The DailyPay Blog

10 Easy Money-Saving Tips All Gen-Z’s Should Know

As published on The Success Bug Website

Currently, new COVID-19 cases are surging across the country, the fate of a second stimulus check seems unlikely, and benefits are running out. These recent events have been stressful for all Americans. However, for Generation Z, this is an especially taxing time as many have just graduated college or have been part of the first wave of corporate layoffs.

Right now, you may be looking at your budget and thinking, “There’s no way I can spend any less money!” But the fact is that even the most frugal people can find additional ways to cut down on their bills. 

And no, I am not going to say you need to cancel your cable bill and eat ramen noodles every day. Saving money doesn’t have to come at a huge sacrifice to your current way of life. But the reason why it’s so important to save, especially for Gen Zs, is because you have the majority of your life in front of you. If you can get in the right habits now to save money, then down the road, things like weddings, kids, and retirement won’t seem like such a financial burden. In this post, you will learn the 10 easiest ways to start saving money.

1. Cut All Unnecessary Subscriptions 

Waterstone Management Group found that 84% of Americans grossly underestimate what they spend on their subscriptions every month. When we think of subscriptions, we mainly just think of the most popular ones, like Netflix, Spotify, Dollar Shave Club, and Amazon. What we forget are the other subscriptions that may be eating away at our savings. 

When looking at a more exhaustive list of subscription services, you quickly realize that you may be spending hundreds of dollars on things such as iPhone apps, gaming services, newspaper & magazine subscriptions, meal kits, gym memberships, and more. 

First, you’re going to want to download Truebill, an app that easily allows you to view and cancel unwanted subscriptions. Cancel all the subscriptions that you don’t use anymore. Then you’re going to focus on the 20% of your subscriptions that lead to the majority of your costs. This is where you’re going to find the greatest cost savings. 

Look at these few subscriptions and try to find cheaper alternatives. Maybe you don’t need a gym with a sauna in it and can find a regular one for half the monthly cost. If you don’t have to shave frequently, change your Dollar Shave Club membership from coming every month to every other month.

2. Create A Budget 

“Alice asked the Cheshire Cat, who was sitting in a tree, “What road do I take?” 

The cat asked, “Where do you want to go?” 

“I don’t know,” Alice answered. 

“Then,” said the Cat, “it really doesn’t matter, does it?” 

Lewis Carroll, Alice’s Adventures In Wonderland 

What does this quote symbolize other than an iconic line from Alice in Wonderland? It means it doesn’t matter what you do if you don’t know where you want to end up. This is why you must create a budget for yourself. A budget will keep you on track with spending goals and provide a definitive end goal. 

My favorite tool for keeping track of my expenses is the pre-built templates from Google Sheets. Once you enter your Google Drive, you can go to the top left corner, click “New,” scroll down to Google Sheets, and select, “From a template.”

This will show you all of their pre built templates and you can select their monthly budget option in the middle.

3. DIY 

DIY stands for “do it yourself” and is the practice of building or creating things on your own instead of buying an already finished product. IKEA, for example, made their entire business model around DIY furniture. You can get many IKEA products at about half the price of competitors since you can buy unfinished furniture, or even mix and match parts to create your own customized furniture. 

Coffee is another excellent example of how you can DIY. Instead of buying Starbucks every morning for $3 a cup, you can buy a good coffee maker for $50 and a bag of organic coffee beans that can last you months for just $20. If you do this, you’d be breaking even on your investment in only 23 days, and everything after that is additional savings. But don’t just look to do this for coffee and furniture, DIY products are easy to make, and there are more options than you may think.

4. Buy Used Products 

Whenever most of us need something new, our first impulse is to go straight to Amazon. This urge makes sense as they are the world’s largest marketplace. However, even though Amazon does a good job of getting us the products we want at affordable prices, we can do better. 

For a lot of things like clothes and electronics, you can buy them used from eBay and local thrift stores. By buying slightly used products, you can get a stellar deal for practically no change in quality. 

