How a Pay Experience Will Accelerate Strategic Goals in the New World of Work – 3 Part Series

Webinar Series

Part 2: How a Pay Experience Will Accelerate Strategic Goals in the New World of Work

Webinar Series

Part 2: How a Pay Experience Will Accelerate Strategic Goals in the New World of Work

In this webinar you will learn about…

  • Ways to re-evaluate the way you hire and engage with your employees in our new world of work
  • Explanation of what a pay experience is and how it transforms the traditional pay cycle
  • The benefits of offering a pay experience for employers and employees

Regardless of where your state is in the re-opening stage, businesses are reopening or planning to reopen, and their leaders are being challenged to prioritize operational efficiency. Just a few of the questions forward-thinking leaders are asking themselves include:

  • How can we attract top talent and contain costs? 
  • How can we create an inclusive and diverse workforce? 
  • How can we look at remote working differently from a productivity and cost standpoint? 

Companies are finding a new source of savings in the unlikeliest of places – pay. Pay has traditionally been thought of merely as a transactional effort. But it actually can be a strategic lever that every organization can take advantage of to drive cost-savings, efficiency and increased productivity, while simultaneously helping employees to feel financially secure and empowered. 

Today’s organizations have the opportunity to return the focus of pay to where it belongs: the employee. The pay experience goes beyond compliance-driven transactions to create meaningful moments that consider the needs of today’s employees and build trust with the employer to help people live better lives. 

This is the second part webinar in our 3-part webinar series. Here’s what else you can expect:

Part 1: “New Research Explains How Our Workforce Has Changed Forever in Just Four Months”

Part 3: “Why Freebirds Created a Pay Experience as a Strategy to Lead Through Crisis”

View On-Demand

Guest Speaker

Jeanniey Walden

Chief Innovation & Marketing Officer

DailyPay

Webinar Transcript

Natalie Wendl (NW):

Hello again everyone. I’m Natalie from DailyPay’s event team and I’d like to welcome you to part two of our three part webinar series. Today, we’ll be discussing how a pay experience will accelerate strategic goals in the new world of work.

NW:

Before we get started, I’d like to go over a few items so you know how to participate in today’s event. You will have the opportunity to submit text questions to today’s presenter by typing your questions into the questions pane of the control panel. You may send in your questions at any time during the presentation, we’ll collect these and address them during the Q and A session at the end of today’s presentation. I would now like to introduce JW, DailyPay’s Chief Innovation and Marketing Officer. Jeanniey, take it away.

Jeanniey Walden (JW) :

Thanks so much, Natalie. It’s great to be here today and speak with all of you. I know that we only have a short time period for our webinar today so I am going to just get right to it.

JW :

Let’s talk about part two of our presentation for our webinars series, but in case you missed part one, you can still access it on demand. The URL is right here. You can listen to how research explains how our workforce has changed in just four months. I moderated an incredible session with Shai and Anthony. It was really insightful. It was great, I felt like we were on CNN or Fox News, mainstream TV, just looking into the future about all this research and how it’s financially impacting our employees. So if you haven’t heard it, please do tune in because it’s a great webinar for sure, but that’s it.

JW :

We’re going to get started into part two and talk about what we’re going to accomplish today. We’ve got three initiatives that I definitely want to cover. The first one is exploring ways to reevaluate the way that you’re hiring and engaging your employees in this new world of work. The second is to explain exactly what a pay experience is since we had that in the title and how it’s disrupted and is transforming the traditional pay cycle with no negative effects to the employer. Then finally sharing the benefits of offering a pay experience for both the employer and the employees.

JW :

Without further ado, let’s just dive into it. So let’s start with some new data in the hiring landscape. One of the phenomenal things about working with DailyPay is that we have access to a lot of data and insights from the hundreds of companies that work with us in the millions of employees that use our service. So we’re continuously creating indexes that really track how America’s workforce is working.

JW :

What you’re looking at here is the Rehire America Index that we started to create when we thought that the world was starting to go back to work, we took a look at eight different industries, call centers, caregivers, cleaning companies, consumer services, healthcare, hospitality, and hotels, QSR, and supermarkets to say, okay, you may be an essential worker, or you may be in an area that’s starting to hire and look at a significant number of staff, starting back in January what were the levels of people that were hired and how did that change as we got into the pandemic? Which I think you can see there when it goes to the middle of March and then pretty much falls off a cliff, unfortunately down through the lowest point in mid May and then started to recover.

