What I Just Learned from PayPal’s CEO, Dan Schulman

I recently came across a LinkedIn article written by Martin Whittaker, CEO of JUST Capital, titled “What If Every Company Conducted An Employee Financial Distress Test?” In it, he spoke about a recent CNBC Squawk Box talk with PayPal CEO, Dan Schulman, who talked about initiatives that PayPay had recently implemented to help their financially stressed employees:

  • They increased base pay.
  • They lowered healthcare costs by an average of 60%.
  • They made every employee a shareholder of the company.
  • They created educational programs on financial planning and health.

Initiatives like these just make good business sense. When an employer shows an understanding of their employees’ financial struggles, and actually does something to alleviate them, it’s a win-win. Financial security increases. Productivity increases. Employees stay longer.

At DailyPay, we’ve followed suit, implementing similar initiatives. Last July, we made every employee a shareholder in our company, giving them a real stake in their future and the future of DailyPay. As co-owners of the business, we understand that employees are more fully invested in their day-to-day roles and in making an impact that continues to propel our company forward.

We also lowered healthcare costs this year, with a 50% company contribution toward dependent medical, dental and vision coverage. By reducing the overall costs of health care for our valued associates, we are demonstrating a commitment to them and to their family’s health and wellbeing and allowing them to keep more of their hard-earned pay.

As a company, DailyPay strives to provide a better pay experience to our partners’ employees, a more consumerized experience that mimics experiences in their personal lives. By giving employees greater control and flexibility with their pay, they can pay bills on time and meet emergency expenses. And they spend less time stressing at work because they feel more financially secure.

Last year, we implemented DailyPay for DailyPay, allowing our employees to experience the same benefit that we provide to our partners and their workforces. By doing so, we recognize that all employees, not just those who are financially disadvantaged, need this same flexibility and control to access their earnings when they need them.    

Whittaker said, “Investing in workers is not rocket science. It is good business.” He’s spot on. More companies should follow PayPal’s lead, recognizing that taking care of their employees results in a better experience for their customers, the employees themselves and their company.

3 Lessons Learned at ADP Meeting of the Minds

payroll examiner people readingDailyPay was excited to attend ADP’s Meeting of the Minds (MOTM) in Las Vegas earlier this month. It was our first time there and the energy and enthusiasm all around us was amazing!

Of course, handing out cupcakes from Sprinkles (a DailyPay partner) at our booth made us a popular stop and, when attendees came by, we discussed the real news around the Future of Pay and the fake news in our payroll-themed April Fools Day newspaper, The Payroll Examiner!

Several key themes emerged during the conference including: Continue reading “3 Lessons Learned at ADP Meeting of the Minds”

An Instant Pay Technology Myth – Payroll Will Never Sign Off On This

In July 2018, DailyPay co-founder Rob Law shared 5 Myths About Instant Pay Technology with HR.com.

In that article Rob debunks many common misconceptions about instant payments, like, “instant payment is just like a payday loan” (it’s not), “My employees are fine with weekly pay” (they’re not), or “Access to instant payments encourages poor spending habits” (they don’t).

Continue reading “An Instant Pay Technology Myth – Payroll Will Never Sign Off On This”