New year, new push for direct deposit
For finance chiefs, employee participation rates still fall well short of what they’d like to see when it comes to this.
Direct Deposit is a proven way for a firm’s payroll department to streamline processes and cut costs — and it benefits employees, too.
Despite the convenience, some workers are still wary of signing on for this pay option.
These are the employees you want to work on right now.
Why? The beginning of a new year is typically when even the most reluctant staffers are receptive to change.
To help boost participation, have finance pass along facts about Direct Deposit to skeptical people:
- They get their money faster. Employees enrolled in Direct Deposit get their checks in their accounts faster — usually around 12 hours faster. That could be a very convincing point for employees who have been living paycheck to paycheck.
- They get to save without thinking about it. Many employees want to put money aside — but simply don’t have the discipline to do it manually. With Direct Deposit, employees can put a set amount of money in a savings account each paycheck automatically. Out of sight, out of mind.
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