While traditional benefits such as retirement matching programs are essential, they often fall short in addressing employees' comprehensive financial needs. Plus, awareness of how to effectively utilize these benefits is often lacking, leading to underuse and missed opportunities.Read more: US car insurance costs have surged 50% from 2020 to 2024 — this simple 2-minute check could put hundreds back in your pocketFor example, portable fertility insurance (for both employees and their dependents), debit cards ...

Core Insights - Paylocity has introduced Peer-to-Peer Rewards to enhance employee recognition and retention, allowing managers and peers to directly reward outstanding performance with monetary awards and digital gift cards [1][4][5] - Research indicates that employees who feel recognized are 45% less likely to leave their jobs, highlighting the importance of impactful appreciation in driving engagement and retention [3][2] - Paylocity's unique offering allows 82% of rewards to be redeemed as cash, catering to employee preferences for flexible rewards, and ensuring compliance with tax regulations through seamless integration with payroll [3][6] Company Overview - Paylocity, headquartered in Schaumburg, IL, is a cloud-based provider of HR, payroll, and spend management software solutions, recognized for its innovative culture and employee engagement [7] - The company has been publicly traded since 2014 and aims to help businesses automate HR processes, attract talent, and foster a positive workplace culture [7] Product Features - The new Peer-to-Peer Rewards functionality will be available to clients in August 2025, allowing for a culture of appreciation across the organization [5] - Administrators can manage rewards through a company wallet, offering flexible redemption options and automated tax processing, which simplifies fund management [6] - The platform allows for customization of recognition programs, enabling personalized employee acknowledgments that align with company values [6]