New Research: DailyPay Helps Increase Employee Retention

New research from Arizent/Employee Benefits News demonstrates the positive impact DailyPay can have for employers, many of whom are still challenged with a tight labor market. According to the study commissioned by DailyPay, the leader in earned wage access, 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 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

“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,” said Stacy Greiner, Chief Operating Officer, DailyPay. “We are thrilled to see how we can help support our clients in developing a more engaged, productive workforce that stays longer on the job, while gaining a competitive edge in their respective industries.”

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.

About DailyPay
DailyPay, Inc. is transforming the way people get paid. As the industry’s leading on-demand pay solution, DailyPay uses an award-winning technology platform to help America’s top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job, while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City, with operations in Minneapolis and Belfast.