Partner: PMTD Restaurants
- US Headquarters: Marietta, Georgia
- Industry: Quick Service Restaurants
- Number of Employees: 700+
- Payroll Platform: InfoSync
- Time & Attendance Platform: InfoSync
Bill Byrd is the President of PMTD Restaurants, a KFC and Taco Bell franchisor with 43 locations in Alabama and Georgia. Bill was looking for a way to reduce turnover in the restaurants when he heard about on-demand pay as a benefit that could help with that. We met with Bill to learn how he came to DailyPay and what his experience has been like since PMTD launched the solution in June 2020.
Becoming aware of the on-demand pay benefit
I became aware of the daily pay benefit several years ago and talked to a number of franchisees both inside and outside of KFC to see who they were using for on-demand pay. Then I went to InfoSync who handles our payroll and accounting and has worked with a number of different on-demand pay providers.
My contact there said ‘The only one I could absolutely look you in the eye and support is DailyPay.’ I trust InfoSync. We had worked with them for eight years at the time and if they tell me to do something, I take it to the bank. They felt that they could seamlessly support DailyPay with minimal impact on anyone and with minimal interruptions. So that’s how we got started. InfoSync arranged the call with DailyPay and we started moving forward right away!
Looking for a competitive edge and a way to help employees
In today’s environment, we need to constantly be at the forefront of providing necessary benefits not only for our existing employees but also to have an edge when it comes to recruiting. Everyone in fast food does the same kind of work, so if we can have an advantage over other restaurants, that’s great. And if DailyPay brings one new person into each restaurant a year, and if it keeps one person from leaving us because they like the way we pay them, then it’s worth it.
Also, as we got closer to payday, I noticed we had more cash shortages than we did at any other time. We were hoping that DailyPay would stop that and employees could take money out of their own account and leave ours alone!
A hands-off benefit that employees need
I generally like the way DailyPay works. I like that team members control their own destiny. InfoSync doesn’t control it. And we don’t control it so it gets us out of the loop. I also like the way that DailyPay is structured and that DailyPay funds the program. That’s a huge difference. A number of other companies wanted us to fund a part of it and put money in a separate account.
We launched DailyPay at the beginning of the pandemic as a way to provide our staff with additional support at a time when they really needed it. For those who need the money the most, DailyPay easily answers their needs and that’s what we wanted to do.
We currently have 57% of our team members enrolled in DailyPay and most are using the benefit every one to two weeks.
What we’ve seen in terms of results so far
As you know, this has been a tough year for everyone in the restaurant business. In fact, it’s been the most difficult time in history for restaurants. With workers receiving additional unemployment benefits and government stimulus help, we have had a hard time getting and keeping people. I can’t help but think that without DailyPay, it would have been much worse.
One of the things that we have seen is a significant reduction in cash shrinkage. In 2020, the average amount of cash shortage per restaurant per week was $14.04 and in 2021 so far, the average has dropped to $5.19.
According to DailyPay’s calculations, DailyPay users are staying 44% longer than non-DailyPay users. Those who need to be paid more often than bi-weekly can get their money easily. We are not struggling as much as other franchises I’ve seen.
We are very vocal about the fact that we offer DailyPay in the recruiting process and in the onboarding process so employees are aware that they can sign up for the benefit.
Recommending DailyPay to others
I have had peers ask me about DailyPay and I’ve said that I can’t give them a good reason not to do it. It benefits employees who need it the most. Employees can access their money at will. Payroll providers can easily implement this with usually just a flip of a switch. There’s no extra work for payroll or for InfoSync. There are no incremental costs and we don’t have to fund the program. I have spoken to peers who have used other programs where they had to fund the early transfers, and they had a terrible time trying to get their money back when they canceled the program. That’s a big plus for DailyPay.
To me, it’s a no-brainer. It helps employees who need help. It’s something that everybody should be doing and it’s easy.Download Case Study