Staffmark Group Partners with DailyPay to Improve Recruiting and Employee Retention

Staffmark Group joins the list of innovative companies that are offering an on-demand pay experience to employees to access to earned income before payday

DailyPay, the leading provider of the daily pay benefit, today announced a partnership with Staffmark Group, one of the largest staffing companies in the United States. Through this partnership, Staffmark Group is making DailyPay’s on-demand pay benefit available to more than 20,000 employees. Many of Staffmark Group’s employees now have the flexibility to make secure, instant transfers of unpaid earnings any day of the year and can save their earned income in multiple ways before payday.

Since offering a daily pay benefit is proven to help fill open positions 52% faster, on average, and decrease turnover rates by 50%, on average, it was a great solution to help Staffmark Group meet its business goals and become trailblazers in the staffing industry. Following initial successes, they look forward to offering this benefit across all their locations.

“We are always looking for creative ways to improve job acceptance rates, decrease turnover and increase job satisfaction,” said Emily Giltner, senior vice president of enterprise operations at Staffmark Group. “DailyPay allows us to meet those objectives while also providing a flexible pay option for our employees. It is a mutually beneficial tool to help everyone involved, from our employees to our clients. It’s truly been a win-win situation.”

With DailyPay, employees can transfer their accrued but unpaid wages to any bank account, paycard or debit card prior to their next payday. Employees can also track their accumulated earnings during each pay period using the available balance feature, which gives them a real-time view into their earnings and helps them with budgeting for upcoming expenses. In this way, DailyPay provides Staffmark Group employees with a safeguard against unexpected expenses, and an incentive to work scheduled or even additional shifts to increase their available earnings balance. 

“As they’ve demonstrated for 40 years, Staffmark Group wants to ensure that their client partners and their employees are having the best experience possible,” DailyPay Chief Executive Officer, Jason Lee said. “By offering DailyPay, Staffmark Group demonstrates a genuine understanding of the financial needs of its workforce and a willingness to provide a means for them to feel more financially secure. This level of compassion is what will set them apart from other staffing agencies and encourage job seekers to work with them, which will, in turn, help them meet their goals.”

DailyPay, the industry leader in compliance, can be implemented at no cost to businesses that choose to offer it. To learn more about DailyPay, visit www.dailypay.com

About DailyPay
DailyPay is a SaaS award-winning fintech solutions company supporting over two million employees at world-class companies, including Kroger, Adecco, Berkshire Hathaway and G4S, with an on-demand pay platform. DailyPay is headquartered in New York City with operations located in Minneapolis. For more information, visit dailypay.com/press

About Staffmark Group
Staffmark Group is a proud member of RGF Staffing. Staffmark Group provides services that include contingent staffing, direct/permanent hire, on-site staffing management services, Recruitment Process Outsourcing (RPO) and Master Service Provider (MSP). Staffmark Group brands are industry leaders in providing talent in design and engineering, information technology, finance, accounting, human resources, marketing, skilled trades, clerical and light industrial skill sets. Learn more at www.StaffmarkGroup.com

About RGF Staffing
RGF Staffing is a leading global HR services provider with activities in Asia Pacific, Europe, Japan and North America. Every day more than 300,000 people work for businesses and institutions via the RGF Staffing network. RGF Staffing is part of Recruit Holdings Co., Ltd. For further information please visit www.rgfstaffing.com

Contact: Sehrish Sayani                                            

Phone: (888) 991-3646

Email: press@trydailypay.com

Website: dailypay.com

[Webinar] 5 Ways DailyPay Helps with Employee Retention and Engagement

For many companies, retaining loyal employees and

minimizing turnover can be a challenge.

 

And in industries that often work with entry-level and hourly employees, providing enticing benefits isn’t always easy. However, with DailyPay, companies can reduce turnover and build a strong, dedicated team of employees. 

Continue reading “[Webinar] 5 Ways DailyPay Helps with Employee Retention and Engagement”

Healthcare Turnover Rates in 2018

In our previous article, we discussed employee retention rate by industry and looked at which industries have the best and worst employee retention rates. In this article, we take a closer look at the healthcare industry.

The turnover rate in the healthcare industry has risen nearly 5% — across all jobs in the industry — over the last decade.

According to a study by National Healthcare Retention & RN Staffing Report, the average hospital turnover rate in 2017 was 18.2%, which is the highest recorded turnover in the industry for almost a decade. Since 2013, the average hospital turned over 85.2% of its workforce.

Continue reading “Healthcare Turnover Rates in 2018”

Turnover And Retention Rates For Hotels And The Hospitality Industry

In our previous article, we discussed employee retention rate by industry and looked at which industries have the best and worst employee retention rates. In this article, we take a closer look at employee turnover rates for hotels.

Hotels and motels may spend millions of dollars improving the customer experience, but still have a ways to go in improving their employee experience.

