Today’s leading employers are looking at innovative ways to support employees during uncertain economic times. Traditional benefits and even pay raises aren’t enough to attract, retain and engage today’s top talent. The time to transform is now.
DailyPay’s Chief Operating Officer Stacy Greiner and Vice President of Product Management Dar Miranda took the NRF 2023 stage alongside Aramark’s Vice president of Digital Experience Peter Czimback and Vice President of Benefits James Startare to discuss how DailyPay is transforming employee financial wellness and leaving a positive impact on recruiting, retention and more.
Aramark – a food services, facilities and uniforms provider employing more than 135,000 people across the U.S. – rolled out DailyPay to 88,000 American employees and saw a 48% adoption rate in just a few months.
“We all need it, not just hourly, lower-wage workers,” said Aramark Vice President of Benefits James Startare. “And our data supports that. Our lower-wage workers use the program tremendously, but so do our corporate employees as well.”
DailyPay data shows that users don’t just use DailyPay to get their pay before payday. Many users open the app to track their earnings, shifts and see whether they have the money they need to live the life they want.
“A majority of users who come to us every day check their balance at least five times a week,” said DailyPay Vice President of Product Management Dar Miranda. “That’s more than they check their bank accounts.”
The adoption rates and usage data have transformed the way Aramark approaches employee benefits.
“We have a stock purchase program where employees can take money out of their paychecks and it only gets 5% adoption,” said Vice President of Digital Experience Peter Czimback. “And it’s basically like we’re giving away stock. Free money gets 5% participation but just getting your money earlier gets half the people to do it.”
“When you’re designing benefit programs, you got to design for the population, you got to design with intent, and you got to know your audience,” said Startare.
Check out the video to see the full discussion.