5. Put Your Savings In A Different Account 

In today’s age, it is very easy for us to choose where we direct deposit our money. Instead of sending yourself the entirety of your check, take at least 5% and put it in a different account. A great place to put this 5% is with a financial services company like Vanguard or Fidelity and invest it in the stock market. Another option, if you don’t want to invest any of it, is to open up a separate bank account and have the money deposited there. And don’t tell me you don’t have 5% to spare because if you completed step 1, then you should already have much lower living expenses. 

The trick to making this strategy work is never downloading the app to your savings account. Let’s say you open up a Chase account to deposit your 5%, don’t have the app on your phone. Just set up a percentage of your income to go to that app, set it, and forget it. You’ll thank yourself later when you find yourself sitting on a pile of cash you forgot you had. 

6. Incentivize Savings Through Punishments & Rewards 

Give yourself goals that you want to hit by a specific date that if you hit, you can get a reward. You can make this technique even more powerful if you also give yourself a punishment for falling short. For example, let’s say you want to save an extra $150 this month, and you have budgeted yourself accordingly so that you won’t have to sacrifice your current way of life. 

If you successfully save the extra $150, reward yourself by buying yourself a pair of shoes you want at the end of the month. As a punishment, you can take an embarrassing photo of yourself and send it to your friend and say, “Post this photo on social media of me if I don’t cut back my spending this month by $150.” 

This may be extreme, but it will be a strong motivator. Another example of what you could do is tell yourself if you don’t hit this goal, you have to donate to a foundation you don’t agree with, whether it’s political or what have you. This will be another great motivator to make sure you are on target with your money-saving goals. 

7. Pay Off Debt 

Unless used correctly, debt is a serious threat to your financial security. Now there are certain things in life where using debt can be advantageous like taking out a loan for college, a house, or a car. However, your goal should be to pay off your interest payments as quickly as possible so that it doesn’t suffocate you over the long term. This is especially true for credit card debt. 

Credit card debt is some of the worst debt there is because most credit card issuers compound an account’s interest charges daily. If your debt interest compounds, that means the amount you owe will grow each time you don’t pay your payment. So over time, your payments will get larger and larger. 

8. Leverage Credit Cards 

Kind of oxymoronic to say “leverage credit cards” after just saying watch out for credit card debt. But as much as credit cards can hurt you, they can also be used to your advantage. As long as you aren’t spending above your means, credit cards can serve as an asset to help you on your path to financial freedom. 

Most cards now offer incentives, so take advantage of the cards that offer cash back on purchases. Nerd Wallet has a great post on the Top Credit Cards of 2020 that you can check out to see which one might be best for you. Just remember to pay off your cards every month to keep your debt from piling up. 

9. Get Paid Quicker 

Everyone familiar with finance knows the importance of a company’s cash conversion cycle (CCC). In essence, your CCC is how quickly you get paid, vs. how often you have to pay. Managers want the lowest CCC possible as low conversion cycles mean that companies can get cash quickly and wait longer to pay off costs. 

Now, why is that important for you? Because the reason why a low CCC is good for businesses is the same reason why a low CCC would be good for you. We should all strive to want to get paid before we have to pay for something so that we don’t have to use debt and incur interest charges. 

Traditional pay periods don’t benefit us because we have to pay for expenses throughout the week, yet we only get paid bi-weekly. The only reason this is the case is that most companies only want to have to process payroll once every two weeks. However, bills, rent, and emergencies don’t always coincide with traditional pay periods. 

Luckily, there is now an option for you to get paid quicker so that you don’t have to rely on credit cards and debt throughout the weeks. This option is DailyPay’s PayExTM on-demand payment platform. PayEx allows employees to access their pay and tips early and save it as they earn it. 

No more waiting every two weeks to get paid, PayEx puts you back in control and allows you to get paid on your terms. 

10. Enjoy Life 

Saving money is a lot like losing weight. If you starve yourself for a few weeks, you will see progress, but as soon as you get off that extremely strict diet, you go right back to your old eating habits. Saving money shouldn’t be something you dread like a strict diet but rather a lifestyle choice that you want to make. So if a $6 venti caramel macchiato from Starbucks puts a smile on your face, go out and buy one. Just keep it to once a week. 

