As workers across the wage spectrum are demanding better benefits, increased flexibility and more fair labor practices, the daily pay benefit is becoming more attractive to both employees and employers.
With constant technological evolution in everything from ordering a meal to checking out at the mall, it seems only natural that the way employees are paid will change as well. While launching new payroll processes may seem overwhelming or risky to employers, a deeper understanding of the program should dispel that uncertainty.
Josh Jackson, DailyPay’s Director of Product Marketing recently spoke with Felicia Cheek, Principal Advisor at Omnia Global Partners, about how employers can adapt to these changes seamlessly and fearlessly. The benefits of implementing a daily pay benefit for today’s workforce include:
1) Protecting the growing “gig economy”
The structure of the workforce is changing as more individuals take on freelance work, “side hustles” and weekend jobs for supplemental income. Because of this, it only makes sense that the way they are paid should change as well. Easier access to earned pay encourages entrepreneurship, aids employees on their path to financial freedom, and entices them to pick up even more hours.
2) Encouraging the digitization and automation of payroll
While things like direct deposit and pay cards may seem perfectly run-of-the-mill to today’s workforce, there once was a time when those advancements were new and hadn’t yet been adopted by most companies. Implementing a daily pay benefit urges payroll executives to continue evolving their processes, making their jobs easier, streamlining their paperwork, and reducing “red tape.”
3) Meeting cultural demands for instant receipt of goods and services
Let’s face it: in a digital world, consumers are becoming increasingly accustomed to getting whatever they want at the push of a button. While many may be quick to criticize this cultural movement toward instant gratification, resistance against it will result in an organization that appears to be out of date, out of touch and unable to compete with others in their industry.
4) Improving benefits for hourly and lower-income workers
Employees in industries such as retail and foodservice don’t usually have access to benefits like work-from-home flexibility or wellness programs that salaried office workers enjoy. Many employers cite that increasing benefits for hourly staff would be beneficial but isn’t within the company’s budget. Because DailyPay is an extremely useful benefit, it is a fitting solution to this issue.
5) Combating the current trend of job-hopping by increasing employee retention
While in decades past employees may have prided themselves on their years of service to a particular company, this trend is in decline as they are leaving jobs to find the best benefits for themselves and their families. As employee turnover rates continue to rise, employers are hurting themselves by not offering more competitive benefits, such as DailyPay, in order to attract, engage and retain staff.
As a valuable benefit, implementing DailyPay will strengthen employer-employee relationships. The adoption of this type of technology shows that an organization has its finger on the pulse of the ever-evolving employment landscape.
You can listen to this webinar in its entirety here.