Paychex, Inc., a leading provider of integrated human capital management solutions, has unveiled Paychex Flex Perks. This new digital marketplace is designed to meet the needs of today’s diverse, multi-generational workforce by offering a range of unique benefits directly through Paychex Flex, the company’s cloud-based SaaS platform.
- Early Access to Earned Wages:
- Flexible Payment: Employees can access their earned wages before the traditional payday, with deductions taken from their next paycheck. This option helps employees avoid late fees and costly payday loans.
- Financial Wellness Solutions:
- Comprehensive Support: Provides financial coaching, budgeting tools, educational resources, and loans to help employees achieve financial stability and maximize their earnings.
- Voluntary Lifestyle Benefits:
- Diverse Options: Includes benefits such as home, auto, life, and pet insurance, as well as disability coverage. Employees can select benefits that best fit their personal needs through an online marketplace.
Integration and Benefits:
- Seamless Integration: Paychex Flex Perks is integrated directly into Paychex Flex, ensuring an intuitive user experience for employees and simplifying benefit enrollment.
- Employee Self-Selection: Employees can choose additional benefits based on their individual needs, allowing HR leaders and business owners to focus on strategic initiatives.
- Cost-Efficient: Services are paid through employee payroll deductions, resulting in no additional cost to employers.
Statements from Leadership:
Tom Hammond, Paychex Vice President of Strategy, Partnerships, and Business Development, emphasized, “Many companies struggle to attract talent due to limited employee benefits beyond traditional healthcare. With Paychex Flex Perks, we’re creating a unique marketplace that offers valuable voluntary benefits, helping businesses of all sizes provide comprehensive benefits solutions.”
- Affordable Benefits and Discounts (powered by Corestream):
- Benefits Marketplace: Offers a range of insurance options and benefits, with premiums deducted directly from paychecks.
- Paychex PaySM (by Central Bank of Kansas City):
- Spending Account: An alternative to traditional banking, featuring a Debit Mastercard and optional savings account.
- Pay on Demand (powered by Payactiv):
- Flexible Access: Allows employees to access earned wages before payday, promoting financial flexibility and reducing reliance on high-cost borrowing.
- Financial Wellness (powered by FinFit):
- Holistic Support: Provides tools and resources to help employees achieve financial goals and enhance their overall financial well-being.
Paychex Flex Perks represents a significant advancement in employee benefits, offering a digital marketplace that enhances the employee experience and supports financial wellness. By integrating these features into the Paychex Flex® platform, Paychex continues to lead in providing innovative solutions for today’s dynamic workforce.
