Estimated reading time: 5 minutes
(Editor’s Note: Today’s post is brought to you by our friends at Wisely® by ADP, a suite of cost-effective pay solutions that helps organizations move to 100% paperless pay. The myWisely app been recognized as the App of the Year at the HR Technology Conference. Congrats! Enjoy the article.)
I’d like to think that we agree, Millennials currently make up the majority of today’s workforce. And that number is expected to grow as more Boomers plan their exit strategy. Today’s article isn’t about “managing the generations”. Rather, it’s about something that every generation can agree on – money. Employees want to be paid on time. They want their pay to be correct. And they want control over how they are paid.
What we’re learning is that generations might differ on the format that they receive their pay. In the ADP study “Generational Trends Shaping the Future of Worker Pay”, 47% of younger workers said that they wanted their paycheck to be in the form of a paycard because they prefer not to have a bank account. I think this is an important trend that HR and payroll departments need to acknowledge. Not everyone uses a banking institution. There are lots of reasons why and we don’t really need to get into those in this article. The point is employees need to receive their pay and they deserve to be paid the way they want.
Wisely Lets Employees Get Paid the Way They Want
Wisely by ADP is a suite of digital pay tools that allow employees to receive their pay the way that works best for them. The suite has three components:
- Wisely Pay, an opt-in paycard offered through the employer,
- Wisely Direct, an opt-in reloadable card offered by ADP directly to consumers, and
- myWisely, a mobile app which comes with both Wisely Pay and Wisely Direct.
I recently had the opportunity to learn more about Wisely. Here’s a high-level overview of how it works, and the benefits that employees receive from using it.
- Employees are able to keep more of their pay. I’d like to believe that we all agree that the fewer number of fees we have to pay, the better. With Wisely, there are no minimum balance requirements, no sign-up fees, or monthly or hidden fees. Employees have access to tens of thousands of select ATMs nationwide for fee-free cash access.
- Employees can track their income and expenses online. With Wisely, employees may be able to receive their pay up to two days early. They can also look at spending trends by category like food, dining, shopping, etc. Being able to view income and expenses allows employees to create budgets, monitor spending habits, and make financial decisions with good information.
- Employees can start saving. We’ve all seen the articles that the majority of Americans do not have $400 to cover an emergency expense. In addition to the savings tools, Wisely offers cashback rewards on both eGift cards and for qualifying purchases at select retailers. The cashback is placed in a “special savings envelope”. Employees can use their savings to build an emergency fund. Or maybe create a fund to save for a special purchase.
- Employees can shop and pay bills with ease. With Wisely, employees can enjoy the benefits of the digital economy by shopping and paying bills online, instore, in-app, or by phone where Visa and Mastercard are accepted. Cardholders can add their Wisely card to their mobile wallet to pay with a single touch anywhere Apple Pay, Samsung Pay, or Google Pay are accepted.
It’s also important to mention that Wisely and the myWisely app have safety and security features in place. A cardholder’s funds are insured by the Federal Deposit Insurance Corporation (aka the FDIC). There are geofencing protections in place to reduce fraud, and a card lock feature via the app. Also, cards are equipped with an EMV chip for added protection. (Side note: EMV stands for Europay, Mastercard, and Visa, the founders of the chip.)
Financial Wellbeing is Linked to Employee Wellbeing
According to the ADP study “Employee Financial Wellness Programs: Employer Guide”, more than 85% of both employees and employers agree that financial wellbeing is important to overall wellbeing. In the same study, 79% of employees say that they want to work for an employer that cares about their financial wellbeing.
Part of financial wellbeing is allowing employees to have control over their paycheck. Organizations can do that by allowing employees to get paid the way they want. And give them tools to manage their pay. It’s a win for the employee and the organization.16