Recently, we hosted the first episode of our new webinar series, The Source. In “On-Demand Pay Demystified: Insights from Practitioners,” Pete Tiliakos (Principal Analyst & Advisor, Founder of GxT Advisors) sat down with Julio Coellar (Senior Payroll Manager, Hudson Group) to talk about the fundamentals of and share their experiences with on-demand pay. Here are a few takeaways from their discussion:
On-Demand Pay Can Help With Recruiting
Like many companies across a variety of industries, Hudson Group was having a hard time attracting talent. Initially, they looked into running weekly payroll as a means to attract talent, but ultimately decided on on-demand pay. Since adding DailyPay to their benefits package, Hudson Group has started to see a noticeable impact in their hiring efforts. “It’s helped us tremendously with the recruiting front. It’s something that a lot of employees are interested in right now,” says Coellar.
On-Demand Pay Keeps Employees Engaged
Offering on-demand pay can improve employee engagement, and even help with the onboarding process. Coellar explains, “Because of the need that the employees have and knowing that DailyPay is being offered, they’re helping with that process and making sure that they’re doing things timely. Because they have a need, they want to make sure that everything’s in order so that they could start working and have access to [DailyPay].”
Offering On-Demand Can Reduce Turnover
Since offering DailyPay, Coellar explained that not only has it helped with hiring—it’s helped to keep employees longer, too. “People are staying with us longer and DailyPay is helping us track that and report on that too,” said Coellar. According to Coellar, adding on-demand pay has been a game-changer. “It’s been one of the best decisions I’ve made in my career.”
Impact to Payroll is Minimal
With an on-demand pay provider like DailyPay, the impact to the payroll department is minimal. With DailyPay’s funding model and integration, there’s no need for the payroll department to actively do anything—just set it and forget it. During the webinar, Coellar said, “Impact-wise, really there hasn’t been any, for my team at all.”
Implementation Doesn’t Have to Be Hard
Hudson Group was able to get DailyPay up and running in just a few months. They kicked off the process in June, ran a pilot in September, and began offering it to all of their locations by October. From self-installing the API to working closely with the implementation team, it was a smooth process. “It was real simple,” noted Coellar.
Watch the full first episode of The Source here.