In a recent Forbes article, Jeanne Meister said that “the next journey for HR leaders will be to apply a consumer and a digital lens to the HR function creating an employee experience that mirrors their best customer experience.”
Employees are coming to expect that their employee experience will replicate consumerized experiences in their personal lives. They seek the same elements of control with personalized, frictionless and flexible digital work experiences. Pay is at the center of the employer-employee compact, so it is only natural that the employee experience starts with a pay experience, impacting every stage of the employee life cycle.
Leading employers partner with DailyPay, the premiere provider of the daily pay benefit, to offer employees exactly that: a unique pay experience that’s an alternative to the traditional weekly or biweekly paycheck. The company’s new PayEx™ platform allows employees control over when they get paid and the ability to save their pay in different ways.
Flexibility and control
Frisch’s Big Boy Restaurants has been offering its employees DailyPay since May 2019. They traditionally pay weekly, but with DailyPay, employees can experience being paid whenever they want. Their slogan is, “Work today, get paid tomorrow.” By offering DailyPay, they’ve created a more positive pay experience that benefits their entire workforce.
Employers don’t pay anything to implement DailyPay, nor do they need to change their back-end process. Employees enroll for free and are eligible to experience up to 100% of their earned income, minus any withholdings, deductions, garnishments, etc. They can choose to use that earned income to allocate to savings, pay a bill, deal with an emergency expense — all before their traditional payday.
“We’re not asking everybody to sign up, we are simply making them aware that this positive pay experience exists for them, and they can access it if they have an unexpected need or want to start saving prior to payday,” Sheri Harper, the restaurant’s chief people officer said.
Creating a powerful pay experience puts employees in control of their pay by mirroring the frictionless experience they have in their personal financial lives. Consumers send money instantly to each other via peer-to-peer payment apps, invest in the stock market with a touch of a button, and manage their lives through the latest online banking app. Now, employees can have that same degree of comfort and control when it comes to their pay. At work, this experience helps them to be less stressed, more productive and stay longer, increasing retention and decreasing costs associated with turnover.
One waitress used it when her husband was sick and unable to work. Another family hadn’t budgeted for picture day, but DailyPay gave them the flexibility to access cash when they needed it.
“From an employer perspective, it feels good to be able to help support our team in a way that’s meaningful to them,” said Harper.
In the staffing industry, you may only get one chance to create a great impression as an employer given the nature of the short-term staffing industry. The Adecco Group North America, a temporary staffing business for 85,000 people, offers DailyPay and nearly 40% of Adecco employees are enrolled.
“For our employees, the positive pay experience is reflected in the form of increased financial security,” said Dawn R. Ehrhart, senior vice president of Adecco. “The workforce is changing dramatically, and leadership needs to adapt and respond in new ways to meet the experiential needs of the millennial and Gen Z population.”
Benefits of a positive pay experience
At Frisch’s, they’ve seen upwards of a 40% improvement in retention for those employees utilizing the DailyPay benefit.
“With a pay experience, workers are happier in their jobs, they provide better experiences to their company’s customers and they stay longer — a win-win-win for everyone,” Jeanniey Mullen, DailyPay’s Chief Innovation and Marketing Officer said. “I salute these leading Women in Tech for bringing this powerful experience to their organizations.”
