Paycom Software has launched a product that helps employers and employees implement and use daily payrolls.
The new Everyday product allows users to get paid on a daily basis without paying a costly fee, the company said in a Tuesday (Aug. 1) press release. The new solution also ensures employers are compliant and not exposed to potential losses.
“If employers choose to let their employees opt-in to be paid more frequently, they should do so in a way that mitigates risk and exposure to the organization by ensuring withholdings are accurately accounted for and their employees aren’t having to access these funds in a manner that resembles a loan,” Paycom CEO and Founder Chad Richison said in the release.
PYMNTS research has found that workers increasingly prefer to receive their wages as they earn them rather than waiting days or weeks before they can access their pay.
Implementing this earned wage access (EWA) is a key way to improve employee loyalty, according to “The Rise of Instant Payroll and Early-Access Compensation,” the July edition of the “Money Mobility Tracker® Series,” a PYMNTS and Ingo Money collaboration.
EWA also offers companies increased visibility into their cash on hand, helping to improve overall money mobility, the report found.
Paycom’s Everyday product is used in conjunction with the company’s Vault Visa Payroll Card and Beti, a self-service payroll solution that allows employees to do their own payroll, according to the press release.
With this solution, employers can automate pay through one system in which employees manage their own payroll, the release said.
“Employers using Everyday are also not exposed to potential losses from various factors that impact pay, including early employee departures, garnishments or benefit deductions that need to be collected,” Paycom said in the release.
By positioning employees to take control of payroll data, the burden on HR and payroll departments is lifted, Paycom Vice President of HR Jennifer Kraszewski told PYMNTS in an interview posted in July 2021.
“Doing your own payroll is much more time-efficient compared to chasing down HR or payroll after payday, when employees notice a missing expense reimbursement or mistake,” Kraszewski said at the time.