Americans are returning to work, and a recent survey revealed that 1 in 6 job candidates are seeking employment at companies that offer a daily pay benefit. For companies working to rehire post-COVID, it’s critical to offer competitive benefits that will help attract top talent and support diversity and inclusion initiatives. However, as many businesses are still working to contain costs during this period of rebuilding, rolling out expensive new programs or employee incentives may not be an option.
DailyPay is available at no cost to companies who choose to offer the benefit, and there are no setup or implementation fees. There also are no changes to existing payroll processes, including timing of funds and withholding of taxes or other deductions.
Offering flexible access to pay will help you attract top talent, as companies using DailyPay double their applicant pool, helping them fill open positions in half the time. Our partners report an average turnover reduction of 50%, which can help greatly reduce hiring costs. 56% of the users we surveyed said that DailyPay motivates them to pick up more shifts or work longer hours, as they are eager to access their pay on-demand. The same survey revealed that DailyPay saves employees, on average, $1,205 per year. There really are boundless benefits for all involved, from the hiring process through the rest of the employee life cycle.
The COVID-19 pandemic has also greatly changed the needs and expectations of employees, making benefits like access to on-demand pay even more widely demanded. Poll results have shown that almost 20% of job seekers are now only interested in applying to jobs that offer daily pay. What was once considered a “nice-to-have” benefit has quickly transformed into a “need-to-have” benefit through the chaos of the COVID-19 crisis.
A study published in Business Wire stated that the number of employers offering financial wellness programs have increased 63% in just two years, and an additional 14% say they plan to offer financial wellness programs in the next two years. This data supports our opinion that in today’s world, the PayEx HIRE benefit should be a crucial part of any company’s recruitment and retainment strategy.
Leveraging HIRE is just the beginning of a wave of positive change that DailyPay can create for your company. Click the link below to request a free demo and see what we can do for you!