The DailyPay Blog

Future of Work: The Intersection of HR and Marketing

Posted on by Jeanniey Mullen

Recently I presented at the @OnCon conference in Orlando, Florida. I discussed the impact of Millennials and Gen Z in the workplace and how their presence challenges us, as leaders, to rethink every aspect of the employee experience. I was joined by peers in Marketing who represent the world’s leading companies from PWC to Marriott International. While passionate discussions about brand, demand generation and digital were creating tremendous conversation, right next door, that same level of passion and fervor was happening with HR leaders representing the world’s leading companies from SAP to UPS.

The discussion I led took place with both HR and Marketing leaders. And guess what? My single presentation was just as critically relevant to both groups of leaders, even though some of the takeaways were different. Observing this collective acceptance of the need to create an experiential workplace was exhilarating. It was at this moment when I realized that the evolution of “experience” has created a unique intersection of marketing and HR that could forever change the way we think about our employees. By the end of the event I created these key realities for HR and Marketing leaders in the new decade:

  • HR Reality #1: Your employee is your customer. Gone are the days when the employer dictates how the work environment looks and feels. Today’s employee has been spoiled by the incredible strides marketers have made in creating over-the-top customer experiences, and those demands have moved into the workplace.
  • HR and Marketing Reality #2: Your buyer/employee is most likely a MAGGIE (Millennial And GenZ – who Get Instant Everything) and if your brand experience, both in and outside of your company, does not facilitate on-demand everything, you are missing the boat!
  • Marketing Reality #3: That a website is meant to be so much more than just a vehicle for demand generation and purchasing. It is the main influencer in your company’s new hire strategy. So be careful as you build your brand — you will attract talent based on that.
  • HR and Marketing Reality #4: Everything is an experience now (yes, even coffee). Email me if you want the slides from the presentation, but start with the most rote thing you can think of and create an experience out of it. That effort will open your eyes to enable you to revisit everything you are doing to attract and keep both customers and employees. You will be surprised at the size of the to-do list that will fall out from there.

At the end of the event, I was honored and thrilled to learn that both my marketing peers and HR experts had voted DailyPay as a top 25 HCM technology. Our progressive thinking and data-driven insights led us to win this award and I can’t wait to see what’s next.

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What I Just Learned from PayPal’s CEO, Dan Schulman

Posted on by Jason Lee

I recently came across a LinkedIn article written by Martin Whittaker, CEO of JUST Capital, titled “What If Every Company Conducted An Employee Financial Distress Test?” In it, he spoke about a recent CNBC Squawk Box talk with PayPal CEO, Dan Schulman, who talked about initiatives that PayPay had recently implemented to help their financially stressed employees:

  • They increased base pay.
  • They lowered healthcare costs by an average of 60%.
  • They made every employee a shareholder of the company.
  • They created educational programs on financial planning and health.

Initiatives like these just make good business sense. When an employer shows an understanding of their employees’ financial struggles, and actually does something to alleviate them, it’s a win-win. Financial security increases. Productivity increases. Employees stay longer.

At DailyPay, we’ve followed suit, implementing similar initiatives. Last July, we made every employee a shareholder in our company, giving them a real stake in their future and the future of DailyPay. As co-owners of the business, we understand that employees are more fully invested in their day-to-day roles and in making an impact that continues to propel our company forward.

We also lowered healthcare costs this year, with a 50% company contribution toward dependent medical, dental and vision coverage. By reducing the overall costs of health care for our valued associates, we are demonstrating a commitment to them and to their family’s health and wellbeing and allowing them to keep more of their hard-earned pay.

As a company, DailyPay strives to provide a better pay experience to our partners’ employees, a more consumerized experience that mimics experiences in their personal lives. By giving employees greater control and flexibility with their pay, they can pay bills on time and meet emergency expenses. And they spend less time stressing at work because they feel more financially secure.

Last year, we implemented DailyPay for DailyPay, allowing our employees to experience the same benefit that we provide to our partners and their workforces. By doing so, we recognize that all employees, not just those who are financially disadvantaged, need this same flexibility and control to access their earnings when they need them.    

