Modern Pay Strategies That Make a Difference

Modern pay strategies can help you hire faster, increase productivity and improve retention in ways that will help transform your business. 

In turn, solutions that deliver those strategies can also change your employees’ lives for the better by giving them greater control to align their financial resources with their personal needs. 

Research reveals that when employees have more financial control, they’re in a better state of mind, more focused and engaged in their jobs. For example, employee engagement is a good indicator of a company’s overall employee experience. 

Recent Gallup analysis finds that companies with higher employee engagement see an 81% reduction in absenteeism, 43% reduction in turnover, 18% increase in productivity and a 23% increase in profitability.1

According to Gallup polling, employee engagement had been generally constant with a recent upward trend. But 2021 data indicated a decline to 34% with initial reports of an even lower 32% so far in 2022.2 

As companies look for new ways to improve employee engagement, one possible approach is to shift from a work-life balance perspective to a work-life support approach and build an employee-focused pay experience that addresses the entire employee lifecycle including recruiting, engaging, motivating and offboarding. 

The DailyPay Solution provides employers with modern pay capabilities across this lifecycle that include access to earned pay before payday, motivation and incentives through real-time cash rewards and more efficient handling of off-cycle payments. The DailyPay portal centralizes administration and maintenance to keep it simple. The solution is built on an enterprise-grade platform to ensure it’s available when your employees need it.

Benefits of the DailyPay Solution

Using the DailyPay Solution, employers can implement modern pay strategies including on-demand pay and re-imagined reward programs to enhance their ability to recruit, engage and motivate their employees. And when the time comes, employers can more efficiently offboard workers.

The potential benefits companies are realizing with the DailyPay Solution include: 

Attracting More Applicants, Faster 

Attract more applicants by offering outstanding benefits that support employees in the moments that matter. On-demand pay and reward incentives can show employees you’re focused on their financial well-being. 

Engaging Employees 

Employee job satisfaction and engagement play a major role in a company’s retention rates. Employee morale and productivity can be a good measure of whether or not your employees feel valued, engaged and supported.

Motivating Employees 

Improve business outcomes and inspire your employees with real-time cash rewards. According to a 2020 study, 90% of workers say recognition improves their motivation.3 Empower your managers to create a culture of recognition and performance by demonstrating appreciation for a job well done with a real-time cash reward.

Saving Time and Money on Off-cycle Payments 

Your payroll team can reduce costs while quickly dispersing funds for payroll corrections and other payments outside of the regular payroll cycle and even simplify termination pay with Cycle by DailyPay. 

The DailyPay Enterprise-Grade Platform 

Just as the DailyPay Solution is built on an enterprise-grade platform to make sure the benefit is there for employees when they need it, the professional services team works with employers to make the benefit available and accessible to all eligible employees. They are the reason our clients see such great results.

DailyPay provides everything employers need to be successful with the DailyPay Solution —  from implementation through reporting and continuous improvement.

  • Success workshops: Everything to prepare for a successful program.
  • Implementation and employer onboarding: Accelerate and simplify your deployment.
  • Marketing and employee onboarding: Excite and motivate your teams to participate.
  • Bilingual employee support: 24/7/365 support. 
  • Client success services: Continuously improve your on-demand pay program.
  • Data services: Additional insights to help motivate your teams.

More Control Leads to Financial Wellness 

The DailyPay Solution gives employees power over their finances and empowers them to make different financial decisions that avoid expensive payday loans, surcharges and late fees.

With the ability to align access to their financial resources with their personal needs, employees can better manage financial disruptions, increase their ability to plan and save and accelerate their financial wellness journey.

Learn more about the benefits of adopting the DailyPay Solution

All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of professional advice by DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.

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