ADP enhanced its Wisely payment platform with advanced capabilities, a new visual identity and features including earned wage access.
The addition of EWA, offered in partnership with DailyPay, provides employees with access to wages they’ve earned before payday at no cost, either from myWisely.com or the myWisely app..@ADP enhanced its Wisely payment platform with advanced capabilities and features including earned wage access. #HR #HRTech Click To Tweet
Gautam Sukumar, senior vice president and general manager of Employee Financial Solutions at ADP, said Wisely provides an all-in-one solution to help employees address tasks related to financial wellness, money management and spending flexibility.
EWA is important for reasons that go beyond an employee’s convenience, ADP said. For one thing, It’s attractive to younger workers. ADP’s research found that 91% of millennial workers and 82% of Generation Z consider it important for their employer to offer it. Over half of Generation X and Baby Boomer workers (57%) said EWA’s important to them as well.
At the same time, approximately 95% of employers say employee financial wellness impacts productivity, and more than 90% say offering financial wellness tools helps them attract and retain talent.
New Features, New Branding
In addition to EWA, Wisely now offers:
- Bill Pay: Within the myWisely app, users can take a photo of a bill, import an image of a paperless bill or manually enter billing information to have payments deducted from their Wisely account.
- Savings Envelopes: An auto-save feature helps users to put money aside.
- Rewards: Users can earn cash back when they shop, travel or eat out. Or they can get up to 10% cash back when purchasing gift cards through the myWisely app.
- Access to Mobile Wallets: Users can add their Wisely account to their digital wallet and enable a touchless experience when they’re using the application.
In addition to the new feature set, ADP has updated Wisely’s brand strategy and visual identity. The intention, the company said, is to better connect with bot clients and users. ADP also said
Wisely integrates neatly with ERP and payroll systems, and streamlines payments and pay statement processes, and offers employee information management.
Whether you call it earned wage access, on-demand pay or pay on demand, this area of HR technology is becoming increasingly busy. Besides ADP and DailyPay, UKG, Ceridian, Payactiv, Randstad, Paycor, Alight and Oracle – to name just some – offer a flavor of on-demand pay.
They’re certainly in tune with the market. According to Ceridian, most U.S. workers (76%) believe they should have access to their earned wages at the end of each workday or shift, without having to wait for the traditional payday. About 69%, including 71% of workers with an annual household income of $100,000 or more, said that no-cost access to on-demand pay would increase their loyalty to their employer. The majority (71%) also said it would make them feel more valued as an employee.