SHRM (Society for Human Resource Management) announced the availability of the new SHRM PaySolution, enabled by Money Network®. The SHRM PaySolution is an electronic payroll delivery option1 that streamlines payroll administration for employers. The new solution also empowers employees—especially the millions of unbanked and underbanked Americans—by providing quicker access to their hard-earned income, the ability to manage funds digitally through a mobile app, and a prepaid debit card that can be used anywhere Visa Debit is accepted.
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“The modern workplace truly is a blended reality of work and home”
In one of the most challenging economic periods for both businesses and employees in recent history, the SHRM PaySolution enables businesses to eliminate the challenges and costs of issuing paper checks, and provides employees with electronic access to wages up to two days faster2 than most other payroll options. Compliant with wage laws in all 50 states, the SHRM PaySolution includes options for off-cycle payments and offers workers full access to their pay, both through patented checks and an optional prepaid debit card. The comprehensive payroll solution is enabled by Money Network from First Data, now Fiserv, a leading global provider of payments and financial services technology.
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“The modern workplace truly is a blended reality of work and home,” said Adam Sohn, SHRM Chief Growth Officer. “Nearly 60% of the workforce—some 88 million working Americans—spend time at work on personal finances3 and even more than that, 70%, believe their employers have little concern for their financial wellbeing4. This is an opportunity—a win-win-win opportunity— for employers to stand with employees by going beyond traditional employee benefits.”
Sohn added: “The SHRM PaySolution equips employees in ways that benefit them, not only at work, but also in life. It’s about saving time and sparing headaches by championing financial literacy, flexibility, and granting greater financial freedom, in ways that will, undoubtedly, bring forth a world of work that incents and celebrates long-term planning and financial health.”
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