Kronos Incorporated introduced a comprehensive network of Workforce Dimensions Technology Partners focused on financial wellness to help organizations around the world – regardless of geography, currency, industry, or workforce complexity – empower employees with earned wage access, automated savings solutions, and high-impact financial education and budgeting tools.
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- Organizations that deploy Workforce Dimensions now benefit from innovative Kronos Marketplace applications with leading cloud financial wellness providers Branch, Even, HasteePay, PayActiv, and SalaryFinance.
- Applications leverage real-time employee time and attendance data from Workforce Dimensions to provide same-day or on-demand access to earned wages, minimizing the stress employees experience while waiting for payday to cover unbudgeted or emergency expenses.
- Financial wellness is an emerging benefit that supports recruitment and retention by empowering employees to maximize their pay with immediate access to earned wages, avoiding costly bank fees, pay day loans, or credit card interest.
- Planning dashboards that utilize Workforce Dimensions data to reflect an employee’s hours worked help users allocate budget and savings based on actual earnings instead of anticipated wages and demonstrate how accepting or declining an extra shift could affect future savings potential.
- Kronos simplifies program administration by offering a robust ecosystem that seamlessly integrates with Workforce Dimensions through the open application programming interfaces of the future-ready Kronos D5 platform.
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- Mike May, senior director, Workforce Dimensions Technology Partner Network, Kronos
“Financial wellness and earned wage access are among the fastest-growing benefits for frontline employees. To simplify the complexity of these programs, organizations should seek an experienced partner that can share time and attendance data in real-time in order to ensure employees can truly access the wages they’ve already earned as soon as they want.”
- Bob Clements, president, Axsium Group; advisory board member, The Workforce Institute at Kronos
“Recent research finds 40% of U.S. employees can’t cover an unexpected expense of $400. By helping employees reduce financial stress and break out of the traditional paycheck-to-paycheck cycle through financial education and planning, organizations will benefit from improved productivity, reduced absenteeism, and overall higher engagement, especially in hard-to-fill and high turnover industries.”
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