Paychex adds advance pay features, smartwatch integrations
Employees using Paychex can now get access to their earned wages ahead of payday.
The HCM and payroll provider added a new real-time payment capability, which gives employees the ability to access earned wages when they need them. This comes in addition to the company’s new pay-on-demand feature, which allows employers to grant workers access to money before a scheduled payday.
“Employers need to be investing in technologies today that will meet the evolving needs of employees — from how and when they want to be paid to where they physically do their jobs and what solutions and tools augment their work,” says Tom Hammond, vice president of corporate strategy and product management at Paychex.
In addition to the advance pay features, the company also added a smartwatch integration. Paychex users can clock in and out for a shift, break and meals using their smartwatch. Employers can also add geofencing capabilities which tracks a worker’s time and attendance using a GPS.
As employees voice the need for financial security, some companies are looking into offering advance pay benefits. But the number still remains small — only about 15% of employers offer an advance pay benefit, according to data from the Society for Human Resource Management. Regardless, companies including Sprinkles Bakery, Vera Bradley and Westgate Resorts have adopted a form of the advance-pay benefit.
Paychex has been making a number of updates to its payroll and HCM products. In January, the company, which provides payroll for 670,000 employers, added four new features including performance management and workflow approval tools, real-time analytics and an events calendar to its HCM platform. It also recently added cyber liability protection and a tool for sole proprietors.
Hammond says the future of HR will focus on personalizing benefits for employees. Flexibility will also become more important, he adds. “In today’s fast-paced environment, HR professionals are doing everything they can to drive productivity, contribute to company strategy, and engage employees who are both self-sufficient and afforded the flexibility they need to be successful,” Hammond says.