Visa Pushes Into Payroll With ADP Partnership To Kill Paper Paychecks

Visa and ADP aim to reduce payment friction for off-cycle paydays

Visa is taking direct aim at physical paychecks in its latest partnership with human capital management software provider ADP.

While 94% of workers receive their pay electronically by direct deposit, checks capture off-cycle payments, such as real-time payouts, termination pay, and wage disbursements for contractors and 1099 workers. Though circulation is declining annually, the Federal Reserve collected 940 million paper checks worth $2.14 trillion in Q3’20.

Employee edge cases for off-cycle payments are becoming more complicated to process as the definition of “business hours” does not apply in a pandemic. ADP and Visa’s latest solution to enable faster disbursements therefore is well positioned to help employers navigate developing workforce dynamics.

Benefits To Employers

The initial use cases for Visa and ADP’s partnership will target off-cycle payments including one-off bonuses and reimbursements. Visa Direct will provide the rails to push real-time payments and leverage ADP’s Wisely Now Debit program to distribute and access the funds.

Notably out of scope are instant payouts and earned wage access (EWA) benefits which, have been among the most demanded off-cycle payment by employees. However, Visa Direct integrates with fintech providers such as ImmediateDailyPayPayActivZayZoonFlexWage, and Instant, while ADP’s Marketplace has overlapping integrations. Employers can also offer EWA benefits through Wisely.

The broader opportunity for faster business disbursements represents a $9 trillion market, according to estimates by Visa. Further both have a track record for scaling.

Visa Direct enabled faster payouts to approximately 2.35 million US small businesses and sellers in fiscal year 2020. Globally, Visa Direct has facilitated 3.5 billion transactions across 65 domestic ACH schemes, 16 card-based networks, 7 real-time payment schemes, and 5 payment gateways as of Q4’20.

Whereas ADP’s payroll coverage includes 460,000 customers that employ 26 million workers, per its last 10-K. Benchmarked to the Bureau of Labor Statistics’s (BLS) February report, ADP covers approximately 15% – 17% of the workforce, depending on unemployment levels.

What’s In It For Visa?

Visa will benefit by routing payment volume to Visa Direct and expanding its “network of networks” to payroll, a multi-trillion dollar global market. It will also head off network competition from the automated clearing house (ACH) which, holds a near monopoly of direct deposit processing.

In 2020, direct deposit accounted for 12% of ACH volume, representing 8 billion payments for salaries, wages, benefits, and assistance from employers to individuals, according to NACHA. Direct deposits grew 12% year-over-year while ACH payments initiated by a paper check declined 21% YOY, suggesting more volume will shift to digital payments for either network to capture.

What’s In It For ADP?

ADP’s customers will benefit by saving on processing fees, streamlining disbursements in line with payroll regulations, and boosting adoption and usage of ADP’s Wisely product.

For employers, processing fees can cost $1 – $6 per check versus $0.15 – $1.50 to use ACH, depending on the payment type and size. Visa Direct charges a premium to ACH for real-time disbursements but the terms of the deal were not disclosed.

For employees, checks delay getting paid and can carry similar processing fees. The experience is also archaic compared to the instant gratification of peer-to-peer disbursements that consumers expect from fintech apps such as Square and Venmo.

The Demise Of The Paper Paycheck

In the short-term, checks remain essential for roughly 4% of workers that still receive their pay by paper, according to the 2020 “Getting Paid In America” survey. In 2021 they are a financial lifeline for the 40 million Americans that received their second stimulus check from the IRS by mail, albeit months after the relief package was approved by Congress.

Though the technology for real-time funds disbursement exists and is leveraged outside the US, breaking into payroll is complex. Barriers holding back full dematerialization include labor laws that vary by state, strict regulations such as the Electronic Fund Transfer Act (EFTA), and perceived switching costs.

By partnering directly, Visa and ADP are testing the market for faster payroll, capturing low-hanging demand for paperless business disbursements, and providing a better experience for workers.

Follow me on Twitter or LinkedIn. Check out my website.

