Discovering the Next Great HR Technology Company – Semi-finalist #4 – Daily Pay

Name: DailyPay

Website: https://www.dailypay.com/

Describe your product and what it does

DailyPay is the pioneer of the daily pay benefit where employees can receive real-time access to earned wages. Its technology exists as an “overlay” on top of payroll and time management systems and requires no change to a company’s current payroll process or timing of payroll funds.

Employers offer this as a perk for employees so they can control the timing of their pay empowering them to pay bills on time and avoid late fees. With a tap of a button, employees can receive their earned but unpaid wages instantly to any bank account, prepaid card or paycard. This leads to improvements in employee retention and overall job satisfaction.

Who does your product help? And how?

DailyPay helps both employees and businesses.

For employees, the need for a daily pay benefit is real. According to the Federal Reserve, 47% of Americans cannot afford an unplanned $400 expense. Consequently, the average American pays $1000 in overdraft and late fees per year. These are often incurred as a direct result of  employees waiting till their next payday.

Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. Our partners have seen on average a 41% reduction in turnover for users, 73% of users are more motivated to come to work and they fill job positions twice as fast by advertising they pay daily.

Why are you the Next Great HR Technology?

Payroll hasn’t changed since the 18th century and American’s aren’t satisfied anymore with the status quo. We created the daily pay benefit out of the demands of consumers need for financial security. On top of this, Millenials and Gen Z are expecting payments to be instant.

Since pioneering the daily pay benefit in 2015, we’ve seen hypergrowth, high employee usage/adoption and amazing results for our partner companies:

● Today, about 5% of the American population have a daily pay option. We predict that by 2020,
close to half of the American workforce will have a daily pay option.
● Companies have seen a 41% reduction in turnover among DailyPay users
● Companies have hired 52% more quickly as a result of offering a daily pay option

Gartner admits that the daily pay benefit is a differentiator in markets where turnover is high and organizations are looking to create a more stable workforce.

Hear it directly from our clients:

“DailyPay has become the answer to our problems. It doesn’t take a whole lot to keep the program running, and employees are very happy” – Tyler Hudgins, Corporate Accountant at Stellar Senior Living.

Screenshots:

Transfer your money instantly to any bank or card
DailyPay can be accessed on all of your devices

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