250 paper checks
Metal Manufacturing Company
3 Locations in Fort Worth, Texas
About Anchor Fabrication: Founded in 1990, Anchor Fabrication is a leading metal fabricator located in Fort Worth, Texas. Anchor Fabrication employs a large team of skilled welders, engineers, laser cutters, metal sheet workers and more. Anchor Fabrication houses two facilities—one for large-scale industrial fabrication and another for precision custom fabrication.
The Situation: Anchor Fabrication was issuing 250 checks to pay nearly half of their employees. Each paper check cost the company $3 per employee, every other Friday. They were spending almost $20000 a year on check printing. To make matters more complicated (and expensive), the busy, tired metalworkers would often forget to clock in or out, and if a supervisor didn’t catch a mistake, the HR department had problems on payday. To correct a check printed with the incorrect amount, the HR department would have to issue a stop payment and scramble to get a new check printed. Meanwhile, the employee’s hard-earned paycheck would be delayed, sometimes until the following Monday.
The Solution: Anchor Fabrication implemented the SOLE® Visa® Payroll Card as part of a company-wide shift to 100% direct deposit. Using the Texas Launch Flier available on our Paycard Laws page, every employee was given a choice between traditional direct deposit to a bank account, or direct deposit to a SOLE Paycard. In August 2015, the HR department received their first shipment of payroll cards. The company was completely paperless by the first week of September 2015, and remain paperless in 2016. New hires are now given the option to enroll in either direct deposit to a bank account, or to opt for a paycard.
The Payroll Team: Says Dixon Myers, HR Director, “People still make mistakes on their timesheets, but now the solution is so simple – we just add the funds to the paycard using direct deposit. It’s much faster than the process we went through when we issued paper checks. The employees are happy because they always have their money immediately. If there’s a payroll mistake, they just notify us and we adjust it instantly. Before, they’d have to wait until Monday to get their paycheck if there was a mistake. The program is so simple, and it’s been very successful.”
Why It Worked: A veteran of HR, Meyers had already successfully implemented a payroll card program at a previous workplace. Using his past experience, he chose to implement direct deposit company-wide to eliminate check printing issues entirely. Employees who opted to receive their direct deposit to the payroll card were given a handout explaining the fees, best uses and SOLE’s contact information. Leading up to the paycard program implementation and immediately following the switch to direct deposit, Meyers proactively checked in with supervisors to ensure employees who had questions or issues were getting the help they needed.
What’s Next: New hires now receive a packet explaining the company’s direct deposit-only policy and an overview of the SOLE Paycard. However, it doesn’t stop there—the HR department also discusses the two options with every new hire during their orientation to ensure employees can make an informed direct deposit decision.
Projected annual company savings: $18,200
Projected annual employee savings (per employee): $628
Projected annual employee savings (all employees): $157,000
Total annual savings: $175,200
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