Whittaker said, “Investing in workers is not rocket science. It is good business.” He’s spot on. More companies should follow PayPal’s lead, recognizing that taking care of their employees results in a better experience for their customers, the employees themselves and their company.

Helping Payroll to Understand On-Demand Pay

Posted on by Michael Baer

With each new survey, employee desire for access to their accrued earnings before payday grows, along with retention rates for employers that implement the #dailypaybenefit. It’s a win-win.

The pressure on payroll professionals to implement on-demand pay solutions for employees comes from HR and compensation, higher-ups in the organization and employees themselves. Because of this, those in payroll are seeing major disruption. As implementers of employer compensation plans, payroll wants to know the provider landscape, ensure their organizations stay compliant, and understand payroll’s involvement in offering daily pay. And they want to know this now!

That’s the message I heard as Lori Brown, CPP with Hanger, Inc., and Bill Dunn, CPP, APA’s Director of Government Relations discussed on-demand pay issues for payroll with me during our January The Source by DailyPay podcast.  

The Spectrum

As a payroll professional, Lori Brown said, “This is the biggest disruption I’ve seen,” in more than 25 years of practicing payroll. She wanted more clarity on the differences among the on-demand pay providers. 

I told Lori and The Source listeners that on one end of the spectrum, there are predatory payday lenders that rely on employee information to provide small loan amounts at very high interest rates. On the other end, there are in-house solutions that use pay deductions that can most complicate existing payroll processes and burden payroll professionals. A number of actors that exist in-between profess to offer the best on-demand solution. There are outsourced and in-house solutions, along with different fee models and repayment mechanisms to consider. 

Note that DailyPay is a fully-compliant outsourced solution that doesn’t interfere with an employer’s scheduled payroll process. Employers offering the DailyPay benefit only provide work information in order for DailyPay to keep track of earnings; payroll runs as usual.

But watch out! Payroll runs as usual for the outsourced model with the least payroll involvement as well: predatory payday lenders. Their model is to get evidence from the employee — not the employer — of their pay, loan them the money, and require the employee to hand over access to their personal bank account for ultra-high interest repayments by debiting the employee’s account directly. 

Requiring access to bank accounts, something that DailyPay doesn’t do, is standard for these operations. This is not a “benefit” provided through employers, but a “scary” payday loan, “which we know is costly and really not a good solution for any reason,” according to Brown. Several payday lenders have moved online and are now disguising themselves as on-demand pay providers, with the blessing even of some employers. 

Also, some models may not charge interest, per se, but retain predatory loan-type features, such as the requirement to access and debit personal bank accounts and the application of fees, even if the employee does not use the service to access their pay ahead of their scheduled payday.  

With DailyPay, there is no requirement to access employees’ bank accounts in order for them to receive an earnings transfer before payday. Those who want to draw on their earned pay simply change their direct deposit instructions. That’s it. 

Other outsourcers rely on the employer to allow specific payments, and later deduct those amounts from the employee’s pay. This can affect the employer’s payroll run, raising compliance issues and adding administrative burden. 

Of course, the most impactful for payroll would be if the employer modified its in-house payroll systems to provide on-demand pay. This most expensive alternative saddles the payroll department with keeping track of all the payments, whenever they occur, and ensuring the employer stays compliant with tax, wage and hour, and garnishment requirements.

For an employee using DailyPay, the process is straightforward. Simply accessing the application interface shows the available earnings balance. The employee then decides how much to transfer, if any.  

The employer processes payroll as they always have, and on payday, meets wage payment obligations by making the direct deposit to the employee’s DailyPay account. DailyPay deducts any amount(s) transferred prior to payday, and an ATM-like fee of either $1.99 (for next day payments) or $2.99 (for instant payments) for each completed transfer. The remainder is deposited to the employee’s personal account(s) — there is no interference with the employee’s personal bank account.

