New Features – Including Earned Wage Access Help Workers Better Manage Their Financial Lives and Give Employers a Hiring and Retention Advantage
ADP, a leading global technology company providing human capital management (HCM) solutions, announced enhancements to its Wisely by ADP payment platform with advanced capabilities and innovative features like Earned Wage Access (EWA), designed to give employees more control of their finances, and help employers better attract and retain talent.
Many workers today do not have a relationship with a bank or prefer not to rely on traditional banks. As the next generation of employees enters the workforce, they bring with them digital-driven preferences – including increasing dependence on mobile money management tools. Wisely by ADP provides workers with a secure, digital account2 that helps them access their money, spend, plan and save with fewer fees and headaches. Their Wisely digital account2 allows them to put all their sources of income in one place –creating a frictionless user experience for employees even when they change jobs. Wisely by ADP is accessible to all workers, whether they are W-2 or 1099. It’s a compliant, unified payments solution that enhances efficiency – saving employers time and money.
HR Technology News: CoAdvantage Announces Acquisition of MomentumHR
The addition of the EWA feature, offered in partnership with DailyPay, gives employees access to wages they’ve earned before payday at no cost3 right from myWisely.com or the free myWisely app4. Earned wage access is becoming a key benefit differentiator. According to ADP research5, 91% of millennial workers and 82% of Generation Z workers said it is important for their employer to offer earned wage access. Over half (57%) of Generation X and baby boomer workers said it is important to them as well.
“The Wisely platform solves problems ADP understands better than anyone else,” said Gautam Sukumar, SVP and general manager, Employee Financial Solutions at ADP. “The data-driven design of the Wisely platform provides an all-in-one solution and enhanced user experience that puts financial wellness, money management and spending flexibility into every employee’s hands. It’s the future of paying, earning, spending and saving.”
HR Technology News: HR Acuity Acquires Anonymous Workplace Reporting Platform Speakfully
As employers and employees adapt to shifting economic and labor pressures, approximately 95 percent of employers say employee financial wellness impacts their productivity, and more than 90 percent say offering financial wellness tools helps attract and retain talent, according to ADP research5.
In addition to EWA, Wisely by ADP offers:
- Bill Pay6. Right within the myWisely app, Wisely members can easily snap a photo of their bill, import an image of a paperless bill, or manually enter the billing information and have the payment deducted from their Wisely account.
- Savings Envelopes7. Wisely helps members save with an auto-save feature and the ability to create savings envelopes right in the myWisely app. In fact, Wisely members have saved more than $1.3B in the past nineteen months.
- Rewards. With Cash Back Rewards, members can earn cash back when they shop, travel or dine, with cash back going to the savings envelope in the myWisely app. Or members can get offers up to 10% cash back when purchasing eGift cards8 in the myWisely app.
- Access to Mobile Wallets. Prior to getting a physical card, Wisely members can add their Wisely account to their favorite digital wallet to enable a seamless and touchless experience when using Wisely.
- New Brand. In addition to the enhanced feature set, Wisely by ADP has also updated their brand strategy and visual identity to better connect with clients and members. The new, bold brand is reflective of Wisely’s innovation and focus on offering employers flexibility for every payment scenario, while empowering employees with digital financial wellness tools.
Wisely by ADP integrates seamlessly with enterprise resource planning (ERP) and payroll systems and uses industry-leading technology to streamline payments, pay statement processes and employee information management, making it easier and more cost effective to make off-cycle, and enable one-time and early payments.
HR Technology News: UnifyWork Launches Technology Platform to Power Cleveland’s Talent Network
[To share your insights with us, please write to firstname.lastname@example.org]