Much More Than a Paycheck: How a Pay Experience Helps Attract and Retain Employees and Boost Productivity
The COVID-19 pandemic has caused retailers to rethink almost everything about the way they work. As brands re-emerge from the pandemic, they face new challenges attracting and retaining the workers they need to staff new and newly reopened locations.
One area brands can’t afford to overlook is pay. It plays a role in every retailer’s success strategy, and it’s changed forever. Pay isn’t just about issuing paychecks anymore. It’s now part of a critical experience that forges trust between an employee and an employer.
Creating a Pay Experience™ that encompasses everything from helping employees meet unexpected expenses to encouraging savings and better budget management gives retailers a prime opportunity to enhance the entire employee experience. And as any retailer will tell you, a good employee experience is essential to a great customer experience.
An ideal Pay Experience includes:
– On-demand pay, which allows employees to access their pay ahead of a scheduled pay date, helping them meet unexpected expenses and improving their money management;
– Reward programs, which give managers the opportunity to incentivize individuals with cash delivered through DailyPay;
– Savings programs, which allow employees to “round up” on-demand pay amounts, with the difference going into a savings account; and
– Off-cycle payments, which provide immediate access to funds when there’s an under-payment issue or a payroll delay.
In this eBook, we’ll explore the elements of a positive Pay Experience provided by DailyPay, with particular attention to areas that are most relevant to retail decision-makers. Case studies and testimonials will also demonstrate real-world examples of positive Pay Experiences in action. In addition, we’ll outline major benefits to retailers, including enhanced employee productivity, lower employee turnover and reductions in cash theft.