I lead strategy and business development as Head of Markets at Atomic Financial, the payroll APIs connecting accounts to direct deposits, income verification, and employment data. I also advise founders and C-suite executives on the competitive landscape, go-to-market strategies, company growth, and product roadmap prioritization. Over the course of my career, I’ve built and scaled market research on emerging technology trends in the financial services and fintech ecosystem. I’ve worked with venture capital firms, financial institutions, regulators, and strategic investors on due diligence for investments, M&A, among other intelligence initiatives. In my spare time, I angel invest and run marathons.

Source: Visa Pushes Into Payroll With ADP Partnership To Kill Paper Paychecks

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The Future Of Jobs And Education

The world of work has been changing for some time, with an end to the idea of jobs for life and the onset of the gig economy. But just as in every other field where digital transformation is ongoing, the events of 2020 have accelerated the pace of this change dramatically.

The International Labor Organization has estimated that almost 300 million jobs are at risk due to the coronavirus pandemic. Of those that are lost, almost 40% will not come back. According to research by the University of Chicago, they will be replaced by automation to get work done more safely and efficiently.

Particularly at risk are so-called “frontline” jobs – customer service, cashiers, retail assistant, and public transport being just a few examples. But no occupation or profession is entirely future proof. Thanks to artificial intelligence (AI) and machine learning (ML), even tasks previously reserved for highly trained doctors and lawyers – diagnosing illness from medical images, or reviewing legal case history, for example – can now be carried out by machines.

At the same time, the World Economic Forum, in its 2020 Future of Jobs report, finds that 94% of companies in the UK will accelerate the digitization of their operations as a result of the pandemic, and 91% are saying they will provide more flexibility around home or remote working.

PROMOTED

If you’re in education or training now, this creates a dilemma. Forget the old-fashioned concept of a “job for life,” which we all know is dead – but will the skills you’re learning now even still be relevant by the time you graduate?

One thing that’s sure is that we’re moving into an era where education is life-long. With today’s speed of change, there are fewer and fewer careers where you can expect the knowledge you pick up in school or university to see you through to retirement. MORE FOR YOUThese Are The World’s Best Employers 2020The Value Of Resilient LeadershipEmployers Must Act Now To Mitigate The Impacts Of The Pandemic On Women’s Careers

All of this has created a perfect environment for online learning to boom. Rather than moving to a new city and dedicating several years to studying for a degree, it’s becoming increasingly common to simply log in from home and fit education around existing work and family responsibilities.

This fits with the vision of Jeff Maggioncalda, CEO of online learning platform Coursera. Coursera was launched in 2012 by a group of Stanford professors interested in using the internet to widen access to world-class educational content. Today, 76 million learners have taken 4,500 different courses from 150 universities, and the company is at the forefront of the wave of transformation spreading through education.

 “The point I focus on,” he told me during our recent conversation, “is that the people who have the jobs that are going to be automated do not currently have the skills to get the new jobs that are going to be created.”

Without intervention, this could lead to an “everyone loses” scenario, where high levels of unemployment coincide with large numbers of vacancies going unfilled because businesses can’t find people with the necessary skills.

TURN 500$ INTO 2500$ IN ONE WEEK COMPLTELEY LEGITIMATE

The answer here is a rethink of education from the ground up, Maggioncalda says, and it’s an opinion that is widely shared. Another WEF statistic tells us 66% of employers say they are accelerating programs for upskilling employees to work with new technology and data.Models of education will change, too, as the needs of industry change. Coursera is preparing for this by creating new classes of qualification such as its Entry-Level Professional Certificates. Often provided directly by big employers, including Google and Facebook, these impart a grounding in the fundamentals needed to take on an entry-level position in a technical career, with the expectation that the student would go on to continue their education to degree level while working, through online courses, or accelerated on-campus semesters.

“The future of education is going to be much more flexible, modular, and online. Because people will not quit their job to go back to campus for two or three years to get a degree, they can’t afford to be out of the workplace that long and move their families. There’s going to be much more flexible, bite-sized modular certificate programs that add up to degrees, and it’s something people will experience over the course of their working careers,” says Maggioncalda.

