One of the many heartbreaking effects of the COVID-19 pandemic has been the loss of jobs. Though the economy has somewhat recovered, many organizations with furloughed employees remain uncertain when they can restore their workforce and bring employees back. Research estimates 60 percent of laid off or furloughed employees will ultimately return to their positions, but in the meantime, those employees need help meeting financial obligations despite not being on payroll.
Besides managing the loss of income, furloughed employees still need to contribute to payments for health benefits, 401k loan repayments, and their rent or mortgage. Keeping pace with these payments is a common concern for employees who can’t access payroll as they did before. One woman who had a pandemic-related pay cut recalls, “The first thought I had was the concern for making the monthly obligations. I was raised that, when you get a bill, you pay it.”
New Payments & Collections Technology Assists Furloughed Employees
With the benefit of technology, you can help your furloughed employees keep track of their finances and pay important bills. Our Payments and Collections solution helps to remind furloughed employees of the financial obligations previously tied to their payroll and allows you to collect employee payments for benefits or mandatory services. With this new solution, furloughed employees can bypass the frustration that often comes with trying to make benefits payments while not on payroll. Payments and Solutions helps individuals do the following:
Make payments from anywhere
Payments and Collections provides furloughed employees with an easy-to-use, secure portal where they can make payments online using ACH, checks, or credit cards. Employees can make one-time payments or set up auto-pay, reducing the chances of a missed or forgotten payment. All payments are automatically remitted back to your designated employer account.
View monthly invoices and payment history
The Payments and Collections solution provides employees with access to their invoices and payment history, so they can stay organized and in control of their finances. Instead of relying on email reminders, furloughed employees can track past payments and future obligations in one place.
Update personal information
Technology makes it easier for employees to stay in touch and notify you of changes as they occur. Employees can make changes to their address, email, and other contact details, and you receive notification of changes in real-time.
Support Your Furloughed Employees with Benefits Technology
Employees who can’t leverage payroll to pay for their benefits need assistance meeting payment obligations. Payments and Collections solution makes it easier for employees to pay for benefits and plan future payments, so they don’t risk loss of coverage. With this added support, employees have one less thing to worry about and can focus on other responsibilities during these difficult times. To learn how you can leverage benefits technology to support your furloughed employees, contact us to schedule a demo.