It’s understandable that payroll professionals are wary of on-demand pay solutions because many do not have the best interests of employees in mind, and/or they can cause compliance and additional administrative burdens for employers. Our employer partners know that using DailyPay has no impact on their regularly scheduled payrolls and does not add any oversight to their compliance equation.

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Whose Loan Is It, Anyway?

Posted on by Jeanniey Mullen

While paying employees biweekly or semimonthly may be standard practice, it’s time to analyze whom that schedule truly benefits. When employees are not paid immediately for their labor, they are essentially giving their employer a loan for the entire duration of the pay period. And while this schedule may reduce cost, paperwork and simplify processes for the payroll team, it often has the opposite effect for the employees. Although they may have completed their scheduled shifts and earned hundreds or even thousands of dollars during that period, not having access to those funds until payday can be a major cause of financial and emotional stress. 

Beyond just stress, many hardworking Americans also fall victim to overdraft and late fees when they can’t pay bills on time or they find themselves completely helpless in the face of a financial emergency. Unforeseen car repairs, medical bills, veterinary costs or household emergencies can leave someone in a real bind. Those are the times when many hardworking individuals are forced to go to friends and family or even payday lenders for high-interest loans just to survive. Is all this turmoil a fair exchange for reducing the administrative burden of running payroll more frequently?

This is where alternate payment solutions, such as DailyPay, come into the picture. While many people believe that instant pay technology is akin to a loan or a pay advance, it is actually very different. Since users can only pull from funds they’ve already earned, there is no interest and no repayment. DailyPay simply functions as an ATM for an employee’s own earnings. NPR’s Podcast, Planet Money, recently explored how the daily pay benefit is growing in popularity by helping employees navigate this unfair payday structure. You can listen to the podcast here.

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Payday Lenders Resist!

Posted on by Michael Baer

Buggy whips. That’s what I think of as I follow the drama that surrounds payday lending. 

First, allow me to discuss payday lending’s impact on workers and the future of this practice. Then, I will relate this to buggy whips, as I feel that only a percentage of the oldest two generations even have a clue how buggy whips play into all this. (Although some are looking it up right at this very moment!)

Payday lenders exist to provide small money loans at an extremely high cost to people who need access to funds before payday. This is not a new practice, and it has been a very profitable one for years.  

My understanding is that payday lending came about as a sanctioned outgrowth from the days of loan sharks, when organized crime syndicates would provide loans to workers and small businesses in their “territory” and collect astronomical amounts in paybacks, leveraging threats to property and bodily harm for failing to pay up, and keeping those with loans trapped and in debt forever to the loan shark.

Unlike loan sharks, payday lenders don’t break fingers or legs when someone cannot make a payment, they just try to keep people who still owe in a pattern of always owing because it is incredibly profitable … for now. 

And who are these people who are payday lender clients? Those who do not qualify for traditional loans, or who have a lot of debt already and few-to-no assets and who had, until recently, no recourse but to beg for a loan from a payday lender. That lender only requires that the worker has a job, some verification of the money they are making, and the ability to get some payback on payday.

For example, a recent payday loan for a Kansas woman of $750 turned into more than $3,000 in return for the payday lender, due to the exorbitant interest placed on the initial loan. And that’s with the loan finally paid off! So it is easy to see why payday lending is a profitable business.  

Now, using technology, some of these modern-day loan sharks are turning themselves into “neo-payday lenders,” migrating to online apps to make these unsecured loans even more efficiently than the cash-are-us storefronts lining many urban streets. 

But change is coming and change is here, on two levels.

First, the DailyPay app has arrived, and it is changing the game for payday lenders. DailyPay allows employees access to the money they’ve earned before payday. There is no interest, because the money is already earned, and there only is a marginal ATM-like fee for accessing the pay before payday. In some cases, the employers will pay that fee.

Employers are partnering with DailyPay in droves to ensure that their workers do not have to beg for a loan from a payday lender and can get the money they’ve earned, if they need it, before payday.

