How pay tech is helping companies retain employees and impact the bottom line
Dar Miranda – Vice President, Product Management, DailyPay
The Great Resignation is in full swing; in February alone, over 4.4 million people quit their jobs in search of new opportunities. Employees are acting more and more like consumers with unprecedented choices as the labor market continues to tighten.
To recruit and retain employees, companies are getting creative and strategic with the benefits they offer. Some forward-thinking companies have found a way to use the latest Payments technology to offer the simplest benefit of all – spot bonuses. Gone are the days where multiple departments need to spend hours pulling files to provide spot bonuses or worry about the fraud and loss of giving away gift cards.
In a world where your workforce has come to expect immediacy–like sending payments to friends instantly or ordering a car with a tap on a phone–a financial reward for outstanding work shouldn’t have to take weeks. In fact, being able to reward your employees in an impactful and meaningful way can be a driving force in employee retention and give you a leg up on the competition. Research from a Deloitte study shows that only 3% of respondents find their organization’s rewards programs ‘very effective’ in driving positive business outcomes.
Rewarding employees builds trust. It builds and reinforces value. And, it builds loyalty. And loyalty is critical for employee retention.
For years, America’s top employers have found success leveraging DailyPay to hire faster and retain employees longer. DailyPay’s technology platform virtually eliminates employees’ need for payday loans by having access to their earned income to pay bills, save, spend, or invest on their own schedule – as opposed to an arbitrary payday. While this has helped, DailyPay saw the need to do more with pay.
DailyPay’s REWARD feature empowers employers to give a spot bonus to an employee immediately, with the touch of a button. It takes the hassle out of spot bonuses by eliminating the need for back-room work, unnecessary cross-functional coordination and one-off data pull requests.
REWARD was designed to be data-driven and compliant, making it a no-brainer for HR teams looking to implement an impactful benefit for their workforce. The feature runs on each team’s unique parameters, and enables tracking to monitor program success through a frictionless employee experience. And because of DailyPay’s massive intelligent data network, REWARD payments are reported back to payroll transparently via a reporting dashboard, so HR teams can easily ensure tax compliance.
Something so simple as an immediate spot bonus can have such a positive impact on a company’s bottom line. It also sends an important message to employees that we are all in this together.