The key to any strategy you implement is moderation. If you never allow yourself to spend money on things you enjoy then you will never find a long term solution. But if you allow yourself windows of opportunity to splurge and buy things that bring you happiness then saving money won’t seem as treacherous of a task that everyone makes it out to be.

Webinar: Success Beyond COVID-19: Tips and Tactics to Help QSR and Lodging Franchises Thrive

We’re living in unprecedented times, and as we emerge from the chaos of COVID-19, we need to determine the best path forward for businesses and employees. This is especially important for the QSR and Lodging industries that faced a unique set of challenges during the pandemic. In this webinar, you will learn how to reframe your business plan for the “new normal” by leveraging advice and tips from other companies, how to plan successful business recovery efforts, and how to ensure that your staff is prepared to work and move forward.

This webinar features three industry experts sharing their knowledge. Jeanniey Walden (formerly Jeanniey Mullen), Chief Innovation and Marketing Officer at DailyPay, explains how on-demand pay can be the cornerstone of any business recovery plan. Barb Powell, VP of Operational Support Millennial Restaurant Group, LLC, which franchises Blaze Fast Fire’d Pizza, shares her innovative, grassroots approach to achieving success during unprecedented times. John Theisen, Co-owner of Brew City Pizza, which franchises Domino’s Pizza, explores the unique opportunities for QSRs to succeed during and after the pandemic. Together, they provide a wealth of knowledge and unique recovery ideas that can easily be applied to your business.

As we emerge from the chaos of COVID-19, every company has an unprecedented opportunity to do things right this time, and rebuilding employer-employee trust is the first step. Companies should also seize this opportunity to redefine their culture and revisit how they work. And of course, it should be a priority to ensure that frontline heroes are honored and recognized for their hard work every day.

When you Pay Different with DailyPay, you can help make all those necessary shifts post-COVID. It can also help your employees successfully manage their finances and their futures and help your business thrive. Our clients have seen up to a 72% reduction in turnover among DailyPay users, with a decrease in associated costs. Download this webinar to learn more about how offering an on-demand pay benefit can help your company and your employees succeed in today’s new world.

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What is Earned Wage Access?

Earned wage access (EWA) goes by many names — early wage access, on-demand pay, daily pay benefit — but essentially they all refer to the ability for an employee to access the money they’ve earned before their scheduled payday.

The earned wage access industry is relatively new. Two years ago, very few companies had even heard of it. Today, it’s not a question of whether a company will adopt the benefit but rather when. More employers are considering earned wage access as a benefit for employees, many of whom want greater flexibility in how they are paid. About 25% of payroll professionals said in recent surveys that on-demand pay is a must-have solution for improving the employee experience, which is a top priority in 2020. 

But this isn’t just a trend for the gig economy. Instant-wage access could spread across the income spectrum in the post-pandemic economy.
Because the current lay-offs impact workers with a wide range of wages or salaries, we may see this benefit offered to more employees, including even those with higher incomes.  “The EWA use case is shifting from an individual need to a household need, as more white-collar workers are furloughed or have their salaries cut,” says Jeanniey Walden, DailyPay’s chief innovation and marketing officer.

There are plenty of benefits for both employers and employees and, with the right vendor, there are no costs and no risk involved to companies who choose to offer it.

Benefits to Employers

Let’s start with employers, especially since at the time of this writing, businesses are once again starting to reopen post-COVID. Many employers are looking to offer earned wage access as a cost-containment, voluntary benefit because it’s available from select third-party vendors at no cost. 

According to a PwC employee financial wellness survey, one in four employees have been distracted at work by personal finance issues within the past year. Of those who responded that they were distracted, nearly half spent three or more working hours thinking about or trying to handle or resolve the problem. A Federal Reserve study found that over 40% of adults would not be able to cover an emergency expense of $400 if one arose. 

Financial stress doesn’t just cause a decrease in productivity — it could lead to lower levels of pay satisfaction from employees, increased absenteeism, and increased turnover rates.