The availability of pay on a daily basis can reduce much of the need for payday loans and is a major piece of the puzzle to eliminating predatory payday lending operations. Hence, for many, no more cycle of debt. 

Couple this with legal and regulatory requirements that are limiting the payday lending industry’s growth, and we can see that the payday loan era is fast coming to a crashing halt. 

Yet those running payday loan operations are resisting this inevitability. Because of the inherent high loan default rate, ultra-high interest rates are necessary to stay in business, advocates for payday loan operators say. 

They are lobbying the White House, trying to get measures placed on state ballots, and are claiming that their role in the economy to provide these small, short-term loans is important in areas that are economically depressed. Some payday lenders have gone so far as to influence religious leaders in these communities to support their efforts, in one case sending them on trips to lobby a state legislature. 

Limiting the interest rate to 36% (it is now exponentially higher at 300-400%), as federal lawmakers are proposing, would reduce the profit margins of these businesses to the point where they will no longer be in a position to offer these loans.  

Couple that with what technology is enabling, and “payday lenders, in particular, are going to find themselves very much far behind,” according to noted author Ron Shevlin, who spoke during DailyPay’s The Source podcast for December 2019. 

The arguments and actions of the payday lending community remind me of similar efforts to thwart the rise of the automobile in the early 20th century. Transportation was still dominated by the horse and buggy, yet, as the demise of that industry could be foreseen, there remained those who continued to invest in the old methods. 

Buggy whips were a critical implement that drivers of horse-drawn carriages used to keep horses on task. Investing in companies that made buggy whips during this period, when that mode of transportation was fast being supplanted by cars, became synonymous with not only denying that major change was underway, but also with making poor choices in an effort to maintain the status quo.

Payday lending is the 21st century’s buggy whip.

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Building a Generational Company

Posted on by Jason Lee

I was fortunate enough to be able to take off the last two weeks of December. This time gave me the space to clear my head, plan for 2020 and reflect on what has been a long but incredibly rewarding year professionally.  

I think the part that stands out most to me about 2019 is how our team at DailyPay began building a generational company. Nobody at this company believes we are building a start-up. Our mission is too important to trivialize it to that. We are building a generational company, one that I expect to be here for decades and decades to come. Importantly, each of us believes that the long-term success of our company has 1000% to do with the success of our people, both personally and professionally.  

In 2019, I am most proud of how we purposefully built generationally, making strategic investments in our people and our employee experience. This was clearly demonstrated through the following events from this past year:

1. DailyPay’s 1st Class of Director Promotions

In March, we named our first class of Directors at DailyPay. So much went into this. The company’s Operating Committee conducted an intensive evaluation process that spanned four months and involved hours and hours of internal and external interviews. There was fierce debate over candidates, forced ranking and, ultimately, we promoted a class of four extremely talented and vetted women and men. In a start-up, it’s so tempting to be expedient.  Promote squeaky wheels, hire externally, hand out promotions like they are participation ribbons. That’s not building generationally. We are building this generational company from scratch. That means laying solid groundwork and culture so that our Associates can earn their promotion to become Managers, who can earn their promotion to become Directors, who can earn their promotion to become Vice Presidents, who can earn their promotion to become C-Suite leaders, and ultimately become the CEO. I want people who will be at DailyPay for 20 years with this being the only job they’ve ever had. Imagine that. More here.

2. DailyPay’s Launch of Employee Resource Groups

In 2019, we launched a number of internal ERGs to support the diversity and professional development of our people. At DailyPay, diversity is our strategic edge. It is not political correctness. It is how we serve our partners and their workforces better. We leverage our diversity to better understand the needs of our customers. Additionally, our ERGs have been one of the best sources of recruiting our top talent. In the United States today, 50% of the children under the age of five are from a minority race or ethnic group. Our ERGs are a strategic investment we made in 2019 to build a generational company that reflects the workforce of tomorrow.

