DialAmerica, a leading U.S.-based call center, is now offering DailyPay as a financial wellness solution for its 3,000 employees
NEW YORK (August 31, 2017) – DailyPay, an on-demand payment platform that reduces employee turnover through instant access to pay, today announced a national partnership with DialAmerica, a leading privately owned domestic contact center company with over 3,000 employees.
As part of a comprehensive research study, DialAmerica discovered that one of the leading causes of employee turnover was financial stress. To combat employee turnover caused by financial stress, DialAmerica is now offering the DailyPay financial wellness platform to all of its agents. Together, DailyPay and DialAmerica are combating the financial burden caused pay delays caused by weekly pay schedules, or financial stress caused by unexpected fiscal emergencies or bills that fall between pay days.
Through this partnership, employees of DialAmerica now have the ability to receive their earned but unpaid pay instantly, even on weekends and holidays.
How Does DailyPay Work?
DailyPay is an on-demand payment platform that sits between a company and its payroll provider, and empowers the company’s employees to get paid when they want. Each day, DailyPay analyzes data from the DialAmerica attendance system and makes the equivalent total of net earnings available for each employee to transfer.
Employees can instantly move earnings directly from the DailyPAYTM app into their own bank account or payroll card with just the tap of a button. This way when an employee has to pay a bill or needs to cover an unexpected financial event, they can access their accrued earnings and pay that bill on time instead of getting charged a late fee while waiting for weekly or bi-weekly paycheck.
“When employees achieve financial security at a job, they stay longer,” said Jason Lee, Chief Executive Offer of DailyPay. “We are very excited to integrate DailyPay as an employee benefit across DialAmerica’s 19 locations and help the company improve employee retention and recruiting. Since launching the partnership, we’ve already found tremendous improvements in employee retention.”
What effect does DailyPay have on employee attrition?
According to DialAmerica, DailyPay has had a major impact on attrition. It has been beneficial to new hires because they can access their wages quicker than having to wait for their first paycheck. Over one third of DialAmerica employees have now used DailyPay, and it has resulted in measurable improvement to employee engagement and employee retention.
“The general consensus regarding DailyPay is that the app is extremely convenient and provides a safety net in case of emergencies,” explains Mike Beaubrun, Operations Manager at DialAmerica.
The call center industry has one of the nation’s highest turnover rates. According to Quality Assurance and Training Connection (QATC), employee turnover at call centers averages around 45% percent with a call center spending over $6,000 to recruit, and train a new hire. Financial stress is cited as one of the leading causes of employee turnover. When call center employees can’t pay their bills on time and have to suffer exorbitant late fees, they quit in search of a new job.
DailyPay’s mission is to help companies reduce turnover by mitigating their employees’ financial hardships. Seventy percent of Americans live paycheck to paycheck and 47 percent cannot afford a $400 unplanned expense. By being able to access earned pay before the scheduled payday, an employee can pay his bills on time and ultimately achieve financial security at his place of employment.
DailyPay’s mission is to give employees their first step toward financial security. DailyPay is the pioneer in providing employees real-time access to earned wages across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.
More On DialAmerica and DailyPay
Download our case study on DialAmerica rolling out DailyPay’s on-demand pay app to 3,000 hourly employees across 19 state-of-the-art call centers. For DialAmerica, DailyPay’s three-way solution ensures that they attract and retain the right talent.
In 2017, DialAmerica decided to change payroll providers. Because DailyPay was a popular benefit among employees, and a payroll platform change would directly affect the benefit, DialAmerica wanted to be sure it could port the benefit from one platform to another with no interruption to service. Here’s how they did it.