In a recent Deloitte survey on global payroll operations trends, researchers found that use of online payroll self-service functionality is increasingly popular, with 83 percent of responding employers offering employees the ability to, at a minimum, view pay statements online. But the savviest payroll and HCM software and services providers are taking it step further, offering apps that extend that cloud-based, 24/7 access to workers via their mobile phones and tablets.
It makes sense. Statistics show that in 2016, consumers bought $47.6 billion in physical goods via remote mobile payments, according to Juniper Research. That year, there were 232 million smartphones in use nationwide and 16.5 percent of those were used to make contactless payment for products or services. So why wouldn’t those same consumers expect to receive payment for their valuable services to their employers in the same way? Tech innovators are banking on it. Studies by Transparency Market Research show that the global mobile payment technologies market is expected to increase to a CAGR (compound annual growth rate) of 20.5 percent between 2016 and 2024, when it’s projected to hit $1,773.17 billion in value.
Meanwhile, if your payroll service bureau isn’t already offering your employer clients a mobile payroll and HCM platform you’re behind the competitive curve.
“You are absolutely out of date if you’re not offering mobile,” says Apex HCM Vice President of Operations Greg Javins. “All the major payroll providers offer a mobile solution today and adoption levels are high across every industry. If you’re not offering this service to your clients, you can bet your competitor is.”
Among the benefits – and major selling points – mobile payroll access affords your clients:
- Efficiency: Before mobile payroll and HCM access was possible or widely used, payroll and HR departments were daily burdened with a range of employee requests that siphoned time and energy from their core duties. Examples include an employee applying for mortgage requesting three prior months of paystubs; another updating their name, address and tax documentation on the heels of a change in marital status; and another requesting time off. Allowing employees the ability to make such changes or requests remotely relieves the burden for multiple departments. It also boosts employee productivity because 24/7 access allows workers to access and manage their information while off the clock.
- Geofencing: According to the American Payroll Association, the average employee steals four hours and five minutes from their employers every week. A portion of this attributed to buddy punching, an employee clocking in for a coworker who’s running a few minutes late into the office or sneaking a long lunch hour. While a few minutes here and there may seem insignificant to an employee, those collective minutes add up, costing US companies upward of $400 billion a year in productivity losses. Mobile payroll, time and attendance solutions like Apex HCM’s MYGO mobile app includes a geotracking feature that allows employers to confirm just where an employee is located when clocking in or out and restrict time tracking to within certain geographical areas. This is key for employees who regularly work out in the field rather than in the office. “An employer doesn’t want workers clocking in as they leave their house for work,” Javins says. “They want them clocking in from the job site.”
- Millennial recruiting: In the next decade, Millennials will make up 75 percent of the US workforce. And as they enter their 30s and 40s, many are stepping into decision-making roles in their jobs or taking the entrepreneurial route, becoming business owners themselves. Employers aiming to recruit and keep the best of the Millennial workforce happy on their jobs have little choice but to offer mobile payroll and HCM access. Nor do payroll service bureaus looking to sell software and services to Millennial business owners. “Millennial employees expect to be able to manage their entire lives from their mobile devices,” Javins says. “Everything from banking to social media. In their minds, there’s no reason that shouldn’t include their payroll as well.” Research by the Economist Intelligence Unit backs that notion, revealing that employees who believe their workplace effectively uses mobile tech are more creative, satisfied and productive at work.
Learn how Apex HCM can help your payroll service bureau boost competitiveness and profitability with mobile solutions like its next-generation MYGO app. Call 877-750-2739 or contact Apex HCM online to learn how.