The consumerization of technology is now spilling into the workplace, and this is “really giving employees a tremendous amount of opportunity to take control, but it’s also giving HR a tremendous amount of relief and help,” said Pete Tiliakos, who serves as HR technology and services research director at the international consulting firm NelsonHall.
Speaking during a recent podcast on The Source by DailyPay, Tiliakos said “The war for talent is absolutely real. And the employee experience is really the new business case for HR to transform.”
In this environment, employers have to view employees as customers to the business. “They expect an equally great experience that provides them the ability to be successful in their roles and fundamentally achieve their own personal goals,” Tiliakos said. “It’s absolute inclusion. It’s prioritizing their wellness — physically, mentally, financially,” he added.
Raising the Employment Technology Bar
In many workplaces, when it comes to using technology for HR- and payroll-related applications, “it was like the Jetsons in your pocket and at home, but at work, you were dealing with a Flintstones-like experience,” Tiliakos said.
Leveraging high-technology cloud-based solutions is one way U.S. employers are moving to provide the right applications for employees to use at work to get that broader positive employment experience.
The U.S. leads in cloud-based HR adoption, and there also is another impactful area where the U.S. leads, according to Tiliakos: On-demand pay, also known as earned wage access, or daily pay.
A “great example is DailyPay’s product,” Tiliakos said. The technology is “a digital solution that does more than support employee wellness.”
On-demand pay is “certainly helping support that improved financial wellness for employees,” he added.
“It’s very simple to deploy. And it really gives the employee the control and the empowerment that we’re talking about,” Tiliakos said
Implementing on-demand pay, according to Tiliakos, is “a more rapid way of getting employees paid timely and accurately and just gives them more control over what they’re doing. I really do think digital things like this will break down the traditional ways of thinking and doing things in payroll and HR, and will shift us toward an opportunity to come up with new ways of thinking and doing things. I think it’s very, very exciting.”
However, with more advanced ways of doing things, comes new challenges, like ensuring data security and privacy standards are upheld.
“I think it’s important when firms are out there buying these solutions and engaging service providers, that they are looking at the compliance and security levels that their vendors are providing them to make sure that they are checking the box on those ‘must have’ table stakes controls and capabilities inhouse to make sure that data is secure,” Tiliakos said.
More Advanced Integrations
In order for businesses to remain competitive, “or even just relevant, if you will, they’ve got to provide a modern technology-driven client experience,” he said.
According to TIliakos, HCM providers “are building their platforms in a way that they can be highly extensible and connected to other things, creating an ecosystem to help a buyer organize and create that environment that is ideal for them.”
“For example, DailyPay, your on-demand pay solution for early wage access, is a great example of an integrated solution that helps to address a very unique wellness challenge for the adopting firms. I think tapping into those solutions comes by way of those advanced integrations. And that is really the pipeline or the artery, if you will, for the data movement and the flow that gives that deep seamless integration and feels to the employee as if they are operating inside of one solution,” Tiliakos said.
Tiliakos noted that employers can find these solutions in the marketplace. “Through integration, you can connect that, solve that issue and have a very good experience, a very reliable experience.”
DailyPay is building technology and the mindset to reimagine the way money moves, from the moment work starts. DailyPay’s pay experience goes beyond compliance and flexibility. Through the DailyPay BalanceTM, the technology seamlessly integrates with a variety of pay systems to continuously and accurately track earnings, makes them accessible and accounts for the amounts, so the payroll team doesn’t have to take any action.
For additional resources on this topic, see:
- Earned Wage Access 2021: Retention and Hiring Impact
- Employee Financial Wellness: Why Employers Should Make It Their Top Priority
- How Full-Service On-Demand Pay Works for Our Payroll Team
- Aite-Novarica Group Research Finds that DailyPay is a Payday Loan Killer and Overdraft Eliminator
- White-Label On-Demand Pay for HCM and Payroll Companies is Now Possible With DailyPay ExtendPX
- Payroll’s Role is Changing: Here’s How New Technology Will Change it More
- Instant Wage Access Apps and How They Work