New research recently shared by Fintech firm DailyPay with CI reportedly demonstrates the positive impact the firm’s products can “have for employers, many of whom are still challenged with a tight labor market.”
According to the study commissioned by DailyPay, the earned wage access Fintech, employees stay longer, “are more productive, and are more motivated at work when they have the highly sought-after financial wellness benefit.”
Those employees also pick up extra shifts, “are less likely to look for a new job, and exude higher morale.”
The study also reveals that DailyPay is reportedly “among the top three benefits employees engage with in over half the instances, signifying its importance among companies’ total rewards/benefits packages.”
The noteworthy findings revealed in the study include:
Benefits to Employers:
- 30% of employers say they’ve seen a reduction in employee turnover since implementing DailyPay
- 42% of employers say they have seen higher satisfaction/morale since implementing DailyPay
- 45% of employees say they are more productive at work because of DailyPay
- 49% of employees say they are more motivated at work
- 45% of employees say they either stopped looking for a new job completely or less often
- 55% of employees say they pick up at least one extra shift per month
Impact on a company’s benefits package
- 73% of employers say DailyPay is important or a cornerstone to their financial wellness benefits
- 55% of employers say DailyPay is among the top 3 benefits employees engage with
- 82% of employers say implementing DailyPay was easy
- 96% of employers who offer DailyPay are satisfied with their experience
- 93% of employers say DailyPay provides a valuable addition to their suite of benefits
- 89% of employers who offer DailyPay would recommend it to peers in the industry
Stacy Greiner, Chief Operating Officer of DailyPay, said:
“The research speaks to our commitment to our valued clients and partners in providing an impactful financial wellness benefit their employees love and engage with”
Methodology:
This study was conducted “by Arizent on behalf of DailyPay.”
The research included:
Survey of 10,283 active DailyPay users “who have made at least one transfer in the last 90 days. This survey was conducted online from August 17, 2023 to August 31, 2023. Survey of 84 employers who offer DailyPay.”
The survey was conducted online “from August 23, 2023 to September 7, 2023.”
