Marc Moschetto, Founder and CEO of Kickmotor LLC, and Katie McGinnis, Senior Product Manager at Greenshades, discuss leveraging cloud-based payroll platforms to enhance employee support, experience, and engagement in this webinar, Payroll as a Benefit.
This webinar is composed of three topics:
- State of the American Worker
- Mapping Employee Needs to Employer Deliverables
- How Greenshades (and partners) Close the Gaps
Watch the webinar replay here:
Read the webinar recap here:
- Stressed: The State of the American Worker
With inflation increasing again in September, currently setting the annual rate at 8.2%, American workers are stressed. 64% of Americans are living paycheck to paycheck and 87% of Americans indicate they are “anxious” or “very anxious” about inflation.
“Real wages”, which is the buying power adjusted for inflation, has dropped by 3% over the past 12 months. This means that take-home pay is yielding generationally low purchasing power. On top of purchasing power, borrowing has become more expensive too as credit cards, loans, and mortgages are tied to federal interest rates.
What does this all really mean? Accurate, timely, and complete payroll is more important than ever. The combination of economic headwinds and post-pandemic sentiment has shifted the landscape, and employees want more than conventional benefits. Attracting, retaining, engaging, and empowering employees in 2023 is going to require some creativity.
- Employee Needs
The workforce is changing, and so is the needs of the employee. "Traditional" benefits are not enough to attract or retain employees in today's economy or post-pandemic lifestyle. Here are some of the "new" benefits employees want and how we can help deliver:
- How Greenshades and Our Partners Bring It Together
Greenshades partners with organizations who offer services that enhance the employee experience and help you empower and engage your employees.
Greenshades + Lathem Time
Embracing Change and Supporting New Working Models
- Simple, easy-to-use platform
- Robust self-service allows users to define withholdings, declare life events, and select “traditional benefits” on their own time
- For those who need to record time and location data can do so through this partnership
Greenshades + Paytient
Financial Support When You Need It Most
- Unexpected expenses can wreak havoc on already tight budgets
- Paytient allows employees to pay for any out-of-pocket medical expenses using payroll deduction
- Eliminate forcing employees to choose between healthcare and other essential expenses
- Addressing health issues as they occur ultimately has a better impact on the healthcare costs of your business
Greenshades + Branch
Setting a Path for Financial Independence
- Workers 50+ can make additional “catch up” contributions to their retirment plans
- New banking options deliver features that benefit both the employer and the employee like:
- Paycard and digital banking
- Increase in direct deposits/decrease in paper checks
- On-demand pay and digital payouts
- Branch provides greater flexibility and helps workers to avoid the need to borrow from other venues between paychecks
Greenshades + LearnUpon
New Skills Create New Opportunities
- When managers spend less time on administrative tasks (ex. Pay reviews and approval, time and attendance, etc.), they can spend more time training and supporting workers
- Employee handbooks, training materials, and other educational items are made accessible by all employees from anywhere and at any time
- Dedicated learning management systems help workers learn new skills, obtain certifications, and other activities that boost engagement and learning potential
Greenshades + JazzHR + myHRcounsel
Getting Help With the “Heavy Lifting”
- Greenshades automates and accelerates the most complex and time-consuming payroll and HR functions
- Our partner resources provide services such as HR legal guidance and recruiting support
- Free up time for more strategic tasks and functions and/or accommodate growing workloads
- Achieve a greater balance by freeing up time
Bringing It All Together
Employees still want conventional benefits, but current challenges are showing increasing demand for non-traditional benefits – which requires a more unique approach. Thinking outside the box and leveraging your payroll processes and platform can help close this gap. It all starts with an accessible, efficient platform that delivers a flawless user experience.
Watch the entire on-demand webinar, Payroll as a Benefit.
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