Every year, thousands of employees get their Black Friday paychecks late when someone in payroll misses their holiday processing deadline or goes on vacation without approving an electronic transfer. This year, plan ahead with these 5 ways to look out for your employees in time for Black Friday shopping.
1. Know Your Deadlines
With the Federal Reserve Bank closed on November 25th and Southland Data Processing closed on the 25th and 26th, your payroll processing schedule may look a bit different this week.
To make sure all of your employees get paid on time, review SDP’s Thanksgiving Payroll Schedule guide for all of our processing deadlines by check date. Miss your deadline? Not a problem! Check out the next tip for a backup option to help employees before they head out to hunt for holiday discounts.
2. Grant On-Demand Access
Hate changing check dates, worrying about missing processing deadlines, or having to account for employees being unable to come in to pick up their checks on time? With SDP’s Wages On Demand program, your employees can access pay for their already-worked hours instantly and securely – anytime and anywhere!
Managing employee advances in-house is risky. Not only because there’s no guarantee of getting get paid back, but also by creating exposure to discrimination claims. With Wages On Demand, you eliminate the risk and the work associated with wage advances.
Employer Cost: Free.
Employee Cost: $5 flat transaction fee to access $200 at a time.
How to Offer: Sign SDP’s Engagement Form and submit it to [email protected]. We can get you set up for use the same day!
3. Help Employees Plan Ahead
Maybe you’ve hit your processing deadline and activated Wages On Demand, but how can you get to the root of the problem to help employees avoid a future financial pickle? Our FinFit Financial Education & Financial Dashboard helps employees understand their options and ensure they don’t spiral out of control when unexpected financial challenges arise.
Activate today to grant your employees access to a number of free financial resources including assessments, short-term loans, financial coaching, and budget calculators. The goal? To help them reach a state of financial stability so they won’t need to take out loans in the future.
Employer Cost: Free.
Employee Cost: Fees based on the amount of the loan.
How to Offer: Enroll online and download employee handouts.
4. Unlock More Ways to Save
Chances are, you’ve heard of FSAs, HSAs, 125 plans, commuter benefits, COBRA, and the like. A new fintech solution ALICE Financial takes all of those pre-tax spending plans and automates them.
That means if your employees make any eligible purchases this Black Friday, ALICE will automatically identify them, text the employee to confirm, and update the deductions in payroll. Employees get to keep more of the money they earn and employers lower their payroll taxes – all with no work for you!
Employer Cost: Half of what you save – there’s never an out-of-pocket cost to use. (Who doesn’t like free money?!)
Employee Cost: Free.
How to Offer: Email us at [email protected] to get set up.
5. Nix Paper Checks
Last but not least is ditching paper checks once and for all. When you stick with checks, your employees get stuck with high fees to cash them, while you waste time and money issuing, processing, and delivering checks.
Our paycard solution is a secure and simple way for your employees to receive money. Especially if your office is closing for the holiday or if you have employees who don’t come in every day, this solution is a must to save on check delivery fees and empower your employees.
Employer Cost: Free.
Employee Cost: Primary functions are free to employees, but additional charges may apply.
How to Offer: Complete our interest form here and a member of our team will reach out with next steps.
What do you think?
How many of these strategies are you already using? If you haven’t already, email us at [email protected] to activate your free employee benefits today! And be sure to check us out on Facebook, Twitter, and LinkedIn for even more business tips & tricks!
Photo by Craig Adderley from Pexels