The provider of on-demand pay benefit based out of New York, DailyPay has announced the unveiling of a new transformative CYCLE feature which is the latest PayEx experience that is expected to save organizations millions of dollars every year. The hrtech news community highlights the significance of efficient payroll solutions that are creative and beneficial to both – the employees as well as employers.
The Workforce Institute reports that over half of the workforce in the U.S that is, 82 million Americans have experienced errors with the paycheck during their careers. The result of which was 56 million that would be more than one of the U.S. workforce was forced to pay their personal loans later than the date they were supposed to pay them. In addition to that, organizations too spend a substantial amount of time along with money-making payments that are not included in their usual payroll schedule. The CYCLE feature along with the on-demand pay platform of DailyPay will give employers the ability to make reductions to their costs as well as provide off-cycle simple payments.
The DailyPay CYCLE feature will also provide organizations with the ability to eliminate or reduce paper checks while managing the final pay distribution. This feature was designed keeping in mind the assistance that needs to be provided for increased financial flexibility for the work staff of America, which now has become extremely vital in the midst of the coronavirus pandemic. This feature also enables the workforce of the companies to electronically receive their payments. The uses of this solution include the provision of bonuses, or termination pay, or any other off-cycle payments that are necessary and need to be paid to the employees.
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