JW :

What’s interesting to note here is that from a good news standpoint, we are recovering. A lot of these industries are starting to rehire their workers back, they’re looking for new staff and new teams. The bad news is we haven’t yet hit the level of employment that we hit back in January when we were fully staffed and just continuing to grow. So this data specifically shows that healthcare is up, QSR is up 34%, supermarkets still in demand, still hiring and caregiver industries up 16%. consumer services from May 18th to August 23rd, post pandemic has been the biggest winner and it’s gone 91%.

JW :

If you want to take a look at your specific industry and get into more of the data, please do so this is a free index and it’s available on our website, the link is on the bottom right hand side dailypay.com/dailypay-rehire-America/. You can actually follow trends for your industry or other industries that you might be interested in.

JW :

As we sit in the second wave we’ve definitely learned some interesting things about rehiring our staff. Some companies are completely hiring, as you saw in some of those industries, other areas are looking to bring furloughed people back and unfortunately they’re not having much luck or at least that’s what they were finding was happening. What they were learning was maybe 75% of the team or people that they had furloughed had either found another job during the furlough, felt like they were too high risk to come back when they were offered an opportunity to do so or had another issue that prohibited them from coming back to work. Therefore, employers, like all of you needed to take a really long look inside about how you’re going to attract and retain new talent in this crazy workforce.

JW :

Even today, a lot of companies are looking to replace college students who are returning back to the college campus only to find that their college campuses are closing back down when they get there and trying to come back to work. But two words kind of stood out to us when we were looking at how all of the employers that we speak to are attracting and retaining new talent. Those words are flexibility and personalized needs for the employer. There’s a fact out there, it’s crazy stat that I love sharing 10 out of 10 households post COVID have different needs and what that means is if you put 10 people in a room and said, financially and health wise, how is your family doing? You’re most likely going to get 10 different answers. Everything ranging from it’s great, both working people in the household are fully employed, kids are back to school. To all the way down to both people have lost their jobs, there’s elderly family members living in the household and kids are remote schooling and they’re kind of in a desperate situation.

JW :

There’s no significantly large group of people from an employment standpoint that can be treated the same and for that reason, a lot of employees have realized that they need to relook at benefits to provide flexibility in existing benefits, like time off and working hours during the day, especially remote working and secondarily looking at new benefit changes that support contactless everything, and even initiatives like on demand pay sometimes known as earned wage access.

JW :

So those are two ways that employers have kind of capitalized on ways to attract employees, saying, if you come work for me, we’re going to be very flexible. We offer you your pay as you earn it. Our technology for logging in your hours is very safe. If we go to the next screen, we actually take a little bit of a deeper dive into contact list technology.

JW :

Now for employees, it’s been a very good move forward. High touch punch cards and touch screens are being replaced with waving an ID card or using a personal cell phone to sign into work. This has created efficiency, it’s reduced fraud, and it’s created a tremendous increase in safety and in the security minds of many employees. It’s been very successful when trying to allure people to come and work for your company, especially if you’re in a time clock or an hours contribution type of job.

JW :

For customers, it’s just as important. Now it’s important to provide contests like contactless technology for customers so that you can attract and retain your employees. Nobody wants to go work for a company where the customers are not being treated with the highest concern for their health and wellbeing, because it creates a potential toxic environment for the employee. So for customers in supermarkets scan and go technology has accelerated the mobile checkout experience. I know my local grocery store used to make me type my cell phone number in to get my rewards and now I have a QR code that I can just scan. According to our rehire index, the supermarket industry has seen a 63% increase in employee levels since January one. Now nobody’s coming into work, people will call off if you’re not providing the utmost in customer safety.

JW :

For hotels, guests can now use contactless technology to check in and even in retail stores and certain retail locations and retail stores, your temperature is taken when you come into the store as a way to show the employees that it’s a safe environment for the shoppers, and also to show the shoppers that it’s a safe environment for them. Because if you don’t, you run into a challenge around flexibility for medical leave.