Here are some of the benefits employers have experienced as a result of offering a daily pay benefit:

  • 1.9x increased in applicants to a job that offers on on-demand pay benefit
  • 50%, on average, reduction in turnover
  • 49% average increase in employee productivity
  • Ability to fill open positions in more than half the time (52% faster)
  • 26% reduction in absenteeism

In addition, an earned wage access solution can be implemented at no cost to employers and without any changes to current payroll processes, including the timing of funds or withholding of taxes. Offering an on-demand pay benefit solution to employees also increases employee engagement, with 73% of employees stating that their opinion of their employer had improved as a result. 

Benefits to Employees

The benefits of having access to their earned wages are equally impressive for employees. At a time when 78% of all American workers are living paycheck to paycheck, the ability for an employee to access their earned income when they need it, before payday, is essential.

With access to their earned income, employees can close the gap between paychecks, pay bills on time and avoid overdraft fees, late fees and high-interest predatory payday loans. They can also meet unexpected expenses, like emergency medical care and car repairs, reducing financial stress and increasing financial health.

With access to their earned wages, employees can save up to $1,205 per year, on average, in overdraft fees, late fees and fees and interest associated with payday loans. In addition: 

  • 85% of users say access to their earned wages makes them more able to budget and pay large monthly bills like rent, utilities, car payment, etc. 
  • 78% of users say access to their earned wages helps them pay their bills on time and avoid late or overdraft fees
  • 74% of users say access to their earned wages has helped reduce their financial stress
  • 70% of users say access to their earned wages has helped them avoid taking out a payday loan
  • 59% of users say access to their earned wages motivates them to go to work
  • 51% of users say access to their earned wages has helped improve their financial health
  • 50% of users say access to their earned wages has helped  them be more disciplined about spending
  • 46% of users say access to their earned wages has helped them save more

This latest research report, On-Demand Earned Wage Access: U.S. Vendor Comparison, gathered data about key players in the on-demand pay industry, including Acrisure, Blue Yonder, Branch, DailyPay, Dave, Delaget, Earnin, Evolve Bank and Trust, FlexWage, Instant Financial, Kronos, Mastercard, PayActiv, The Clearing House (TCH) and Visa. 

With benefits like these, earned wage access is proving to be a real game-changer for both employers and their employees alike.

What Does the Best Earned Wage Access Provider Look Like? 

Any business that is considering offering a daily pay benefit, needs to do their due diligence when it comes to choosing an earned wage access provider who adheres to rigorous compliance standards

Getting access to earned wages has taken on new meaning during the COVID-19 pandemic, with millions of people scrambling to make ends meet. 

In May 2020, DailyPay enlisted Mercator Advisory Group to conduct a survey of 1,000 U.S. low-income (income less than $75,000/year) salaried workers to determine the value and propensity of this demographic to participate in an on-demand pay (also called earned wage access) solution.

While much has been done to study hourly workers and their vulnerability to financial stress, far less has been done to study salaried workers and how they react to the challenges imposed by unforeseen financial hardships in between paychecks.

This study revealed that, by introducing an on-demand pay benefit, employers can help their workforce reduce the stress associated with paying monthly bills. Most notable and relevant today, nearly half (46%) of those polled are stressed by having to pay monthly medical bills. Allowing workers access to their earned income provides them with financial flexibility, and empowerment over their pay reduces their stress and increases attendance and productivity at work, all at no expense to the employer.

Webinar: Rebuilding Trust in the Workplace Post-COVID-19

This webinar features the insights of Jeanniey Mullen, DailyPay’s Chief Innovation and Marketing Officer and Barbie Winterbottom, CHRO and people expert. Together, they address the multi-faced issue of rebuilding trust in the workplace after the chaos of the COVID-19 pandemic. 

Employees who are returning to work after working from home or being furloughed for months deserve a true, deeply emotional sense of community in their new workplace, and it is up to their leaders to create that sense of security and positivity as things begin to move forward. Emotional and mental health benefits, continued work from home opportunities, and improved positive communication are great places to start strengthening those bonds.

