Pay Different: Reimagining Employee Pay in Light of the COVID-19 Pandemic

Almost two months ago, the world hit pause as restaurants, businesses and office buildings closed, weddings were canceled, airplanes were grounded and cruise ships were put in dry dock. Work from home and social distancing became the new “normal” and Zoom and Google Hangouts replaced conference rooms and in-person meetings. Living rooms became board rooms and bedrooms and dining rooms became offices.

The world as it once was has now changed forever. Our home lives have changed. Our work lives have changed. In fact, work as we used to know it was shattered.

As we begin our recovery, every company has an opportunity to think smarter. To look for ways to do things more efficiently. To rehire furloughed and laid-off workers and ensure that they have a safe workplace where they can be productive once again. To look for cost-effective ways to open up for business once again that will provide benefits to employees as well. One way to do that is through pay.

That is why DailyPay has launched the Pay Different campaign. As companies begin their rehiring efforts, they will be looking for top talent to fill their open positions, and they will all be looking to exactly the same talent pool. To compete effectively and in a cost-saving way, they will need to set themselves apart from the competition by providing valuable employee-centric benefits. They will need to do things better. To do things different. To pay different.

DailyPay’s revolutionary pay experience suite of products and services, PayEx®TM, is the cornerstone of the Pay Different campaign. This on-demand pay solution comprises a series of premier capabilities that enable every worker to experience payday on their own terms. It’s a unique approach that brings an antiquated way of paying employees into the 21st century and enriches a company’s employee experience at every stage of the employee lifecycle, from onboarding to departure. 

With access to pay and save on-demand, employees feel more connected and valued at work and, therefore, their productivity increases. According to our research, over 80% of employees report that their satisfaction with their employer has improved since their company offered DailyPay. With PayEx®, employees have an opportunity to save money each day and map their route toward fiscal responsibility.

A recent DailyPay research study shows what it means to your employees when you pay different. It also indicates that, on average, employees who use the daily pay benefit, save $1,205 per year because, with greater control over how they get paid, they are able to avoid late fees, overdraft fees and predatory payday loans. Of those we surveyed:

  • 78% say they are avoiding late fees.
  • 74% say that their financial stress is reduced. 
  • 70% say they no longer have to take out predatory payday loans.
  • 85% of those who use a daily pay benefit claim that it enables them to budget and pay large monthly bills like rent, utilities, car payment, etc.
  • 59% say DailyPay motivates them to go to work.

    Source: DailyPay On-Demand Survey 2020 

Offering DailyPay is a cost-saving solution for employers. But the RONI (Return On NO Investment) is tremendous for employees and employers. During the COVID-19 pandemic, access to on-demand pay has literally made the difference between putting food on the table or going hungry, paying bills on time or racking up even more debt, getting much-needed medical supplies and attention or watching a loved one suffer. 

And employers who offer a daily pay benefit experience have access to one of the biggest cost-saving plays that results in:

  • On average, a 50% reduction in turnover
  • The ability to recruit and fill open positions in half the time (52% faster)
  • More employees on direct deposit, reducing costs associated with issuing paper checks 
  • Reduced absenteeism because 59% of employees are more motivated to come to work
  • Greater productivity, because 74% of DailyPay users say having access to their earned income has helped reduce their financial stress, making them more productive at work

Source: DailyPay On-Demand Survey 2020 

Want to do right by your employees in the most cost-conscious way? Pay different. They’ll love you for it.

DailyPay will be rolling out a series of new initiatives tied to the “Pay Different” campaign in the coming weeks. Join our webinar on “Rebuilding Trust in the Workplace Post COVID-19” on Tuesday, May 19th from 1:00 – 2:00 p.m. ET.