JW :

One retailer that we work with had somebody unfortunately come into their store and during checkout revealed that they actually were COVID positive, but have no symptoms. The 10 retail associates that came in contact with them were immediately put on quarantine for two weeks. Unfortunately it was quarantine without pay and three of those people did end up contracting COVID from just interacting with this woman, everybody was wearing masks. It’s a really tricky situation because now you’re looking at medical benefits, at time off, the rest of the team was told they can take time off if they wanted to but they’re not going to get paid for it and those who couldn’t afford to take time off said they were still coming in and then just called off sick.

JW :

So you really need to look at how you’re offering benefit offerings to make them the most personalized experience.

JW :

Now we’ve seen some great successes, on the other hand, that was a pretty bad story, but on the positive side, it’s not just about the 401k anymore. One of the most talked about new pay benefits, costs companies nothing, when DailyPay does it, and it’s a benefit around pay. So Kroger, Six Flags, McDonald’s, Adecco, so many of the Fortune 500 companies have started to offer the ability for employees to get access to their pay as they earn it before the scheduled payday so they can personalize the benefit. So imagine walking into your CEO’s office or your CFO’s office and saying I’ve got the most phenomenal benefit for you. One, it costs us nothing. Two, the employees are going to love it. And three we’re going to reduce turnover, increase our hiring percentages, and we’re going to increase productivity.

JW :

I mean, it’s not very often that you get to do something like that, but a personalized benefit offering like on-demand pay or daily pay allows you to do that. So we’re thrilled to be working with such large companies around the United States to provide this type of offering.

JW :

If you go to the next slide, we’re going to talk about why pay even matters and how pay actually can be considered an experience and a benefit rather than, hey, you get paid. It is the benefit. It is the main thing you get when you’re coming to work and the number one reason people work, but why is it now an experience. This new world of work brought this thing called a pay experience to light. Before COVID employees that were Millennials or Gen Z were really interested in experiential things. Instead of gifts for their birthday, they loved going on trips and travel. They like to experience everything at its fullest capacity.

JW :

So at DailyPay we’ve been talking about a paid experience for quite a long time. As we moved into COVID, we really realized that we could help HR leaders, payroll leaders, and even those in CFO roles or CEO roles create a new benefit for their employees called a pay experience that allows employees to personalize and use their pay as they earn it. It gives them control. So now you don’t need to worry about what the best mass benefit is that okay often comes with a cost per employee. You can now do something that doesn’t cost them anything and has no change management, but gives your employees the ability to access their pay. Also if they’re in a situation where they don’t need their pay in between paydays to start saving it and really creating that nest egg. Only 5% of Americans are actually investing in the stock market. A lot of people don’t have the money to even start doing that. Our save feature allows you to do that.

JW :

But the pay experience also works for employers and on the next slide, what you’ll see is employers can now reduce back office tasks with rewarding people spot bonuses, or even distributing final paychecks or catching up on bulk payment changes that you might need to take care of. So certainly not the sexiest of offerings, but one of the most critical offerings in the organization, which we call our cycle product. In this case, this employee it was her last day and this was a non COVID picture as you can see, they’re shaking hands, but this employer received her final paycheck immediately on her last day, which gave her a great experience when leaving, which helped her Glassdoor ranking for the company, which helped attract new people. It’s a win-win for the company.

JW :

Now it’s also a win-win for the employee. We’ve created a great chart here that shows you both employee benefits and employer benefits. The employees can get access to their money or save 24 hours a day, seven days a week, 365 days of the year. They’ve got a personalized pay profile, which allows them, as I mentioned it before, to determine how much money they need, when they need it and what they need it for and it gives them control to help themselves and to help the entire household stay fiscally secure.

JW :

For the employer, it maximizes productivity, people that have a goal in mind of working overtime or extra hours to make a little extra money to pay a bill off early, to be able to have the money to buy something that they’ve been looking at will work longer and harder. There’s absolutely no change to your payroll team’s workflow. So there’s no need to hire anybody outside of who you already have. If you’ve got one person or two people on your payroll team, that’s fine. Finally, it’s paperless and itch a digital solution for disbursing off cycle payments. So again, that contactless technology comes into play because you’re no longer having to hand out paper cheques or to process paperwork everything’s done through an app.

