More than 40 per cent of Canadians are living paycheque to paycheque. Almost a quarter of employees are now so concerned about their personal finances that it is actually effecting their workplace performance, with many spending up to 30 minutes of each day at work worrying about it.
This gives your payroll department the opportunity to help reduce employee stress while also improving employee work performance.
The Canadian Payroll Association is encouraging employers to help their employees save, and thereby reducing their financial stress, by allowing them to have some of their pay automatically deposited into a separate bank account.
HRPLink provides full support for deposits into multiple employee bank accounts. It even has an option that allows employees to opt in/out or change their preferred deposit amount directly through the employee portal without placing an undue burden on your payroll team. Call 1-833-HRP-LINK if you are interested in learning more.
Reference: https://payroll.ca/PDF/NPW/2019/Media/2019-National-Payroll-Week-News-Release-National-F.aspx