Another major way to help rebuild this trust is to empower employees with flexibility. Jeanniey and Barbie will explain the positive effects that flexible policies have on the employee experience. Employees deserve to decide what’s right for them and their families in order to build strong work-life integration, and innovative thinking from company leaders will help foster that new sense of freedom as the country rebuilds itself.

One area of work where flexibility is especially crucial is pay. From normal day-to-day life to times of crisis, such as the COVID-19 pandemic, on-demand pay access is becoming a necessity in today’s world. Younger generations of workers are used to instant access in all areas of life, but employees of all ages will benefit from the flexibility and security this type of technology creates. Also, DailyPay has been proven to save the average user $1205 a year in overdraft fees, late fees, and payday loan fees, showing its power to improve employees’ overall financial health.

We hope you will listen to this webinar to better understand how to rebuild trust with your employees and how to create a safe, comfortable “new normal” as you rebuild your business.

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DailyPay’s CEO Reflects on Juneteenth

In commemoration of Juneteenth, DailyPay CEO, Jason Lee, penned the following letter to his staff:

DailyPayers,

Per my note, earlier this week, I hope all of you take the opportunity to observe and celebrate Juneteenth either this Friday or next. During the past week, I’ve been reflecting on our journey as a company, and how exceptionally proud I am of the inclusive culture we have been building at DailyPay since Day 1. 

Importantly, as I’ve shared on our weekly check-ins, DailyPay is more than just a Great Place to Work, it is a place of action. We do what we say we’re going to do. We follow up. We are committed. I see that in how you drive our business every day, and I see that in every decision you make and initiatives you pursue. 

In my job, I have the opportunity to tell our story to a variety of stakeholders — investors, business partners, new employees, and several others. One of the elements of that story that I love sharing is how, from Day 1, we have intentionally and methodically been building our company’s culture – a culture that not only prioritizes diversity, but one that understands and deeply internalizes that diversity is both a core value of how we work and one of our key competitive advantages. I once shared at a company meeting that “At DailyPay, diversity is not the ‘right’ thing to do. It is who we are, and it is how we win.” That will always be the case. 

In reflecting on Juneteenth, I was struck by the leadership and support surrounding DailyNoire which began about a year ago. This progression will be a special part of our history. More broadly, I know our history is important to all of you. Within the first three months of operation, we were proud to have women and minorities among the first 10 employees of the company. When the company had 22 employees, we founded our first Employee Resource Group – DailyWomen – which kicked off the exciting start of several other Employee Resource Groups at DailyPay. Some of our proudest moments include welcoming Dr. Donna Hamlin to our Board of Directors back in 2017 and adding Jeanniey Walden to the three-person C-Suite in 2019, both extraordinary female leaders. 

But with every success, I see so many areas for continued progress here at DailyPay. When a company triples in size over the course of one year, it is virtually impossible to get everything right. The important thing is making sure we are pointed in the right direction, and that we are putting action behind our words. I believe in all of you. I believe that every single person who chooses to work here believes in their own ability to create real change, both in the marketplace and here at DailyPay. I believe that each of you did not come to “join” a company, but rather to shape it, to challenge it, and to improve it. That’s who you are, and that’s who I am. 

This time of reflection on the past has also given me profound hope for the future, with the appropriate amount of caution. Yes, we are absolutely on the right course DailyPayers, but we have to be vigilant to not let inertia and busyness drown out even the best of our intentions. This is why I am so focused on systems of accountability – creating the necessary mechanisms to ensure that real change continues here at DailyPay and that our culture remains intact as we scale to the next 200 people. Concrete actions such as the establishment of the Diversity Leadership Committee, building out our Employee Resource Groups (a new one to be announced shortly!) and establishing transparency in our policies and processes are natural next steps in our Day 1 Strategy to build a generational company. 

As we get ready to observe Juneteeth over the next two Fridays, I hope all of you take the day and have an opportunity to reflect on the significance of this day and what it means for you and your role here at DailyPay.