JW :

All right, let’s keep moving on. We’re over halfway through and if you are excited by the idea of creating a pay experience for your company, but you’re thinking I need to get my CEO to buy in here are two videos from actual DailyPay users who show you how they have a personalized pay experience. The reason that we show you two is because as I said before, 10 out of 10 people manage their benefits and finances differently. So let’s take a look at Shevona first and look at how she uses DailyPay.

Shevona Littleton:

My name is Shevona Littleton. I live in Columbus, Ohio. My employer is Defense Supply Center, I worked for Bite Squad back in April, I used DailyPay for that job. I used to get paid every two weeks and the first time I started using it was last September to get paid and I used it to save money. I liked the little savings account that they had on there and it made me feel great because of the savings account. A certain amount of pay will go towards my saving account, which helped me save money.

JW :

So I love this because in Shevona’s case, she’s actually saving her money to pay off credit cards. She’s not using it for a living paycheck to paycheck or anything along those lines, which is fantastic because she’s empowered to do what she wants with it as she needs it and it improves her credit score. Jay’s in a little different scenario. This is his first job out of college and you can hear what happened to Jay.

Jay Friedel:

Hi my name is Jay [Friedel 00:00:17:43]. I live in Jacksonville, Florida. I worked for Bite Squad, the delivery service and I remember the first time I used DailyPay it was about a week after I started working for Bite Squad. I remember I probably had $5 on my bank account, something like that and I pull into a gas station wondering how I’m going to fill my tank up. I checked out DailyPay, I signed up and within probably 30 seconds of signing up, I did the instant transfer and I immediately had money in my bank account. It was so nice and just so relieving knowing that just whenever I needed money, I could just take the money that I had earned even before I had my paycheck and just transfer it directly to my bank account and get gas, get groceries, whatever I need. It’s just a huge relief and it’s an easy service. I thank you guys.

JW :

God, I love Jay’s story and I think many of us have either been at the line in the grocery store or driving somewhere and realize that we’re on empty on gas. It’s really nice to feel like you have access to a lifeline without being in much of a panic. So, many times people ask us how do I convince my CEO that this is the right thing to do, that people are going to use this responsibly. That’s why we say take these to your CEO because at the end of the day, the PayEx® platform, our platform, at DailyPay helps you reduce costs and improve your business results at no cost to you.

JW :

So if the videos don’t get your team to buy in on it and the no cost doesn’t get your team to buy in on it, then think about the cost benefit that you’ll have by reducing turnover and saving on hiring and onboarding charges. We work through an entire cycle, as the gold standard in on-demand pay, we do everything from workforce transformation, reducing turnover, reducing onboarding costs and improving recruiting efficiency to business operations, which are very industry specific. For grocery QSR, retail and restaurants we’re reducing shrinkage and we’re reducing reliance on third party cash management. For retail, it’s a better seasonal hire and certainly reading everything and listening to everything we’re hearing about what’s going to happen for Q4 and holiday with the retail industry there’s a lot going on there. It looks like they’re going to start doing Black Friday very early. Finally other operational savings like worker’s compensation, cost savings.

JW :

Last but not least from an HCM standpoint, we eliminate paper checks, there’s a cost associated with those. There’s improved time clock compliance, which reduces fraud. We can reduce payroll frequency, some companies come to us and say, I would love to move from weekly to biweekly, but my employees will kill me if I try to do that, this makes it a nonissue and you can get savings. So, there’s a lot going on behind the scenes that really makes this a cost benefit that you can’t afford to miss.

JW :

So when you’re thinking about a pay experience and how it strategically fits into your business, think about a benefit that helps the bottom line. Replacing employees cost 150% of each employee’s annual salary. DailyPay can offer you a 34% average reduction in absenteeism and a 19% improvement in quality of work, in addition to a three X increase in productivity. This is the gold standard of everything that a company is looking to do. Create a more positive work environment where employees can choose how and when to use the benefits they need all while you’re saving money for your company and being more cost efficient.

JW :

If you go to the next slide, aligning a pay experience to strategic goals is ultimately what you want to do. So in order to do that on the next slide, you’ll see we all live in the same reality. This pandemic has caused a shift in strategic goals and priorities, where we were focused on employee experience and growth, we are now looking at the realities of cost containment of diversity and inclusion and of employee engagement. Three areas that might not have had the same amount of focus in a pre COVID world and in all three of those areas, DailyPay and a pay experience is able to help you achieve all of those.

