By Josh Rastetter
In this month’s Tech Tip, we will review some of the latest offerings available now to TimeClock Plus users. Our product advancements are directly driven by feedback from our users and new offers that we believe will enhance our industry-leading solutions.
TCP Analytics: Is your data working for you, or are you working for your data?
In today's fast-paced business environment, data is an invaluable asset that can make or break a company's success. That's why it's crucial to ask yourself, "Is your data working for you, or are you working for your data?" TCP Analytics, our newest offering from TimeClock Plus, makes it easy to identify trends in your workforce data and make those insights actionable.
We understand the importance of workforce analytics in improving business performance. With our standard payroll reporting and analytics tools, companies can easily track employee hours, and streamline payroll processes. Now, TCP Analytics tool takes this a step further by providing even more in-depth data and insights into workforce performance and trends so that you can put your data to work for you.
One of the most significant benefits of utilizing workforce analytics is the ability to reduce overtime costs. By analyzing workforce data, companies can identify areas where overtime is occurring and take proactive measures to reduce it. This could include adjusting employee schedules, hiring additional staff, or restructuring workloads to ensure that employees are not overworked.
Want to learn more? Read our blog, “Workforce Analytics and Payroll Reporting Just Got Easier.”
What can on-demand pay do for you?
You may have heard of on-demand pay as a new benefit that can be offered to your employees. But what exactly is on-demand pay and how does it differ from predatory payday loans?
On-demand pay is a payment option that allows employees to access the wages they have already earned before their scheduled payday. Unlike payday loans, which often charge high interest rates and fees, on-demand pay is a valuable financial tool to help employees manage their money more effectively, improve financial wellness, and reduce financial stress for your workforce.
Many on-demand pay providers, like Clair, provide this service at no cost to either the employee or the employer. Instead, they make money by collecting transaction fees when employees use the provided debit card to make purchases or withdraw cash. According to Clair, 58% of advanced funds are spent on essentials like gas, dining, and groceries, which makes on-demand pay a valuable financial tool to reduce stress and increase financial wellness for your workforce.
So, why should employers offer on-demand pay?
According to research, 81% of employees would take a job with an employer that provides free access to on-demand wages over an employer who does not. And companies that offer on-demand pay may be able to fill open positions 52% faster, according to Employee Benefit News. Furthermore, Clair found that 74% of hourly workers would be interested in accessing earnings for shifts that they’d already worked, before payday, for free.
On-demand pay is an exciting benefit that today’s employees, especially hourly workers, want. Industries like hospitality, retail, manufacturing and healthcare are some of the largest industries using these benefits. Talk to your account manager if you have questions about this exciting new offering in TimeClock Plus.