Hand-held Solutions: Benefits of Mobile Payroll

Hand-held-Solutions-Benefits-of-Mobile-Payroll-

Setting your sights on creating a company with 100% happiness, fulfillment, and an all-in mentality is undoubtedly wonderful; however, it’s not the most realistic. This is not to be a voice of negativity, but more so one of truth. While it can be your company’s goal to enhance the fulfillment of every individual employed, the truth of the matter is that many people work a fulfilling career with the sole objective of receiving a paycheck to aid in caring for loved ones,  enhancing their lives with personal adventures, and so much more.

It’s not the best practice for a company to force their hand onto anyone, but by adopting and utilizing mobile payroll to enhance an employee’s happiness, your company can easily mitigate any turnover or dissatisfaction that might be on the horizon.

Convenient

Eighty-one percent of Americans own a smartphone, up from 35% in 2011. The increase in technology, speed, and smartphone accessibility has lent itself to the rise in mobile payments with in-store payments estimated to reach $503 billion by 2020 – an 80% compounded increase since 2015. As Americans continue to increase their utilization of mobile payments and financial apps on their smartphones, we see a steady correlation between adults and their desire for convenience. As long as an employee has access to an internet connection they can access their personal information to:

  • Edit direct deposit information
  • View pay stubs
  • Enroll in benefits
  • Monitor 401(k) contributions and plans
  • Update personal information

Instantaneous

Instantaneous

 

Seventy-eight percent of Americans have admitted to living paycheck to paycheck. As stated prior, the reality of the world we live in today justifies the statement that there are people with varying degrees of preference and concern surrounding their payment needs that might not fall under the veil of your company’s abilities or even obligations. However, regardless of where your employees fall on the spectrum of need, access to instant funds is increasingly relevant and an added benefit to optimizing electronic payroll technology.



Efficient

Perhaps one of the most beneficial aspects of transitioning your payroll processes to a mobile system is the increased efficiency of both you and your HR team. The significant majority of HR departments spend precious time fielding a host of questions, providing additional copies of lost records to employees, discussing issues about benefits, updating timekeeping records, and more. 


When you free up time by automating repetitive tasks, you can eliminate costs associated with hiring more staff to handle that workload, which in turn allows you to funnel more money into processes that enable and brainpower that supplements your company’s growth. 

 

Being agnostic to your company's desires, as well as overlooking both the needs of your employees and the productivity increase when you streamline payroll processes, is a costly and unnecessary oversight.

Schedule a free consultation with FastPay to see how you can optimize your payroll processes for you and your employees. 

Smarter Payroll Can Grow Your Business | Schedule Free Consultation

 

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