By Jeanniey Walden, Chief Innovation and Marketing Officer, DailyPay
For many industries from hospitality to healthcare, hiring and retaining quality talent continues to be a challenge. Over the past six years, DailyPay has partnered with America’s leading employers to offer the industry’s leading on-demand pay solution. This fall, DailyPay is expanding its offering with modern, insight-driven pay strategies that help employers build stronger relationships with their employees so they are empowered, feel more engaged and stay longer.
Creating modern pay strategies can make a significant difference to both employers and employees. Empowering employees with the power of choice and control over their pay makes them feel more engaged with their company and drives them to work harder and stay longer on the job. Empowering employers with valuable insight into employee tenure can help them take action to reduce turnover before it happens
Among the expanded offerings in the new DailyPay Solution include the following:
- Friday by DailyPay is the new card that can improve employee financial wellness and gives more employees access to DailyPay’s industry-leading on-demand pay with no fees. When users set their direct deposit to the Friday Card, they can start making no-fee, instant transfers from the DailyPay Balance onto their Friday Card that has no hidden fees, no maintenance fees, no inactivity fees and no minimum balance requirements.
For employers, Friday can lower payroll costs and reduce the administrative burden that’s associated with supporting unbanked or underbanked employees because Friday can drive direct deposit setup—and signing up for Friday is entirely employee-driven. Friday comes with DailyPay’s robust marketing, onboarding and support services that can help drive adoption of Friday and DailyPay. With more employees using their Friday Cards and making early transfers of their earned pay, employers can see increased employee engagement and reduced turnover.
- Reward expands the value of the DailyPay solution with targeted, digital reward campaigns that help companies motivate their employees. Reward empowers leaders and managers to engage their teams with easy budgeting, reporting, and permissions. Managers can set a budget and assign managers to distribute a Reward for a specific initiative or send a single Reward. Managers can also automate campaigns to send rewards when an employee reaches key milestones.
Reward’s reporting can help an employer quickly understand Campaign Performance; easily track key metrics like redemption rate and percentage of budget used. Unlike other programs that rely on points or gift cards, Reward gives employees what they want most: liquid cash. Upon receiving a Reward, an Employee can instantly send the Reward to a debit card of their choice using the DailyPay app, reinforcing the connection between the Reward and the desired behavior.
- Insights does the heavy lifting with a company’s turnover data so an employer doesn’t have to. With no additional software or configuration, an employer can quickly and easily understand turnover, conveniently displayed on the homepage of the DailyPay Portal. This enables companies to view MoM performance, filter by location, and quickly identify opportunities for improvement with turnover rate ratings.
DailyPay uses a proprietary data science model that leverages a combination of fixed and non-fixed factors that are specific to the company, industry or market to predict future turnover rate. Insights also show factors that impact retention, such as DailyPay usage, average wages, and average hours worked. Employers can also see how turnover rate stacks up to others in your industry – the difference in turnover rate (your firm’s vs. your industry’s average) is displayed below actual turnover rate.