Jason


WEBINAR: The Pay Experience: How to Attract Millennials and Gen Z

In this webinar, DailyPay’s Chief Innovation and Marketing Officer, Jeanniey Walden (formerly Jeanniey Mullen) pairs up with Barbie Winterbottom, Chief People Officer of BIC Graphic North America. The information they provide centers around the cultural differences in today’s workforce, and how to attract young people to work at your organization by understanding the lifestyle they’re accustomed to.

Millennials and Gen Z seek meaningful experiences in everything they do, from ordering coffee to receiving health care to their daily work lives. Because of this, these workforce segments have created what has been coined “the experience economy.” Their desire for uplifting experiences over material things pervades their work lives, and work becomes the stage for new experiential offerings. These groups strive for more than work-life balance, they are looking for true work-life integration. Hearing the detailed knowledge Jeanniey and Barbie have to share on this subject will help your organization stay current and relevant.

At DailyPay, the premier provider of the on-demand pay benefit, we have developed a new software category and product platform that will bring tools and skills to the millennial and Gen Z workforce. We call it the Pay Experience™, or PayEx™.

Diving deeper into this “experience economy,” it becomes apparent that a pay experience for employees should be central to this new way of life. Allowing employees to control how and when they get paid creates a simple, intuitive experience within the workplace that mirrors the experience employees are having outside the workplace. Also, the savings feature and financial wellness tips that are included in the pay experience platform can help employees create a stronger financial future, therefore strengthening the employer-employee bond. The best part? You can offer this innovative and unique pay experience to your employees at absolutely no cost to your company.

Tune in to hear two industry experts discuss the details and positive effects of implementing this exciting new benefit.

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Staffmark Group Partners with DailyPay to Improve Recruiting and Employee Retention

Staffmark Group joins the list of innovative companies that are offering an on-demand pay experience to employees to access to earned income before payday

DailyPay, the leading provider of the daily pay benefit, today announced a partnership with Staffmark Group, one of the largest staffing companies in the United States. Through this partnership, Staffmark Group is making DailyPay’s on-demand pay benefit available to more than 20,000 employees. Many of Staffmark Group’s employees now have the flexibility to make secure, instant transfers of unpaid earnings any day of the year and can save their earned income in multiple ways before payday.

Since offering a daily pay benefit is proven to help fill open positions 52% faster, on average, and decrease turnover rates by 50%, on average, it was a great solution to help Staffmark Group meet its business goals and become trailblazers in the staffing industry. Following initial successes, they look forward to offering this benefit across all their locations.

“We are always looking for creative ways to improve job acceptance rates, decrease turnover and increase job satisfaction,” said Emily Giltner, senior vice president of enterprise operations at Staffmark Group. “DailyPay allows us to meet those objectives while also providing a flexible pay option for our employees. It is a mutually beneficial tool to help everyone involved, from our employees to our clients. It’s truly been a win-win situation.”

With DailyPay, employees can transfer their accrued but unpaid wages to any bank account, paycard or debit card prior to their next payday. Employees can also track their accumulated earnings during each pay period using the available balance feature, which gives them a real-time view into their earnings and helps them with budgeting for upcoming expenses. In this way, DailyPay provides Staffmark Group employees with a safeguard against unexpected expenses, and an incentive to work scheduled or even additional shifts to increase their available earnings balance. 

“As they’ve demonstrated for 40 years, Staffmark Group wants to ensure that their client partners and their employees are having the best experience possible,” DailyPay Chief Executive Officer, Jason Lee said. “By offering DailyPay, Staffmark Group demonstrates a genuine understanding of the financial needs of its workforce and a willingness to provide a means for them to feel more financially secure. This level of compassion is what will set them apart from other staffing agencies and encourage job seekers to work with them, which will, in turn, help them meet their goals.”

