Employee Financial Wellness is Good Business

Here’s what companies like yours are achieving with DailyPay:

• 39% reduction in turnover Adecco
• 58% less turnover in the first two weeks DialAmerica
• 61% reduction in turnover SEJ Services
• 77% reduction in paper checks Starboard Management Group
• 46% reduction in turnover among the DailyPay employee population G4S
• 59% higher tenure in DailyPay users vs. non-users Duracell
• 63% reduction in cash shortage PMTD Restaurants
• $22,500 estimated savings in turnover costs in just one quarter Rockaway Home Care

Can your business afford not to provide employees with the benefit of DailyPay?

Those statistics and this famous proverb capture the spirit of the business arena: “Whether you are a lion or a gazelle: when the sun comes up, you’d better be running.”

Providing DailyPay is one way leading companies are running at sunrise. They’ve discovered it not only supports employee well-being but also delivers enhanced business results through lower costs and increased retention.

For additional insights, these three case studies provide details demonstrating how companies are using DailyPay to achieve these results along with:

• Helping them to be leaders in their industry
• Enhancing their ability to attract and retain employees
• Reducing financial stress levels of their associates 

Sun’s up. Are you able to keep up with competitors using DailyPay?

The Adecco Group: Standing Out in the Staffing Industry With DailyPay

Adecco’s payroll leaders were looking for an on-demand payment solution that was easy to implement, easy to use and highly trustworthy to give them an advantage over their competition.

Insights from Dawn Ehrhart, SVP, Shared Services and Corporate Operations for the Americas, and Kim Phillips, Director of Shared Service Operations:

Challenge

We try to do everything we can to recruit and retain quality employees, so we wanted to offer this benefit to give us an edge over the competition. Since we are a temporary staffing company, we thought offering the on-demand pay benefit would be particularly attractive to our employee base, as many of them are very much in need of their next paycheck.

Solution

One of our main concerns when choosing an on-demand pay provider was partnering with a company we could trust from a regulatory perspective. We evaluated several solutions and decided to move forward with DailyPay. We made that decision because they were the most transparent and trustworthy, which eased our minds about any potential risk involved with adding this benefit.” We also loved DailyPay’s transparent fee model.

The one thing we appreciate most with DailyPay is the partnership. This is such new territory and it’s been such an adventure for us. I really feel like they’ve come to the table 100% as we’ve gone through this process and this journey. When we introduced the benefit to our employees, we began with a phased launch for the 20% of our employees who were still punching into time clocks. When that was successful, we moved on to a larger segment of our employees who track their hours worked through WebClock software.

Results: Becoming On-Demand Pay Pioneers in the Staffing Industry

Offering this benefit really differentiates us in the eyes of applicants, and it is particularly appealing to younger employees who are used to digital, instant services in their daily lives. We advertise DailyPay on our external website and on individual job postings, as well as directly to our client companies so they can provide this benefit information during the hiring process.

Offering DailyPay has also reduced the workload for our payroll team. Since employees are eager to use this benefit at the end of their shifts, they are less likely to miss punches and need to see a payroll staff member for assistance. Because employees have 24/7/365 access to their Pay Balance for their hours worked, they also have fewer questions about their paychecks. Eagerness to use the benefit has also helped reduce absenteeism.

Having access to the flexibility of DailyPay has improved their employee experience, which is evidenced through our higher NPS scores. We’ve heard lots of positive feedback from employees about this benefit, including anecdotes on how access to on-demand pay helped one employee get his hot water heater fixed and another get her car fixed so she could come to work the next day. It’s safe to say that this has been a very positive experience for both Adecco and for our employees.

These efforts have resulted in better seasonal hiring results, which was one of our main goals in rolling out this program. We have also seen an increase in retention rates, with turnover currently at 36% for non-DailyPa users and 22% for DailyPay users.

Calhoun Management

The company prides itself on the quality, service and cleanliness they deliver in the quick service restaurants (QSR) space, and it values treating its crew and management like family, believing them to be the most powerful asset of the company.

Insights from Sandi Shaw is the HR Director for Calhoun Management Corp:

Challenge

We had been struggling with retention and recruiting efforts since many of our competitors offered their employees on-demand pay as a benefit. We also faced other challenges in our business including cash shrinkage because our employees helped themselves to cash from the register whenever they needed it and it was difficult to track down offenders.

