Employee well-being can have a major impact on your company's bottom line, so it should be an ongoing concern for your HR and management teams. If your employees are struggling mentally, physically, financially, or otherwise, they'll be calling in sick more often, driving up insurance costs through excess claims, and at higher risk for burnout or leaving the company. Payroll technology for employee well-being could be a missing piece of the puzzle for your organization.
Digital tools for wellness can improve employee well-being, whether it's through accurate and timely paychecks, enhanced benefits, and tools for empowerment. Here's a look at how payroll technology can improve your employees' wellness in the New Year.
Accurate and Timely Payments
The financial well-being of employees is important because money problems are likely to be a stress point for most of them. Inflation, credit card debt, and other financial factors can increase stress dramatically. Higher stress levels mean employees get sick more often and suffer lower morale, which leads to an endless cycle until they walk out the door for good. An accurate and timely payroll adds reliable financial stability to their lives and hopefully eliminates some of those stress points.
Payroll software helps to ensure that payday always happens on the expected dates. If an employee's paycheck or direct deposit arrives even one day late, it could mean added stress in their personal lives.
Accurate payroll also means they're getting paid for the full amount of hours they worked, including any overtime. If they're underpaid for the hours they've worked, it makes them feel underappreciated, and morale takes a nosedive. If you want to improve overall employee satisfaction in the workplace, accurate and timely payroll is a great starting place.
Enhanced Benefits Access
Modern payroll platforms can integrate seamlessly with different benefits programs. This gives your employees easy access to different programs and ways to understand them. Your HR department will spend less time addressing questions or enrollment when employees can utilize the DIY approach that these platforms offer.
Some of the benefits related to well-being that can be accessed through a payroll platform include:
- Financial and retirement planning
- Stress management advice
- Nutritional and exercise tips
- Self-guided mental health resources
- Weight management programs
- Gym membership discounts
- Health fairs to vaccine clinics
Having a platform that allows for tailored resources to diverse professional experts and topics can put a lot of resources at your employees' fingertips, and they can make "a la carte" selections based on their personal needs. Payroll platforms can also streamline and simplify the enrollment and management of these benefits and perks.
Employee Self-Service and Education
Employees appreciate self-service platforms that allow them to access their payroll and benefits information from anywhere. An employee self-service platform lets them view their pay stubs, accrued PTO, retirement account(s), and other benefits on any smartphone or computer. These self-service tools provide better transparency for employees. They can even take advantage of educational resources that will allow them to advance their career by gaining titles, statuses, and salaries.
Encouraging financial literacy with these tools empowers your employees to take control of their financial well-being. With training and education focused on savings, retirement, and investments, it gives them a roadmap to personal success. Payroll technology can deliver these tools and benefits to your employees directly while saving a lot of time for your HR team.
Supporting Michigan Employee Well-Being with Payroll Technology.
Employee well-being is a vital component of the overall health of any company. Employees who are healthy mentally, physically, and financially have higher morale and lose fewer sick days every year. Modern payroll software can enhance and improve employee well-being by promoting health, wellness, financial literacy, and more.
Find out how Workforce PayHub’s payroll technology solutions can help improve your employees’ well-being. Contact us today for a consultation!