All of this ties nicely with the growing requirements that industry has for workers that are able to continuously reskill and upskill to keep pace with technological change. It could lead to an end of the traditional model where our status as students expires as we pass into adulthood and employment.

Rather than simply graduating and waving goodbye to their colleges as they throw their mortarboards skywards, students could end up with life-long relationships with their preferred providers of education, paying a subscription to remain enrolled and able to continue their learning indefinitely.

“Because why wouldn’t the university want to be your lifelong learning partner?” Maggioncalda says.

“As the world changes, you have a community that you’re familiar with, and you can continue to go back and learn – and your degree is kind of never really done – you’re getting micro-credentials and rounding out your portfolio. This creates a great opportunity for higher education.”

Personally, I feel that this all points to an exciting future where barriers to education are broken down, and people are no longer blocked from studying by the fact they also need to hold down a job, or simply because they can’t afford to move away to start a university course.

With remote working increasingly common, factors such as where we happen to grow up, or where we want to settle and raise families, will no longer limit our aspirations for careers and education. This could lead to a “democratization of education,” with lower costs to the learner as employers willingly pick up the tab for those who show they can continually improve their skillsets.

As the world changes, education changes too. Austere school rooms and ivory-tower academia are relics of the last century. While formal qualifications and degrees aren’t likely to vanish any time soon, the way they are delivered in ten years’ time is likely to be vastly different than today, and ideas such as modular, lifelong learning, and entry-level certificates are a good indication of the direction things are heading.

You can watch my conversation with Jeff Maggioncalda in full, where among other topics, we also cover the impact of Covid-19 on building corporate cultures and the implications of the increasingly globalized, remote workforce. Follow me on Twitter or LinkedIn. Check out my website.

Bernard Marr

 Bernard Marr

Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. He helps organisations improve their business performance, use data more intelligently, and understand the implications of new technologies such as artificial intelligence, big data, blockchains, and the Internet of Things. Why don’t you connect with Bernard on Twitter (@bernardmarr), LinkedIn (https://uk.linkedin.com/in/bernardmarr) or instagram (bernard.marr)?

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World Economic Forum

The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. It aims to shed light on the pandemic-related disruptions in 2020, contextualized within a longer history of economic cycles and the expected outlook for technology adoption, jobs and skills in the next five years. Learn more and read the report: wef.ch/futureofjobs2020 The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomi… YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconom… Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/worl… TikTok ► https://www.tiktok.com/@worldeconomic… Flipboard ► https://flipboard.com/@WEF#WorldEconomicForum

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The Do’s and Donts of Starting A New Job

Regardless of who you are or where you’re at in your career, the process of starting a new job can be a scary thing to go through. After all, you’ll not know anyone to begin with. You’ll have no idea how you’ll fit into the team dynamic, and you’ll probably feel completely out of your comfort zone. It’s this fear of the unknown which makes it easy to convince yourself it’s all going to be terrible.

I’m here to tell you it won’t be. While nobody likes to be left in the lurch, starting a new job should be more exciting than it is terrifying. It’s a chance to show your new employer what you can do while building on your skillset to shape the career you want to have. Even being offered the job in the first place should give you the confidence that you’ll be a good fit for the team – your employers are the ones who chose you, after all.

Nonetheless, there are a few things you should and shouldn’t be doing when it comes to starting a new job. We discuss each one of these below, helping you settle your nerves before you get going.

Do: Go in thinking it’ll be great

The most important thing you can do when starting a new job is to go in with the right attitude. Thinking it’s going to all go wrong is an incredibly negative way of thinking, and will come off that way to your colleagues.

For all you know, your new employer could have a special gift waiting for you, or a specially-tailored induction plan to welcome you to the team. Employers know what it’s like to start a new job, so they’ll want you to be as comfortable as possible straight away. Don’t go into it expecting the worst. Start your new job with your head held high and an attitude that clearly shows you’re happy to be there.

