The COVID-19 pandemic has altered nearly every aspect of life as we knew it, but the world of work seems to have changed most drastically. From digital interviews to team meetings through video conferencing software, the 9-5 office grind has been drastically altered. For those who are working on the frontlines of this pandemic, from healthcare workers to those in the food industry, their working lives have been constantly in flux due to rapidly changing rules and regulations regarding the virus. One thing is for certain: flexibility and adaptability to change are the keys to employer success when rebuilding and regaining employee trust post-COVID-19.
Flexible work benefits everyone
For many people, the idea of returning to a 40+ hour week in the office can be daunting. 37% of all U.S. jobs can be performed from home, yet before COVID, only 5% of them were. Working without long commutes and noisy office spaces has actually made many employees much more productive and comfortable working from home. Technology made this transition relatively seamless for many companies, and there is a lot of value in maintaining flexible work policies as things begin to reopen. Working from home can also help employees feel less stressed and avoid burnout, improving their employee experience and making them more productive.
Most importantly, having remote or partially remote employees minimizes the number of people who are in the office at one time, which can help with social distancing procedures. This is especially important for companies with open office spaces in which employees were used to sitting very closely to one another. For employees with elderly parents or young children to care for, working remotely may be a complete saving grace right now, as daycare and eldercare centers can be extremely dangerous, if not closed and completely unavailable. Being granted flexibility by their employers shows that employees are being seen as holistic humans with responsibilities outside their jobs, helping to build loyalty and employer-employee trust.
Flexible pay extends those benefits even further
During the pandemic, most people’s greatest concern has been ensuring security for themselves and their families, as there were massive layoffs across the country and shortages of essential supplies in many places. 90.1% of DailyPay users surveyed reported that having access to this flexible on-demand pay option helped reduce their financial stress, as it opened up times ahead of payday that they could afford to go grocery shopping, especially when essential items were restocked, and it gave them access to earned pay in case of any emergencies. One user shared: “While I was unsure about the hoarding pandemic on top of COVID-19, I wasn’t able to go buy diapers and wipes for my son, but with DailyPay I was able to go get wipes when they were stocked and not have to wait for payday and possibly run out.” Working for an employer who offers such a useful and personalized benefit has been proven to increase employee loyalty, with some companies reporting a decrease in turnover as high as 72%.
Offering a flexible payment option helps employees stay in control of their finances, learn better budgeting practices, and feel more financially secure. During the COVID-19 crisis, it also helped employers avoid the potential spread of the virus through paper checks and simplified and streamlined payday for all involved. Turning pay into a pay experience with DailyPay has been proven to save employees an average of $1,205 a year by helping them avoid overdraft fees, late fees and payday loans. 59% of users say that DailyPay motivates them to go to work and 85% say they budget more effectively now that they have access to this tool. In fact, 1 in 6 respondents applied to their current job because it offered DailyPay, which speaks volumes about the value of this benefit, especially during times of heavy recruitment, as the pandemic proved to be for many businesses.
Curious about how offering an easy, accessible flexible payment option could help your company specifically? Download our ebook “How COVID-19 Accelerated the Critical Need for a Daily Pay Benefit” to learn even more about how the pandemic is shaping the future of pay.DOWNLOAD THE EBOOK