Empower Your Employees: Change Pay for Good

By Dar Miranda

We are living in transformational times. Advancements in new technologies expedited by the global pandemic have changed the relationship between employer and employee. Expectations have changed on both ends. A driving reason for this shift can be traced back to how many of us took a step back during the global pandemic to reevaluate our own priorities and what truly matters most in life. 

Employers took notice and even further prioritized the wellness of their teams. They listened to what mattered most to them and took a holistic approach to fortify the employer-employee bond. They understood how vital it is to make life easier for your staff, so they spend valuable time with friends and family.

By leveraging the feedback from the employees, companies took steps to marry data and engagement to help their businesses perform better. And in turn, to help make their employees be the best version of themselves.

The notion of empowerment emerged. Empowering your employees to live the life they want by arming them with the flexibility to make choices that are best for themselves and their families grew. 

In some cases, this empowerment came from a very unexpected place–pay.

Leveraging advancements in technology, DailyPay has revolutionized the antiquated pay cycle with a modern, insight-driven on-demand pay solution that helps America’s leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer.

By empowering employees with choice and control over their earned pay, they can pay bills, spend, save, and invest on their own schedule. Not an arbitrary pay day. 

But empowerment goes way beyond just on-demand pay. It’s visibility into your earned income that can provide critical pay transparency that can have a major impact on DailyPay users’ lives. With more concrete knowledge of their spending power, users can make important financial decisions, which is particularly critical during the current challenging time of high inflation.

With this in mind, DailyPay created the Pay Balance, included in Time Magazine’s “2021 Best Inventions” issue.  The Pay Balance is the real-time balance of available funds that increases as you work and can be instantly transferred or used 24/7, as if it were a checking account.

According to DailyPay user surveys, 67% percent of DailyPay users say having access to their earned income has helped reduce their financial stress. Reduced stress means employees can focus on productivity at work, take extra shifts, and call out less. 

It means they can bring their best version of themselves to work. Even in these uncertain economic times. 

Inflation is a people problem that affects us all. From hourly workers to those in the C-Suite. The high cost of everything can put a strain on anyone’s budget. So the timing of pay can become a game-changer in staying out of the vicious cycle of debt. That’s where an on-demand pay benefit can be so critical. 

Research done by the Aite Novarica Group commissioned by DailyPay revealed that having access to your pay as you earn it can eliminate such financial crippling options for an overwhelming majority of people who are stuck using these predatory financial services. For example, 95% of those who were previously reliant on payday loans in any way either stopped using payday loans (81%) or reduced use (15%) after using DailyPay. And 97% of those who said they had overdrawn their bank account prior to using DailyPay now rarely or never incur overdraft fees (79%) or report experiencing fewer instances of overdraft fees (18%) after using DailyPay. 

A recent study from Statista shows that people are more loyal to their cable company or favorite retailer than their job. So it’s important for employers to recognize that it’s not just loyalty towards one’s job, it’s about loyalty towards one’s career. And focusing on how we can achieve that collectively. 

Because when employees feel their employer is invested in making their lives better, they feel valued. They feel appreciated. They feel a commitment that will drive them to succeed. Which is a win for the employee, the employer, and the customer. 

A commitment that starts one payment at a time.