Don’t: Expect to know everything straight away

Nobody is expecting you to know everything right off the bat, so don’t put pressure on yourself by expecting to excel at everything straight away. Each of your new colleagues will have gone through the same situation as you and will be able to sympathise with how scary the process can be.

The most important thing for you to do is to maintain a good level of confidence, avoid coming across as arrogant, and show a keen willingness to learn. It’s inevitable you’ll make a mistake or two in the beginning stages, so don’t worry if you do – your employer will understand. In fact, they may actually be impressed that you took accountability for your wrongdoings and understood where you went wrong.

Do: Be polite

It may seem obvious but the more well-behaved you are, the better it’ll come across. As the old saying goes, ‘manners cost nothing’, so be polite to your colleagues and peers. It’ll make it all that more likely they’ll reciprocate the same feelings back to you.

As a general rule, first impressions count for a lot, so make sure you come into your new job with a positive attitude. Likewise, make sure you get to work on time each day, work hard, avoid desktop distractions (yes, that includes your phone), and make an effort to be friendly with your new colleagues. The quicker you get to know them, the sooner you’ll start feeling more comfortable.

Don’t: Over-promise

It can be all too easy to over-promise when you’re new, attempting to impress your new boss as quickly as you can. However, even though your attention may be good, putting yourself outside of your comfort zone, by promising to deliver a task you have no idea how to do, is generally a pretty bad idea.

If you’ve just come into a leadership position, for example, don’t go sucking up to your peers straight away. Learn and observe on the job, get to know the people you’re working with, and take the time to listen to their opinions. The more obvious you make it that you’re trying to help, the more welcoming they’ll be to you.

Do: Write things down

There’s a lot of new information to take in when starting a new job so write it down. Whether it’s passwords and login details for a particular software, or just a quiet note or two about how the company functions, being able to look back and quickly remind yourself will help no end. Not only will it demonstrate your interest, but it’ll also mean you won’t need to pester colleagues when you forget something you’ve already been told.

It’s also important to do this from a health point of view. Studies have shown that writing things down helps to alleviate stress and anxiety, which you’ll likely be feeling during your first day of work.

Final thoughts

There’s no denying it – starting a new job is one of the most overwhelming, life-affirming processes you can go through. However, it doesn’t have to be as nerve-wracking as you think it’s going to be. You should embrace the fresh start and the fact that your new employer has seen something in you that makes them think you’re going to be great.

Remember that starting a new job is something literally everyone goes through and, perhaps most importantly, remember you won’t be the newbie forever.

Annie Button

Annie Button is a Portsmouth based writer and recent graduate. Annie has written for various online and print publications and specialises in business and career development.

Source: The Do’s and Don’ts of Starting A New Job – People Development Network

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If Your Work Lacks Purpose, Make It More Meaningful Through Job Crafting

We spend the vast majority of our waking hours at work. Given just how much time, energy and effort we expend in our jobs, it’s reasonable to want to hold one that offers us a sense of purpose and meaning.

You should strive to pursue a job or career that offers the chance to be challenged. Pursue work that is meaningful, intellectually challenging and spiritually rewarding. Find a job that enables you to help others, promotes positive change and serves a higher purpose. You want to ensure that your work is aligned with your core values and principles and could possibly make the world a better place.

I understand that these are lofty, aspirational goals. It is rare to find work that offers a sense of purpose. In fact, it’s more likely that your job won’t offer intrinsic, meaningful rewards. You may enjoy the fact that your job is associated with a social status that people find impressive or that it helps you earn a nice living, but somehow, you still feel that something is missing.

If you feel that there is a lack of purpose in your career, you can choose to make a change.

This change does not require you to seek out an entirely new role at a different company, especially given the current job climate. Although the U.S. has record-high employment, the trends that we are seeing play out in hiring now are not conducive to favorable outcomes for prospective job seekers. In fact, badly mistreating job seekers has become commonplace 

Instead of taking grave risks by walking away from your current employer, you can simply make waves by crafting your job to find optimal meaningfulness—the degree of significance an employee believes their work possesses. Job crafting is the process of redefining and reimagining your job design—tasks and relationships assigned to one person in an organization—to foster job satisfaction and bolster employee engagement and performance.

