In a recent Bloomberg article “Walmart’s Early Pay Perk Is Popular, But Sometimes Has a Cost“, the author raised questions why a perk that was supposed to help employees feel less stressed while boosting retention, among other benefits, did not achieve either a company’s or its employees’ goals.
Research has shown that by changing their employees’ pay experience, companies can maximize efficiency by reducing turnover and decreasing employee absenteeism, while simultaneously increasing productivity and employee satisfaction. If implemented correctly, on-demand pay can save employers and employees millions of dollars every year.
But all on-demand pay platforms are not created equal, as Walmart experienced, and this article reveals the consequences of rolling out a program that lacks features that are critical to its success.
According to research conducted in 2021 by Mercator Advisory Group, the data from millions of employees across every vertical is showing us a very different picture.
Read the full analysis here
DailyPay added capabilities that will allow HCM technology, time management and payroll service providers to offer its on-demand pay services through their product suites. The launch of the product, called ExtendPX, moves DailyPay beyond its traditional offering by opening its services to a range of vendors.
The demand for on-demand pay (an employer-based benefit and payroll process also called earned wage access) has grown exponentially due to its proven ability to reduce turnover, promote worker productivity and boost hiring. Given the triple-digit growth in client demand for on-demand pay, HCM, payroll and TMS companies are quickly realizing the need to embrace this new market.
“Over the past five years, DailyPay has partnered with key HCM and TMS companies in powerful ways,” said Jason Lee, CEO and co-founder of DailyPay. “We have proven that by integrating our gold-standard offering into their platforms, more Americans can enjoy control and flexibility over their pay. After all, it’s their money, and they’ve earned it. This product expansion is just one of the critical steps we are making to move the entire PayExperience industry forward.”