Most of the world is experiencing a new normal, moving through uncharted territory that is changing on a daily basis — the direct result of the COVID-19 pandemic.
DailyPay works with employers across America to enable them to create an unforgettable pay experience. For many Americans, the most important part of that experience today is access to their earned income whenever they need it. We have responded in a number of ways to enable employers to continue to help their employees, especially during this challenging time when access to earned pay may be even more critical.
Here are some if the ways that DailyPay is responding to this situation:
- Free Next-Day Earned Pay Transfers. We coordinated a multi-million dollar effort for all employees of companies who offer DailyPay to waive all next-day transfer fees until further notice. As the risk of quarantine grows throughout the U.S., our user data reveals that 43% of employees using DailyPay are accessing their pay early for COVID-19-related expenses, a 400% spike in number between March 14 and March 17. We want to support employers and their employees offering an option for all employees to receive their pay the day after they earn it.
- We released the DailyPay Workforce Index to track the dramatic impact of COVID-19 on millions of people in the workforce, especially the hourly worker, across four key DailyPay partner industries — Hospitals, Call Centers, Supermarkets and QSR. We are using these industries as a starting point to determine if there are changes in the hours worked by employees, the number of employees working, and the reasons why these employees are accessing their earned income before their company’s scheduled payday. This Index will be updated periodically to show changes in these statistics.
- Both Jeanniey Mullen, DailyPay’s Chief Innovation and Marketing Officer, and I recently hosted a webinar on March 24 titled, “Supporting Your Workforce’s Financial Security Through the COVID-19 Crisis.” We discussed:
- How COVID-19 is affecting and will continue to impact hourly employees in 4 key industries
- Ways other companies are supporting their employees’ financial health during this time
- What DailyPay is doing to help its partners and their employees throughout this challenge
You can tune in to the replay here.
- We have also undertaken significant initiatives to ensure that the DailyPay workforce feels safe and supported as we have transitioned to a work-from-home, fully virtual environment.
At DailyPay, the pay experience and related financial health of every working American is the reason we come to work every day. We are ensuring that our operations remain 100% solid during this time of crisis, and that every DailyPay employee is capable of delivering 100% of their attention to our client partners, without interruption or fail during this time. Our team has done an exceptional job in creating a communicative and positive environment, so we can all work together and create success. We will continue to do all we can to help out partners and their employees to feel more financially secure as we all weather this crisis together.