Technology Payments Solution Reduces Employee Turnover by Improving Employee Financial Health
NEW YORK, April 26, 2017 /PRNewswire/ — DailyPay, a financial technology company, today announced a national partnership with The Maids, a leading franchise residential cleaning company with locations in the United States and Canada. Through this partnership, employees of The Maids now have the ability to receive their wages instantly through DailyPay. After cleaning any of the 1 millions homes The Maids services annually, an employee can immediately receive his or her earned but unpaid wages. Together, DailyPay and The Maids are combating the financial burden caused by the delay that arises from weekly or bi-weekly pay schedules.
Financial stress is the leading cause of employee turnover. Seventy percent of Americans live paycheck to paycheck and 47 percent cannot afford a $400 unplanned expense. When employees can’t pay their bills on time and have to suffer exorbitant late fees, employees quit in search of a new job. According to the SHRM, employee turnover costs companies up to $4,000 per employee. DailyPay’s mission is to help companies reduce turnover by mitigating their employees’ financial hardships. By being able to access earned wages before the scheduled payday, an employee can pay his bills on time and ultimately achieve financial security at his place of employment.
“When employees achieve financial security at a job, they stay longer,” said Jason Lee, Chief Executive Offer of DailyPay. “We are thrilled to bring this benefit to The Maids, a historic brand and one of the premiere franchise businesses in America.”
DailyPay also unveiled its updated technology platform that could empower as many as 78 million hourly workers – which accounts for 59 percent of the American workforce – to now receive instant daily payouts. The company has developed new proprietary technology that operates outside of the ACH network. The ACH network is how banks typically send money to each other and comes with the limitations of operating only on business days and with rigid cutoff times. With DailyPay, an employee can receive money instantly, 24 hours a day, even on weekends and holidays. Importantly, the employee can receive money into his existing account without having to register for any new card or special accounts. Lee explains, “We built our technology as an add-on to any payroll system. That means the employer’s experience is completely frictionless and requires no change to a company’s existing payroll system or timing of payroll funds.” Ashley Williams, General Counsel and Head of Human Resources at The Maids, agrees, “Integrating DailyPay into our current process was simple and didn’t cost us anything.”
Companies with both a national and regional footprint offer DailyPay as a strategic benefit to their employees. DailyPay works with industry leading partners such as Doordash – the food delivery service that employs 35,000 couriers across the country who now receive daily payouts. More regionally, DailyPay partners with companies such as Mt. Olympus Theme Park, the largest indoor and outdoor water theme park in the Wisconsin Dells. Regardless of their sector or size, each of DailyPay’s partners share one thing in common – they all are improving bottom line profit by reducing turnover. The company works with a wide array of industry verticals including cleaning, delivery, logistics, transportation, construction, restaurants, home health care, and other service industries.
For more information, please visit dailypay.com.
DailyPay is a technology company dedicated to reducing employee turnover by improving the financial lives of employees. Based in New York, DailyPay’s technology enables employees to receive their unpaid earnings before their regularly scheduled payday. Founded in 2015 by Jason Lee and Robert Law, DailyPay is helping hundreds of companies reduce employee turnover and improve their bottom line profit.
About The Maids
The Maids is the leading franchise residential cleaning company located in over 90 major North American cities. The company services over 1 million homes annually. Founded in 1979, The Maids has been ranked the #1 residential cleaning franchise by Entrepreneur magazine and among the top 100 fastest growing franchises in America. The Maids enjoys a 96 percent customer referral rate, distinguishing them as the residential cleaning service of choice.