DailyPay, the industry leader in compliance, can be implemented at no cost to businesses that choose to offer it. To learn more about DailyPay, visit www.dailypay.com

About DailyPay
DailyPay is a SaaS award-winning fintech solutions company supporting over two million employees at world-class companies, including Kroger, Adecco, Berkshire Hathaway and G4S, with an on-demand pay platform. DailyPay is headquartered in New York City with operations located in Minneapolis. For more information, visit dailypay.com/press

About Staffmark Group
Staffmark Group is a proud member of RGF Staffing. Staffmark Group provides services that include contingent staffing, direct/permanent hire, on-site staffing management services, Recruitment Process Outsourcing (RPO) and Master Service Provider (MSP). Staffmark Group brands are industry leaders in providing talent in design and engineering, information technology, finance, accounting, human resources, marketing, skilled trades, clerical and light industrial skill sets. Learn more at www.StaffmarkGroup.com

About RGF Staffing
RGF Staffing is a leading global HR services provider with activities in Asia Pacific, Europe, Japan and North America. Every day more than 300,000 people work for businesses and institutions via the RGF Staffing network. RGF Staffing is part of Recruit Holdings Co., Ltd. For further information please visit www.rgfstaffing.com

Contact: Sehrish Sayani                                            

Phone: (888) 991-3646

Email: press@trydailypay.com

Website: dailypay.com

WEBINAR: Supporting Our Frontline Workers in Health Care

Join Jeanniey Walden (formerly Jeanniey Mullen), Chief Innovation and Marketing Officer at DailyPay, and Terra Vicario, Chief Marketing Officer at Viventium for a timely and informative webinar regarding the COVID-19 crisis.

Now more than ever, it is of utmost importance to support our frontline workers, especially those in the healthcare field, as they battle this crisis. This webinar includes helpful tips and a comprehensive list of resources available to your company and your employees to make surviving this crisis less stressful. You will also hear directly about the actions top companies are taking to thrive during the COVID-19 pandemic, as well as their plans post-crisis.

We believe that creating a flexible, personalized pay experience for your employees is one of the most meaningful ways to support them through these unprecedented times. Having a daily pay benefit will also help them adapt to shifting schedules and obtaining necessities during COVID. For example, employees may need to go to the grocery store on certain days of the week or stock up on bulk items, increasing their usual monthly budget for food and/or household supplies. With DailyPay’s on-demand pay benefit, these types of changes become much more manageable. By helping your employees handle their personal financial stress, they will be better equipped to handle the increased stress of caring for their patients during the pandemic. 

Offering an on-demand pay benefit is also a proven effective way to increase the number of applicants for open positions, making it easier for you to staff up to meet the increased demand for healthcare services. This technology can also decrease turnover by an average of 50%, helping you to retain your very much needed staff during this time of crisis and long after. Check out the webinar to learn expert tips and ways to support your frontline heroes!

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DailyPay Announces Partnership with ITCS-WebClock to Facilitate Seamless Integration of Premier On-Demand Pay Benefit for Client Companies

This partnership makes it even easier for businesses to offer the DailyPay benefit to clients who use ITCS-WebClock.

NEW YORK, June 9, 2020 — DailyPay, the leading fintech platform and premier provider of the daily pay benefit, today announced its partnership with ITCS-WebClock, a leading provider of time and attendance software. Through this strategic partnership, ITCS-WebClock client companies can offer their employees DailyPay at no additional cost to their organization and with no changes to their existing payroll setup.

This collaboration between the ITCS-WebClock and DailyPay teams resulted in an integration that enables the two platforms to share data seamlessly, to calculate the real-time available balance of employees that enroll in the program, and to facilitate the instant transfer of funds when requested by an employee. This partnership saves ITCS-WebClock customers time and effort when offering their employees best-in-class benefits.

“Ensuring the continued success and customer satisfaction of our clients is our utmost priority,” said Bill Flanagan, President and CEO at ITCS-WebClock. “DailyPay pairs seamlessly with our web-based time and attendance technology, so we are able to offer an in-demand service to our clients through this strategic partnership.”

DailyPay is also looking forward to the positive effects of this mutually beneficial partnership.