3. DailyPay’s Relief Fund for Victims of the MyPayrollHR Shutdown

In September, the Human Capital Management community was shocked to hear about a massive case of alleged payroll fraud from MyPayrollHR, a payroll and benefits provider. Thousands upon thousands of employees did not receive their paychecks, and hundreds of business owners had payroll funds frozen, causing some businesses to completely fold. At DailyPay, we were deeply moved by this horrific situation. Day in and day out, we see how people across America radically improve their lives by being able to control the timing of their pay through our product, and so the thought of someone not receiving their biweekly paycheck was unacceptable to us. And so we acted. We quickly set up a $25,000 relief fund to support employees across America affected by this fraud. When you build a generational company, you have to stand for something bigger than yourself. I am proud that as a company we do. More here.

Here’s to crushing the ‘20s and continuing to build for generations.

Jason

2019: The Year of Awakening

Posted on by Jason Lee

2019 was a year of awakening for the #dailypay benefit — a year when three distinct groups awakened to this life-altering benefit and industry. Here is my take on 2019 and my prediction of what’s to come in 2020

Best-in-class employers

Given the labor challenges that several employers face today, including high turnover and modest income growth, several best-in-class companies — including recognizable brands and leading companies in their industries — embraced offering this benefit in 2019. Their executive leaders recognized the need to innovate in order to stay competitive in the labor market, and actively sought out cutting-edge benefits, including #dailypay.

2020 Prediction: The torrid pace of adoption within the Fortune 500 will only increase in 2020. Best in class companies operate best in class. We will see household names making big announcements about leveraging #dailypay as a key part of their employee engagement strategy.

Regulators

As there is more information available about the critical differences in the ways that daily pay offerings are structured, in 2019, regulators realized that there are meaningful distinctions between (i) earned pay that never have to be repaid by the employee and (ii) consumer loans that have to be repaid. Earlier this year, I testified on the floor of the California State Senate in opposition of SB-472, a bill that risked enabling payday lending a backdoor entry into #dailypay. Thankfully, that bill did not pass, protecting consumers from harmful payday lending practices.

In the fall of 2019, we partnered with the Office of Child Support and presented at the Child Support Employer Symposium. It was clear that state child support agencies are concerned with the protection of child support garnishments where on-demand pay is concerned. We were thrilled to be able to create a pay solution that protects the interests of single parents and is compliant with all state garnishment laws.

2020 Prediction: Regulators are smart, savvy, and innovation friendly. They will play a major role in separating the lending industry from the #dailypay industry through enforcement of already existing regulation. My prediction for 2020 is that regulators will rely on existing regulation and guidance to protect consumers from lending practices that have the potential of creeping into the #dailypay industry.

Payroll Companies

In 2019, almost every payroll company announced some type of strategy to participate in this space. The fact that payroll companies are beginning to announce their own solutions corroborates that there is broad market interest for this benefit. Many of these solutions naturally resemble discrete payroll runs and so the question in 2020 is how much employers are willing to do on their own to offer this benefit. Funding, time card approval, answering employee questions — all of these are responsibilities associated with running payroll and so the unanswered question is whether payroll departments are willing to assume these additional responsibilities on a daily basis.

2020 Prediction: Employers will place a huge premium on service levels when it comes to this offering, especially who is servicing the employee. My prediction is that payroll departments across the country will push back – and push back hard – on the idea that they are the ones servicing employees now on a daily basis, as opposed to bi-weekly payday basis.

As with all predictions, the only prediction that I can guarantee is accurate is that we will all be surprised by how 2020 shakes out. I can’t wait to re-visit this post in December 2020 and see how wrong we all were!

Jason

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APA Webinar with Josh Jackson and April Smith Q&A Blog Post #5: Odds & Ends

Posted on by Anna Picagli

This is the fifth and final post in our five-part Q&A series addressing your questions from our recent seminar with the APA. These are your remaining questions, which span a range of topics.

1) You list reduction of paper checks as a benefit, but aren’t most organizations using direct deposit now?

