There is plenty that human beings can do well, but at the same time, there is nothing we do better than growing on a consistent basis. This progressive approach, on our part, has already got us to hit upon some huge milestones, with technology appearing as a rather unique member of the stated group. The reason why technology’s credentials are so anomalous is largely based on its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centrepiece of every horizon. Now, having such a powerful piece run the show did scale up our experience through some outright unique avenues, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the goods. The same has turned more and more evident over the recent past, and assuming a new HRM-themed development shakes out just like we envision, it will only put that trend on a higher pedestal moving forward.
PrimePay LLC, a national human capital management (HCM) technology leader, has officially teamed up with Clair to launch a dedicated Payroll-Connected On-Demand Pay solution, which is purposed around the intention of streamlining earned wage advance loans in a hassle-free manner. Under the agreed terms, Clair, an embedded financial wellness solution that helps employees cover expenses in the moment, will work alongside PrimePay’s platform to extend the stated loans without disrupting working capital or payroll administration. Talk about what else is included in this new solution; it offers a fully integrated on-demand pay experience, thus ensuring optimal efficiency from the moment these loans are requested to their eventual release. Another detail worth a mention here is how the all-new Payroll-Connected On-Demand Pay doesn’t ask employers to bear any costs, and even though it delivers a direct benefit on the employees’ disposal, it is not expected to put a charge on their end as well. Bringing an extra piece of value to the picture is PrimePay’s simplistic employee self-service mobile app, which should have a meaningful say in expanding the stated solution’s impact over a long-term period.
“The worker shortage has hit small businesses hard, forcing employers to find new ways to attract and retain talent,” said Scott Johnson, Chief Executive Officer of PrimePay. “Our new On-Demand Pay offering, powered by Clair and originated by Pathward, N.A., streamlines earned wage access for employers and gives workers the flexibility of accessing a portion of their earned wages to cover costs before payday.”
To understand the significance of this development, we must dig into a report from Small Business Administration resource partner, a report which claimed employment challenges have overtaken financing and acquiring customers as the number one challenge for businesses. In case the stated report isn’t enough to seal the deal, a recent Ernst & Young further makes a point to reveal how nearly 60% of employees would view a prospective employer more favorably if on-demand pay was part of a new job offer. PrimePay, as you might have figured, takes on both the concerns with a single all-encompassing answer.
Founded way back in 1986, PrimePay has risen to prominence on the back of its highly configurable HR and payroll solutions that are conceived to create efficiencies across the board, while simultaneously maximizing compliance for each and every customer. The company’s excellence in what it does is further put on display by its biggest backer, Aquiline Capital Partners, a private investment firm based in New York with more than $8.7 billion currently in assets under management.