Volume 10 : Issue 10
TM
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Pandemic
Fatigue
Profiles of Chambers USA Top Labor and Employment Law Attorneys SHRM Research
on Employee Wellbeing During COVID-19
It’s Now or Never –
HR Must Rise to the Occasion
Amy West, SHRM-SCP, SPHR
AI and Data Ethics
Director of TN SHRM
EEOC Update on COVID-19 Workplace Discrimination
Measuring DailyPay’s Impact in Times of Crisis By JEANNIEY WALDEN
W
hile the COVID-19 crisis has turned the world completely upside down for months, it also may have permanently altered the world of work. Employees and consumers have new concerns for security and safety that have grown out of the pandemic. For employees, increased financial stability is now at the forefront of their needs. After watching family members be furloughed or laid off as the prices of essential goods rose, a steady paycheck and benefits package became even more important to Americans than ever before. Because of this, pay flexibility went from a “nice-to-have” to a “need-to-have” benefit. Before the pandemic began, our partners saw an average of 22% lower turnover rate among DailyPay (DP) users as compared to non-DailyPay (non-DP) users. At the start of the COVID-19 pandemic in March 2020, we noticed sharp increases in the turnover rates of both DailyPay and non-DailyPay employees, as some partners had to furlough or layoff their employees, while others experienced the impact of FMLA. This is evidenced in Figure 1 below, which shows the turnover trend among DP and non-DP users.
For many partners, especially large partners with high DailyPay adoption rates, the difference in turnover of DP vs. Non-DP users increased to an even wider margin. This is because employees with access to flexible pay tend to be more positive and motivated in their roles, since their hard work is rewarded with this life-changing benefit. Because of this, having access to daily pay makes them less likely to leave their jobs. 30
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Our partners’ data also shows a dramatic improvement in cost savings as a result of turnover reduction. Among our partners, larger companies with higher DailyPay adoption rates see more prominent reductions in turnover. These large companies also see the highest cost-saving impact from offering DailyPay to their employees, which contributed to the $5.7M total cost savings that our partners benefited from in the month of March 2020, at the beginning of the coronavirus pandemic. This spike is evidenced in Figure 2, the graph below:
a time when many companies took sizable revenue hits. Providing a personalized pay experience may seem like a frivolous benefit to some, but quick data analysis shows that the financial and psychological rewards of this benefit are invaluable. Whether facing a global pandemic or simply living everyday life, on-demand pay access truly has the power to change lives, starting with better financial stability for all involved.
Jeanniey Walden
DailyPay was a lifeline for both employees and employers during the COVID-19 crisis. Not only did it provide a safety net for employees who needed emergency supplies or the ability to buy essentials before their scheduled paydays, but it also helped employers reduce turnover costs during
Chief Innovation and Marketing Officer DailyPay Jeanniey.walden@dailypay.com www.dailypay.com
Choose the gold standard in on-demand pay … … Choose DailyPay!
www.dailypay.com
The on-demand pay space is getting crowded, but only Daily Pay delivers the most flexible, compliant and easy-to-use on-demand pay benefit. That’s why 80% of the Fortune 100 who offer on-demand pay are our DailyPay clients! Offering instant access to employee earned income is proven to reduce turnover, support recruitment and increase employee engagement.
52%
45%
87%
Attract new candidates for open positions 52% faster
45% average reduction in turnover
87% increase in employee satisfaction
WHO WE WORK WITH
AWARDS
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