82% of employees are currently paid via direct deposit, according to a study by NACHA. That means there are still almost 1 in 5 employees to convert to digital processes. DailyPay provides an incentive for those employees to register for direct deposit in order to use our technology. As an example, one of DailyPay’s partners saw paper check usage decline by 40% in just 8 weeks.

2) We already have most employees on Direct Deposit and do not offer pay advances. Are there still additional cost savings we would experience?

There are a number of benefits our Partners experience after implementing an on-demand pay benefit. A few key stats we have gathered from DailyPay Partners include:

For your business:

  • Reduction in turnover (average of 41%)
  • Partners filled open positions in half the time (52% faster)
  • Reduction in absenteeism (average of 26%)

For your employees:

  • 72% of employees feel more in control of finances
  • 77% feel less financial stress
  • 83% say it helps them pay bills on time and avoid late fees 
  • 79% of employees use DailyPay to track their earnings
  • 62% of employees state that DailyPay has helped them to avoid taking out a payday loan

3) Does any employee who wants to use DailyPay need to be on a timeclock, and will their timecards need to be approved daily?

DailyPay can accommodate both hourly and salaried employees. For hourly workers, we work with employee-reported time data from the TMS.  We do not require the employer to approve hours on a daily basis.

There are two ways we accommodate salaried employees:

  1. If your TMS system is able to convert salaried earnings into an hourly equivalent, we will receive the hourly equivalent income in the Gross Earnings file.
  2. If your TMS system is not able to convert earnings into an hourly equivalent, we receive the one additional field on the User Roster: the Annual Salary. We then estimate the hourly equivalent income ourselves.

4) In the alternate direct deposit method how much does the company have to pre-fund DailyPay to allow this to occur?

In DailyPay’s Alternate Direct Deposit model, our company Partners do not have to prefund anything; DailyPay fronts the advance and assumes the risk.

5) How are the employees hours being verified? Are they just submitting and getting advances blindly, or is a supervisor confirming the time?

The employees are not inputting the hours themselves. Rather, they are fed directly to DailyPay through your company’s time management system. As long as an employee is punching in and out honestly and accurately for shifts and breaks, the hours should be correct. There are also safeguards in place to ensure that mistakes, such as staying clocked in for 24 hours because of a forgotten punch out, are flagged in our system and that employees cannot make transfers based on those errors. There are no instant notifications to alert supervisors when transfers are being made, but they are welcome to sign into the employer dashboard and view that information at any time if they so choose.

6) I perform implementations for ADP, and DailyPay is now being offered to our clients. Is there an implementation checklist for your offerings?

There is no “one size fits all” checklist, but DailyPay has a dedicated implementation team that begins the process by running a full diagnostic of your system’s capabilities. Once that has been determined, DailyPay will work with your team to develop the four files needed to make the service work and begin implementation.

7) Does DailyPay work with staffing/temp agencies?

Yes, we do. We simply sit on top of the agency’s payroll system like we would for any other company. Because it is possible for employees to have multiple pay rates within DailyPay, it is easier for them to have the pay rates for various roles they may be working through the agency saved within the system.

8) Can DailyPay be used for issuing surprise bonus checks that are currently issued manually?

Depending on the type of payment, you could send these payments through the DailyPay platform via an off-cycle payment.

9) How does DailyPay work with on-site payroll deductions, such as employee meals or merchandise purchases?

DailyPay creates a personalized profile for every user that accounts for differences in their net pay profile, which can be built to include these elective deductions. The DailyPay advance rate is dynamic, meaning that as the pay profile of an employee changes, the advance rate will change to accurately reflect the net pay owed to the employee. This enables the user to enjoy continuous, full access to the product, even if they have a non-standard pay profile (e.g., garnishments, deductions, benefits in arrears). The dynamic advance rate accounts for these unique employee considerations by adjusting the amount made available to the employee in the Available Balance so that amount  will be net of these adjustments. The dynamic advance rate enables the employer to offer the benefit on a universal basis and not restrict access to only employees with certain pay profiles. DailyPay is the only provider who offers up to 100% of net income to salaried employees.

10) When using the deduction model, can the employer limit the amount the employees are able to receive?