As you aim to redefine your purpose within the company, you should focus on your motives, strengths and passions to help you get there. What energizes you? What exhausts you? To add personal touches to your work, visualize your job, lay out its components and reframe them to better suit you.

You can start your journey with small incremental changes that add up over time. Here is what you should do now to start.

1. Recognize that, with any job, there will be monotonous unglamorous tasks. Even the CEO has to deal with canceled flights, late Ubers and surly underlings.

2. Accept that there will always be a certain percentage of responsibilities that may not change and focus on the things that you do have the power to change.

3. Ask to speak with your boss to discuss your goal of  job crafting, with respect to your responsibilities.

4. Work with your manager to create new responsibilities that provide you with purpose and meaning. Take proactive steps to redesign elements of what you do at work. For example:

  • If you are an accountant, you could suggest starting a unit that caters to charitable organizations.
  • If you are an attorney, you could request to do pro bono work to help immigrants.
  • If you are a stock broker, you could offer discounted advice to parents with college-bound students.

5. Offer to mentor junior staffers, or seek out a manager-level role to unlock your untapped potential.

6. Ask to attend meet-ups for people who are unemployed or seeking work, as you could offer career advice—or maybe you have a job for them.

7. Change your mindset regarding your responsibilities. If you are a janitor at a hospital, for example, try and see yourself in playing a role in curing people’s illnesses.

8. Delegate certain responsibilities that don’t fit your skill set and rob you of your enthusiasm, and ask for assignments that you feel are a better match.

9. If you are at a desk all day long and desire interaction with others, ask about opportunities to get out in front of clients.

10. If you feel overloaded with small tasks that take you away from the more important matters you enjoy, request to shift this work to a more junior-level staffer. You may have mastered your job and require more challenging assignments.

Companies stand to gain a lot by enabling job crafting within an organization. Employees are empowered by being awarded the reins to steer their own careers. Job crafting ensures employee retention and will elevate even the weakest of links by molding tasks to their strengths and passions.

Employees who execute job crafting often end up more engaged and fulfilled in their work lives, achieve higher levels of performance in their companies and obtain unrivaled personal gratification.

You will be viewed in a positive light—seen as engaged, re-energized, loyal and dedicated. Your boss will respect your desire to pursue new meaningful work. In a hot job market, management will welcome a person who desires to stay with the company and improve themselves. You could serve as an example for others to follow, thereby making additional employees feel empowered and dedicated to the company.

Ready for the next challenge? Tune in on August 7 for Day 8.

Miss a challenge? Click here for Day 6: Understand how you fit.

Follow me on Twitter or LinkedIn.

I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of professionals with top-tier companies over the last 20-plus years. I am passionate about advocating for job seekers. In doing so, I have founded a start-up company, WeCruitr, where our mission is to make the job search more humane and enjoyable. As a proponent of career growth, I am excited to share my insider interviewing tips and career advancement secrets with you in an honest, straightforward, no-nonsense and entertaining manner. My career advice will cover everything you need to know, including helping you decide if you really should seek out a new opportunity, whether you are leaving for the wrong reasons, proven successful interviewing techniques, negotiating a salary and accepting an offer and a real-world understanding of how the hiring process actually works. My articles come from an experienced recruiter’s insider perspective.

Source: If Your Work Lacks Purpose, Make It More Meaningful Through Job Crafting

17 Surprising Remote Jobs With A Great Salary -Zack Friedman

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It sounds like a dream comes true. Or is the grass just greener? Working from home is not for everyone – but if you find a job that works for you, it may be your ticket to a more flexible career and lifestyle. Here are 17 surprising remote jobs and the salary that you can earn, according to FlexJobs…….

Read more: https://www.forbes.com/sites/zackfriedman/2018/09/18/17-surprising-remote-jobs-with-a-great-salary/#19ef8e0a13fa

 

 

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