JW :

From a cost containment standpoint. You know, you are looking at reducing costs and improving the bottom line. From a diversity and inclusion standpoint you have a better chance at attracting and retaining top talent when you can offer them more control over their finances. This, by way of hiring, allows you to then get to those DNI goals a little faster which moves into the continuous cycle of once you start down a positive DNI path, you’ll continue to attract and retain great DNI types of people.

JW :

Then finally, employee engagement. Employees who feel that their company is working for them and doing something for them are likely to stay longer and work harder and you really want that loyalty, especially at this time.

JW :

So we’re coming up to the end of our presentation and you’ve listened to me, I work at DailyPay talking a lot about how DailyPay works and what we’re doing so I thought you might want to hear from one of our actual clients, Cindy from BrightSpring Health is a phenomenal partners of ours and here’s her quote, “yes, it’s a pandemic, however, we can still pay employees. DailyPay was part of our solution for employee satisfaction. They were part of our COVID plan. DailyPay was our partner, and we could bring our people to work and if they needed groceries or whatever they needed they knew they can be paid that night for it.”

JW :

So we love working with companies to help, to be a part of a larger solution and a strategic solution that enables your company to meet your goals and your employees to have some level of satisfaction. I think we’ve only got five minutes left. I’m going to open it up to answer a question or two in a minute, but in case we run out of time, I do just want to briefly mention on the next slide an upcoming webinar, because this is a three part series. Part three is coming up. Please join myself and Jennifer Zion, who is our VP of Human Resources at Freebirds. Listen and hear it straight from the customer’s mouth why Freebirds created a pay experience as a strategy to lead through a crisis. That webinar is coming up September 10th from one to two, hopefully you’ll mark your calendars. We will send a replay of this webinar out as well as an invite to the next webinar for you.

JW :

As I mentioned before, if you weren’t able to view part one of this, please take some time to do so. We’ll also include a link to that when we send a followup email from today’s event.

JW :

I see that we have a few questions and we only have a minute or two left. So let me take one of these questions. Can salaried employees use DailyPay? Absolutely. DailyPay is the only on demand pay platform, it’s why we call ourselves the gold standard that allows every employee in the company to access DailyPay because it’s not just an hourly worker that runs into a cash crunch. 64% of working Americans have had some negative financial impact so far in the first six months of COVID, they’ve lost their job, they’ve had a pay cut or they’ve been furloughed. As you saw from the rehire index, we’re not back to a normal level yet. Therefore, even your salaried employee who doesn’t have financial challenges may have someone else in the household who does and giving them access to DailyPay can be the bridge until the other person in the household finds a new job or is able to start receiving unemployment if they’re furloughed.

JW :

It looks like we have time for one more question. How does DailyPay help and aid in enrollment and raising awareness about the benefit? I love this question. Thank you for asking it. You’re right. DailyPay isn’t going to benefit anybody if you only have one employee using it. So we work hand in hand with you during the implementation process to create and craft a custom adoption program for you, it sounds a lot harder than it is, we have a lot of prepackaged materials and best practices from the hundreds of customers that we’ve been working with to date and we’re always looking at very specific best practices by industry, by company size and even by demographic. So we will be there right with you throughout your implementation and actually throughout the entire life of your partnership with us.

JW :

In fact, as a company, we have not yet, I’m going to knock on wood, lost a client because we believe that we really are in this together and we want to help your employees achieve that level of financial wellness as quickly as possible.

JW :

So we are almost out of time. There are a few more questions here. If I didn’t answer your question, I will get back to you directly and we can share those FAQ. I would suggest that you go to dailypay.com and access our resource center. We have a number of blogs, we have a number of Q and A’s over there. A lot of case studies and stories that might give you some great ideas about what you could be doing with your team, the existing employees, or the ones that you hire.

JW :

With that said, wow, this 30 minutes went fast. I’m going to take a break now and stop talking for a minute as we end the webinar. But thank you so much for joining and we hope to see you in part three.

Who’s DailyPay

DailyPay, the premier provider of the daily pay benefit, goes beyond financial wellness with a flexible, simple, and compliant pay experience that strengthens the employee-employer bond and significantly enhances the employee experience throughout the enterprise, at no cost to the employer.

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