Solution

I was reluctant to offer on-demand pay initially. I wanted others to experience it first, but then I realized that this is the wave of the future and we just had to jump in and go with it. And DailyPay was so easy! It wasn’t cumbersome. There were no restrictions on who could use it. Employees didn’t need a card. We never hear any complaints from employees. The partner portal is very user-friendly and it gives me all of the information I need. Everything is available on the employee’s profile.

Results

DailyPay gives us all the information we need. If an employee asks me why their paycheck is this amount, I have all the information right there to see what they transferred before payday.

It’s very easy to understand and use. There also are no changes to our payroll process. We spend some time helping employees understand the program and educating them, but DailyPay’s marketing materials are great.

Employees simply love DailyPay and cannot live without it. In fact, there has been 40% enrollment in DailyPay since we launched the benefit. DailyPay found that our employees who use the benefit stay nearly twice as long as those who don’t! If they run into any glitch in the system, employees reach out to DailyPay’s Customer Support team immediately. Employees typically use DailyPay during critical times when they need gas money or to pay their utility bills. We’ve also noticed an improvement in positive employee behavior, which is wonderful.

People who use DailyPay tend to stay longer than non-DailyPay users. Prior to DailyPay, we would give cash advances to employees from the register. Then I had to manually reconcile all those advances before I could process payroll. With DailyPay, that’s over — I don’t have to do that manual reconciliation anymore because we don’t need to offer cash advances.

We heavily advertise DailyPay in our recruitment efforts and have used the marketing materials we receive from DailyPay to drive awareness. I definitely think it’s helping.

DailyPay Is an Extension of Our Company

We are so happy with DailyPay. I have account reps who know me and I know them. They are like coworkers. I have never met anyone who isn’t top-notch at DailyPay. From my sales rep to my implementation team to my account reps, they are always there for me and my team. The support team is exactly what I want and expect from a partner. Everyone is personable and we get to know each other. We’re a team, we’re partners, we work together.

This is a real selling point and it’s so important to me. We were able to change to a new payroll company and not lose DailyPay. Employees didn’t have to sign up again. It was seamless for them. I hold every other company we deal with to DailyPay’s standards and they don’t even come close. The DailyPay team is awesome. I haven’t had a bad experience with anyone.

Christian Horizons: A Strong Partnership Through Times of Crisis

The 2021 industry turnover rate was nearly 40%. Healthcare and caregiving are already stressful and fast-paced industries, so Christian Horizons wanted to help their associates reduce financial hardships.

Insights from Christian Horizons’ CEO, Jake Bell, and CFO, Chuck Schmitz:

Challenge

We investigated changing our payroll schedule from bi weekly to weekly in an effort to maintain healthy associate levels. Unfortunately, we quickly found that the process was too costly. Each time payroll is run for our staff of 1,500, we have to pay a per-associate fee. Adding a payroll meant increasing costs significantly. That’s when we decided to try something different. Additionally, we noticed that our associates occasionally relied on payday loans to make ends meet. If we could offer instant access to their earned income, they could decrease or eliminate the need for payday loans and the additional stress that produced. And because financial stress directly impacts job performance, turnover and employee engagement had a chance to improve once this issue was addressed.

Solution

The difference between DailyPay and other providers is that DailyPay eliminates the work of determining what advances were made and trying to recoup those amounts from our associates. That is done behind the scenes by DailyPay, so we get to provide this benefit with almost no extra work for our payroll or HR teams.

Results

DailyPay really proved themselves when our pay provider had an outage during the holiday season. When they heard about this technological disruption and how negatively it was affecting our associates, DailyPay went above and beyond to help maintain business continuity in this time of crisis for our company. DailyPay used historical data to keep the on-demand pay service active, which helped to maintain usage at 80% of pre-outage levels. One of the major concerns we had upon implementing DailyPay was that our associates would take too much out of their paycheck before payday. However, associates use DailyPay’s app and account balance dashboard as a budgeting tool to see their real-time earnings and improve their financial health. After months of paying close attention to how our associates use DailyPay, we realized that no one has had an unpleasant surprise when they received their paychecks. Additionally, usage trend reports show that income level had no impact on DailyPay’s popularity, as even the highest-earning associates use DailyPay.

As it is with today’s growth in technological capabilities, today’s workforce demographics continue to change the way employees and enterprises work and that is with increased digitization. Modern workers want more flexibility, visibility, and options at their fingertips.

To attract and retain talent, we must remain proactive in creating new systems and adopting technologies that enhance the associate experience. DailyPay helps us to do that.

To learn more about how your company can empower its employees with DailyPay, support their financial wellness and deliver enhanced business outcomes, talk with one of our experts or visit us at dailypay.com.