As a result of margin attention to employees, the Bureau of Labor Statistics estimates an annualized employee turnover rate of 73.8% in the hotel and motel industry. This figure is striking consider most HR experts agree a healthy turnover rate should actually be somewhere in the 10-15% range. Continue reading “Turnover And Retention Rates For Hotels And The Hospitality Industry”

Turnover And Retention Rates for Millennials In The WorkPlace

In our previous article, we discussed employee retention rate by industry and looked at which industries have the best and worst employee turnover rates. In this article, we take a closer look at generational retention rates, and how the millennial generation fulfills and defies their job hopper stereotype.

Continue reading “Turnover And Retention Rates for Millennials In The WorkPlace”

Turnover And Retention Rates for QSR Businesses

In our previous article, we discussed employee retention rate by industry and looked at which industries have the best and worst employee retention rates. In this article, we take a closer look at the restaurant industry, which has a notoriously high turnover rate and low retention rate.

 

Fast food restaurants, along with fast-casual restaurants, make up a segment of the restaurant industry known as quick service restaurants (QSR). Though the QSR industry is fast-growing, staffing issues abound.

 

What does turnover and recruiting look like in the QSR industry?

Continue reading “Turnover And Retention Rates for QSR Businesses”

What Is Employee Retention and What Factors Contribute to It?

Employee turnover and employee attrition cost your business money. Employee retention is how you combat turnover.

Employee retention is an organization’s ability to keep its employees. Employee retention is usually represented as a percentage. For example, an annual retention rate of 80% indicates an organization kept 80% of its employees that year and lost 20%.

Continue reading “What Is Employee Retention and What Factors Contribute to It?”

Comparing Weekly and Bi-Weekly Pay for Employees and Employers

Payroll schedules need to toe the line between appeasing employees and doing what’s right for your company’s bottom line.

The more frequently you run payroll at your organization, the more strain you place on your operations team. Higher frequency payroll is also more expensive to maintain. Reduced payroll frequency, however, interferes with employee happiness, which can cost a significant amount in lost productivity and engagement over the long run.

So, what’s the right balance? How do weekly and biweekly pay schedules compare from an employer and employee perspective? 

Or … is an on-demand pay benefit really the best of both worlds for employers and employees because employees can be paid daily while the employer runs payroll biweekly or even less frequently

READ MORE

The pros and cons of a weekly pay schedule

Pros 

Builds trust with employees and improves morale: Are you looking for a way to improve employee morale? Paying them more often might be an incentive to improve attendance rates and increase productivity.

Flows better with hourly pay structure: Hourly employees may have inconsistent weekly work schedules that can include overtime. Weekly pay matches this inconsistent flow of work. If an employee works overtime one week and less than full time the next, then weekly payroll ensures that the company pays the employee’s overtime faster.

It’s easy to get into a payroll flow: With weekly payroll, you can be more organized. There is no confusion about when time cards need to be in or when payroll needs to be completed. You simply choose a particular day of the week and stick to it week in and week out. This goes a long way to ensure that the task is completed, without deviation.

Cons

Expensive for businesses: Weekly checks are not financially smart for small businesses. According to NFIB, individual deposit fees range from about $1.50 to $1.90 per deposit, on average. If you are a mid- to large-sized business, these fees add up quickly. 

Time-consuming for businesses: Payroll administration needs to account for more than just the weekly payments provided to employees. It also includes the following:

  • Wage garnishments
  • Pay raises and pay cuts
  • Sick pay
  • Paid time off
  • Taxes
  • Other compensation-related issues

It’s time-consuming to track all of these items down. The more often you pay your employees, the less time you have for necessary administrative duties. 

The pros and cons of a biweekly pay schedule

Pros

Saves time: Paying employees biweekly instead of weekly requires an employer to process payroll only once every two weeks which reduces time spent on payroll processing and the likelihood of payroll errors, which can be equally time-consuming. 

Simplifies Reconciliation: A weekly payroll means employees might not get around to cashing paper checks in a timely manner and tracking live outstanding checks can be a burden for payroll. A more frequent payroll can also make it more difficult to account for taxes so distributing taxes over a longer period lowers the possibility of paying the IRS for mistakes.

Saves money: If you use a payroll vendor, it’s likely they charge for each payroll run. If you have dozens of employees on weekly schedules, these fees can add up. Depending on the number of employees that still receive paper checks, payroll costs could also be significantly lower with biweekly pay.

Con

Your employees are paid less frequently: Payroll is closely associated with the morale of the workplace. The more often employees see the fruits of their labor, the higher morale may be. Paying employees more often may also help alleviate financial burdens for employees. 

So, what is the happy medium?

As you can see, there is a great divide. Biweekly is more convenient for employers because of the costs and time associated with running payroll. And, weekly pay tends to be more beneficial for employees who want their money as soon as they earn it.

But what if a company could offer biweekly pay, and still allow their employees to be paid as often as they’d like?Consider offering an on-demand pay option, such as the one DailyPay offers, that allows your employees to be paid whenever they want, without having to change your payroll processes and without adding additional administrative burden to your payroll team!