 states, the SHRM PaySolution includes options for off-cycle payments and offers workers full access to their pay, both through patented checks and an optional prepaid debit card. The comprehensive payroll solution is enabled by Money Network from First Data, now Fiserv, a leading global provider of payments and financial services technology.
“The modern workplace truly is a blended reality of work and home,” said Adam Sohn, SHRM Chief Growth Officer. “Nearly 60% of the workforce—some 88 million working Americans—spend time at work on personal finances3 and even more than that, 70%, believe their employers have little concern for their financial wellbeing4. This is an opportunity—a win-win-win opportunity— for employers to stand with employees by going beyond traditional employee benefits.”
Sohn added: “The SHRM PaySolution equips employees in ways that benefit them, not only at work, but also in life. It’s about saving time and sparing headaches by championing financial literacy, flexibility, and granting greater financial freedom, in ways that will, undoubtedly, bring forth a world of work that incents and celebrates long-term planning and financial health.”
As HR professionals nationwide gather this week for SHRM’s virtual INCLUSION 2020 Conference to identify strategies to go beyond traditional equity and inclusion practices, this employee benefit solution will help close the digital gap and foster more inclusive workplaces. The prepaid payroll card will give today’s unbanked and underbanked population—representing nearly 32 million U.S. households5—an alternate means to receive their earnings electronically.
The employee benefit is not just for the worker without access to or reliance on the traditional banking system. The SHRM PaySolution also supports today’s tech savvy worker who prefers the convenience of a card and a mobile app’s digital capabilities, which enable workers to easily access money, transfer funds and create spend controls for better money management.
“The ability to enhance the employee experience by providing faster access to wages through a digital payroll delivery service can be a powerful differentiator for employers operating in today’s digital-first world,” said Dom Morea, Senior Vice President and Head of Prepaid at Fiserv. “The SHRM PaySolution provides SHRM members access to the latest in digital payroll technology so they can streamline payroll administration within their own businesses while also empowering employees with ease of access to their hard-earned wages.”
To learn more, visit www.shrm.org/paysolution.
1Employers in New York and New Hampshire must offer a traditional paycheck option to be compliant with state law.
2Faster access to funds is based on a comparison of our electronic direct deposit policy for ACH deposits versus traditional electronic banking practices and the deposit of paper checks. Direct deposit and faster availability of funds are subject to the payer’s support of the feature and timing of payer’s funding.
3Workplace Options poll, 2015
4PWC, Employee Financial Wellness Survey, 2017
5FDIC, National Survey of Unbanked and Underbanked Households, 2017, https://www.fdic.gov/householdsurvey/
SHRM, the Society for Human Resource Management, creates better workplaces where employers and employees thrive together. As the voice of all things work, workers and the workplace, SHRM is the foremost expert, convener and thought leader on issues impacting today's evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally. Learn more at SHRM.org and on Twitter @SHRM.