DailyPay Announces Partnership with Westgate Resorts
Premier National Resort Developer Adopts Financial Benefit to Boost Employee Financial Health
NEW YORK (November 6, 2017) – DailyPay, a financial solutions company that reduces employee turnover through instant access to income, today announced a national partnership with Westgate Resorts, one of the largest resort developers in the United States and the largest privately-held timeshare company in the world. Together, DailyPay and Westgate are combating the financial burden caused by the delay that arises from weekly pay schedules. Through this partnership, Westgate employees can now receive their earned but unpaid income whenever they need it, even on weekends and holidays, a benefit proven to reduce employee turnover.
Attrition is a serious concern in the hospitality industry. According to the Bureau of Labor Statistics, annual employee turnover in the hotel industry is currently at 73.8%, which equates to 6% of staff departing every month. This number has increased steadily since 2013. At over $4,000 to replace a single employee, high turnover has a significant impact to a hotel’s bottom line. By partnering with DailyPay, Westgate aimed to employees’ financial stress, which is the leading reason for employee turnover. The DailyPay Movement helps employees mitigate financial hardships with access to earned income before scheduled paydays. With access to daily income, employees can avoid late fees and overdrafts and end mounting cycles of debt.
DailyPay offers Westgate employees immediate access to their earned but unpaid income through an intuitive, device-agnostic platform. After completing a shift, the net amount earned is added to an available balance from which employees can transfer up to 100% of net earnings and receive their money instantly. Fees for late bill pay or checking overdraft plague wage earners more than anyone. With DailyPay, Westgate employees can avoid late fees, overdraft fees, and high-interest payday loans on sudden expenses. This transparency into their net earnings also gives a clearer view of weekly earnings to hourly workers with variable income.
“At DailyPay our mission is to give workers their first steps toward financial security,” said Jason Lee, Chief Executive Offer of DailyPay. “Our new partnership with Westgate, a leader in hospitality, is exciting because it signals a major shift in how this sector gets paid and how they approach financial security for their employees to boost retention in the hospitality industry.”
DailyPay works with mid-cap and enterprise companies in a host of industries, including cleaning, retail, healthcare and services.
For more information, please visit dailypay.com.
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 income 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.
About Westgate Resorts
Founded in 1982 by David A. Siegel, Westgate Resorts is one of the largest resort developers in the United States. Westgate features 26 themed destination resorts with over 13,500 luxury villas and hotel rooms in premier locations throughout the United States such as Orlando, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg and Pigeon Forge, Tennessee; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami and Cocoa Beach, Florida; Branson, Missouri; Mesa, Arizona; and Tunica, Mississippi. Most Westgate Resorts locations feature a variety of unique restaurant, retail and spa concepts, including Drafts Sports Bar & Grill, Westgate Smokehouse Grill, Edge Steakhouse, Westgate Marketplace & Deli and Serenity Spa by Westgate.
For more information about Westgate Resorts, visit www.westgateresorts.com.