Under both the deductions model and the company-funded model, the advance rate does not dynamically adjust to account for the impact of changing benefits, relying instead on a static 50% advance rate. Thus, in the event of a change to an employee benefit that brings an employee below 50% of his/her net pay, the system lacks the flexibility to account for the change. In the deductions model, (1) you could find yourself in the position of owing the vendor money or (2) in the best case, manual work will be required of your payroll team to avoid owing money to the vendor. In the company-funded model, you will also be at risk of over-extending your funding and overpaying the employee.

In the DailyPay model, our system creates a personalized profile for every user of the product which accounts for differences in their net pay profile. This profile informs what we call the advance rate (or net-to-gross pay ratio). DailyPay is unique in that we are the only vendor that creates this personalized profile for each employee. The DailyPay advance rate is dynamic, meaning that as the pay profile of an employee changes, the advance rate will change to accurately reflect the net pay owed to the employee. This enables the user to enjoy continuous, full access to the product, even if they have a non-standard pay profile (e.g. garnishments, benefits in arrears). The dynamic advance rate accounts for these unique employee particulars by adjusting the amount made available to the employee in the Available Balance such that the amount made available to the employee will be net of these adjustments. The dynamic advance rate enables the employer to offer the benefit on a universal basis and not restrict access to only employees with certain pay profiles.

Koinonia Adds DailyPay to Empower and Retain Direct Support Professionals

Posted on by DailyPay

INDEPENDENCE, Ohio – December 19, 2019 – Koinonia, a leading provider of life-changing services to people with intellectual and developmental disabilities (IDD), has unveiled a new initiative aimed at helping employees gain greater financial flexibility. DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allows employees to receive instant access to their earned pay, gives employees the flexibility to make secure, instant transfers of earned but unpaid pay any day of the year, without having to wait until their next scheduled payday.
The partnership will empower Koinonia’s workforce with the financial freedom to access their pay whenever they need money, not just on payday. Direct Support Professionals (DSPs) and other staff members will have the ability to pick up an extra shift and get paid for it the next day, through DailyPay.

“Koinonia’s employees are, hands down, our most important resource and asset and, as employers, we have a duty to care for them,” Diane Beastrom, President & CEO, said. “This benefit encourages people to come to work each and every day feeling engaged because they have more financial flexibility and a safeguard against unexpected expenses.”

With DailyPay, employees may transfer their accrued but unpaid net pay to any bank account, pay card, or debit card prior to their next payday. Koinonia employees can also track their accumulated earnings during each pay period using the available balance feature.

“Any time that we can help employees to stress less about their finances helps our partners in their mission to provide optimal care to those whom they serve,” Jason Lee, CEO of DailyPay, said. “Financial stress has a trickle-down effect, and so does financial security. When employees feel secure about being able to meet their day-to-day living expenses, they are in a position to be more present and more productive in their jobs. And that makes everyone happy — the employees, our partners and our partners’ clients.”

There is no charge for employees to sign up for DailyPay. Similar to an ATM, employees pay a small fee of $1.99 per transaction to receive their funds the next day or $2.99 per transaction to receive their funds instantly.

Fast-pay options are a growing trend in payroll as employers promote the service as a way to reduce turnover and boost morale. DailyPay incentivizes Koinonia employees to work scheduled or additional shifts to increase their pay. The benefit is one of many innovative tools the agency is initiating to engage with the very best candidates who in turn, enable people who have IDD to live their best lives in our community.

About DailyPay

DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allows employees to receive instant access to their earned pay, works across a wide range of industries, including quick service restaurants, hospitality, retail, healthcare and other services. One in six Americans now has access to DailyPay through our trusted payroll service partners, including ADP, Paycor, Alight, SmartLinx, Netspend and other HR and payroll technology providers, who offer the daily pay product to their customers. With DailyPay, employees can pay bills on time and avoid late fees, helping them to 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.

For more information about DailyPay, visit dailypay.com or follow @DailyPay on Twitter.

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