“We’re proud to partner with ITCS-WebClock to offer their clients a flexible, simple and compliant daily pay benefit, which has been proven to improve employee attraction, retention and engagement,” said Jason Lee, CEO of DailyPay. “This partnership will make it much easier for employees to easily track their hours worked and pull from their earned pay whenever they need it.” 

DailyPay, the industry leader in compliance, can be implemented at no cost to businesses that choose to offer it.

To learn more about DailyPay go to https://www.dailypay.com.

About DailyPay

DailyPay is a SaaS award-winning fintech solutions company supporting over two million employees at world-class companies, including Adecco, Berkshire Hathaway and G4S, with an on-demand pay platform. DailyPay is headquartered in New York City with operations located in Minneapolis. For more information, visit dailypay.com/press.

About ITCS-WebClock 

ITCS-WebClock is a global provider of SaaS Human Resource and Workforce Management Solutions that have helped thousands of companies for over twenty years. Powerful yet user-friendly, their cloud-based solutions streamline workforce management and payroll processing activities. For more information, visit https://www.itcs-webclock.com/

Contact: Sehrish Sayani

Email: press@trydailypay.com

Website: dailypay.com

SOURCE DailyPay

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7 Significant Ways the Traditional Workplace Will Never Be the Same

Stop reading and take a look around. Chances are you are working in a home office, from the couch, in your guest room, your child’s room, or potentially even working outside and enjoying the sunshine. In more normal times, most would classify you as “working from home.” But nowadays, it just means you are “working.”

In our new normal, seven significant transformations are taking place, which are architecting the true path in the future of work.

  1. The acceleration of digital transformation. Every industry has witnessed its own version of digital transformation, and it is fantastic! Acceleration has taken place in remote telehealth, insurance claim scanning, contactless payments, on-demand pay, and even online workouts. The world of work has had to make one choice — accelerate or die. Food on Demand says it best: 3 years of digital transformation has occurred in 3 months. And this transformation is just heating up.
  2. Greater expectations from employers. The combination of the new generations of Millennials and Generation Z in the workplace and the health crisis has created the perfect storm for employers. Employees now expect employers to step up as leaders and meet their needs for personal security, financial security and work culture. The demand is serious. Employees expect more because they believe we deserve more/better.
  3. The meaning of the “office” has changed. With 67% of workers stating that they would prefer to maintain a flexible work schedule when the economy opens up, results suggest that workers are looking to continue remote work 2-3 days per week. Business leaders suggest that up to 15% of the workforce will remain remote, placing a higher value on family time. The COVID-19 crisis has reset our values. Corporate real-estate agents don’t necessarily agree. While the jury is still out on this one, only time will tell.
  4. The rise of the micro-event. The quest for creating experiences has been accelerated. People will not want to gather in crowded events and conferences. Instead, micro-events and partially in-person/partially streaming events will allow more personal interaction with people who will become much more than just a name and a title as a result. Large-scale events replaced with opportunistic virtual and smaller experiential events will create tighter relationships, supporting increased connections and persuasion. The ketchup cannot be put back into the bottle. 
  5. Business travel will be redefined. At least for the next 12-18 months, travel restrictions and health concerns make virtual meetings top of mind. That said, we expect to see business travel improve locally first, then regionally, then nationally. In the meantime, expect a boom in new technology that enables us to find new ways to interact. SpaceX has launched at the perfect time. 
  6. Companies will seek cost containment. Expect restructuring actions, across every industry, that will help reduce costs and increase efficiency and productivity. COVID-19 forced us to accelerate this internal review of all business practices. As employees demand more from their employers, companies will take the opportunity to do it all different this time — to staff different, to interact with customers different and to pay different.
  7. Trust in the workplace has been shaken. Employee experiences matter now more than ever. HR leaders will play a more strategic role in the recovery of our businesses by creating a sense of stability and a better work/life blend in our new world of work. Every aspect of HR service, from increased PPE and changes in PTO to a more flexible work schedule and even a commitment to giving employees full control over their earned income, will be under consideration, and offering a daily pay benefit will go a long way in re-establishing trust in the workplace.  

Learn more about the pivotal role DailyPay will play in the new workplace.