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The vast majority of your employees are financially stressed, and it’s costing you billions of dollars each year.
The reason employees are so stressed is because, for most American workers, life is happening faster than ever. It seems bills are due every day, yet workers are waiting two weeks or more for their paychecks. This delay causes them to take a number of different measures to make ends meet. For example, a worker might call in sick to do a gig job to access quick cash that day to pay a bill on time. But for the employer, this means understaffed shifts or shorter operating hours, which is bad news for their customers. It can also mean overpaying to cover the absent employee, resulting in additional costs.
People want and need their money fast. So it’s no coincidence that the gig economy has significantly grown over the past decade. In 2025, it's estimated that over one-third of the overall U.S. workforce, about 57 million people, will participate in the gig economy. In 2015, only about 10% of the workforce had gig jobs. A major driver of the rise of the gig economy are the younger generations: Gen Z and Millennials, is worth noting, because soon the workforce will be composed of the young adults in these generations. In fact, research indicates that over half of Millennials and Gen Z maintain a side hustle–and it’s only growing.
So it's no surprise that in the past five years, employee absenteeism in hourly jobs has increased, and the yearly cost of employee absenteeism is noted to be over $225 billion dollars.
So what can be done to curb the rise in absenteeism in hourly jobs?
For the last 10 years, DailyPay, a worktech platform, has been disrupting how people are paid, and in turn helping companies avoid staffing shortages and absenteeism.
DailyPay’s On-Demand Pay solution is a financial wellness benefit that empowers workers with real-time access to their already-earned pay, when they need it. Just as one would with many gig jobs. In fact, 82% of companies offering an On-Demand Pay solution today believe it has a positive impact on absenteeism. In addition, 55% of employees with DailyPay reported picking up at least one extra shift per month.
Waiting for a paycheck seems so archaic. Think about it – what do you actually wait for anymore? From ordering food delivery to a health screening, almost anything is accessible immediately with the press of a button on your phone… except for your pay. That’s simply not acceptable, especially to the Gen Z and Millennial members of your workforce.
While most employees are paid biweekly or monthly, their living expenses, including rent, utilities, and credit card and loan payments, typically follow a different cadence. But technological innovation has accelerated most other forms of payments to be near-instantaneous, yet up until 10 years ago, disbursement of paychecks continued to follow an archaic and rigid timeline. To pay their bills on time, workers were often left with no alternative but to take side gig jobs, overdraw from their bank accounts, or incur steep overdraft fees.
Ten years ago, we set out to solve the problem of financial inequality that impacted millions of workers. We realized that if employees had access to the money they worked hard for, they would be better positioned to take control of their financial lives. And that’s where we come in.
Over the last decade, DailyPay has facilitated nearly $90 billion in transfers, equivalent to the annual GDP of countries such as Bulgaria, Panama, and Croatia, from employers into the pockets of workers. This clearly indicates the impact On-Demand Pay has on the economy today. It’s no longer just a nice-to-have benefit. It’s a necessity.
Behind each one of those billions of dollars transferred is a human story. A story of a person making a transfer to make their lives just a little better. Or just a little easier. Maybe it’s to take the family out to dinner to celebrate a birthday. Maybe it's to pay a tuition bill. Or maybe it’s to make a mortgage payment on a dream home. But whatever the reason, they recognize that On-Demand Pay is available to them at the right moment in the right place, when they need it.
We aren’t stopping there. According to a recent study, the vast majority of workers (85%) believe their companies should actively assist them in addressing their financial problems. DailyPay has created a broad suite of financial wellness solutions from credit health to international remittances that employers can seamlessly offer their workers to elevate the employee experience, boost productivity, recruitment, and retention efforts, and increase workplace satisfaction.
All in an effort to ensure that in 10 years from now, fewer Americans will be living paycheck to paycheck and more can believe the American dream is still attainable.
