Jeanniey Mullen, Chief Innovation & Marketing Officer
The world is witnessing a growing number of on-demand societies, ordering cars, food and gifts with the click of a button, delivered in an instant. Expectations for seamless customer experiences have moved into the workplace with increased demand for incredible employee experiences. And this demand impacts every aspect of a company, from talent acquisition to retention to productivity and, most importantly, to pay. As the war for talent peaks, companies are striving to transform payroll from an automated administrative task to an employee experience-driven function.
Aware of these trends, DailyPay pioneered a breakthrough technology in the on-demand pay benefit domain that allows employees of a company to access their pay as soon as they earn it. While other players in the instant pay landscape focus only on transactions, DailyPay is focused on delivering a superior pay experience. Enhanced employee experience strengthens the employer-employee bond, which results in better performance by the individuals and the business. “Instant access to earned income gives employees the confidence to clear their immediate financial obligations and to take steps to improve their life experiences,” said Jeanniey Mullen, Chief Innovation and Marketing Officer at DailyPay.
As the leader of instant access to earned income, DailyPay has created a fund that provides its clients’ employees early access to their earned pay. These funds are aligned with all compliance and regulatory measures related to payroll and tax provisions. So clients and their employees do not have to worry about paying additional taxes or investing time and resources in incremental reporting. DailyPay’s offering is provided at no cost or risk to the employer.
At the outset of client engagement, DailyPay integrates its solution with the client company’s payroll and time management systems. DailyPay is already integrated with several leading solutions in the marketplace, including ADP and Kronos, so clients can easily offer it to all of their employees and quickly gain a return on investment.
With a clear insight into how much they already have made, employees can efficiently plan to work extra hours or shifts to fulfill their financial obligations
With a simple login, users (employees) can view the income they have earned during a specific pay period. With a clear insight into how much they already have made, employees can efficiently plan to work extra hours or shifts to fulfill their financial obligations (or to fulfill their long-term goals, such as taking off for a holiday). This flexibility translates into improved productivity and a decreased attrition rate.
DailyPay’s solution is simple for employees looking to save, spend and/or plan a budget. An employee only has to click on the PayTM option (like ATM) and enter the exact amount they wish to withdraw or save. DailyPay makes the requested amount instantly available in their bank account for a fee of $2.99 (free for funds being saved). Employees can also have the amount deposited in their account the next day for a reduced fee ($1.99).
With this well-rounded strategy to provide financial empowerment to employees, DailyPay’s clients can achieve the highest employee loyalty. It also provides clients the confidence needed to innovate faster and lead the market. “We have seen up to a 72 percent reduction in employee churn rate for our clients. This means less resource utilization for continuous recruitment and onboarding. Clients also have achieved a 3X increase in productivity after implementing DailyPay,” Mullen said.
Having set the stage to go beyond financial wellness, DailyPay will soon introduce new solutions to deliver more significant benefits to its clients and their employees. The new solutions will not only put employees in full control of their earned income but also guide them in planning savings and give employers access to immediate support with one-time payment needs, including termination pay and adjustments to payroll.