{"id":30425,"date":"2022-09-20T14:05:15","date_gmt":"2022-09-20T18:05:15","guid":{"rendered":"https:\/\/www.dailypay.com\/?p=30425"},"modified":"2024-02-23T12:02:45","modified_gmt":"2024-02-23T17:02:45","slug":"employee-pay-evolution","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-pay-evolution\/","title":{"rendered":"Modern Pay Strategies That Make a Difference"},"content":{"rendered":"\t\t
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Modern pay strategies can help you hire faster, increase productivity and <\/span>improve retention<\/span><\/a> in ways that will help transform your business.\u00a0<\/span><\/p>

In turn, solutions that deliver those strategies can also change your employees\u2019 lives for the better by giving them greater control to align their financial resources with their personal needs.\u00a0<\/span><\/p>

Research reveals that when employees have more financial control, they\u2019re in a better state of mind, more focused and engaged in their jobs. For example, employee engagement is a good indicator of a company\u2019s overall employee experience.\u00a0<\/span><\/p>

Recent Gallup analysis finds that companies with higher employee engagement see an 81% reduction in absenteeism, 43% reduction in turnover, 18% increase in productivity and a 23% increase in profitability.1<\/sup><\/span><\/p>

According to Gallup polling, employee engagement had been generally constant with a recent upward trend. But 2021 data indicated a decline to 34% with initial reports of an even lower 32% so far in 2022.2<\/sup><\/span>\u00a0<\/span><\/p>

As companies look for new ways to improve employee engagement, one possible approach is to shift from a work-life balance perspective to a work-life support approach and build an employee-focused pay experience that addresses the entire employee lifecycle including recruiting, engaging, motivating and offboarding.\u00a0<\/span><\/p>

The DailyPay Solution<\/span><\/a> provides employers with modern pay capabilities across this lifecycle that include access to earned pay before payday, motivation and incentives through real-time cash rewards and more efficient handling of off-cycle payments. The DailyPay portal centralizes administration and maintenance to keep it simple. The solution is built on an enterprise-grade platform to ensure it\u2019s available when your employees need it.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Benefits of the DailyPay Solution<\/span><\/h2>

Using the DailyPay Solution, employers can implement modern pay strategies including <\/span>on-demand pay<\/span><\/a> and re-imagined <\/span>reward programs<\/span><\/a> to enhance their ability to recruit, engage and motivate their employees. And when the time comes, employers can more <\/span>efficiently offboard<\/span><\/a> workers.<\/span><\/p>

The potential benefits companies are realizing with the DailyPay Solution include:\u00a0<\/span><\/p>

Attracting More Applicants, Faster\u00a0<\/span><\/h3>

Attract more applicants by offering outstanding benefits that support employees in the moments that matter. On-demand pay and reward incentives can show employees you\u2019re focused on their financial well-being.\u00a0<\/span><\/p>

Engaging Employees\u00a0<\/span><\/h3>

Employee job satisfaction and engagement play a major role in a company\u2019s retention rates. Employee morale and productivity can be a good measure of whether or not your employees feel valued, engaged and supported.<\/span><\/p>

Motivating Employees\u00a0<\/span><\/h3>

Improve business outcomes and inspire your employees with <\/span>real-time cash rewards<\/span><\/a>. According to a 2020 study, 90% of workers say recognition improves their motivation.3<\/sup><\/span> Empower your managers to create a culture of recognition and performance by demonstrating appreciation for a job well done with a real-time cash reward.<\/span><\/p>

Saving Time and Money on Off-cycle Payments\u00a0<\/span><\/h3>

Your payroll team can reduce costs while quickly dispersing funds for payroll corrections and other payments outside of the regular payroll cycle and even simplify termination pay with Cycle by DailyPay.\u00a0<\/span><\/p>

The DailyPay Enterprise-Grade Platform\u00a0<\/span><\/h2>

Just as the DailyPay Solution is built on an enterprise-grade platform to make sure the benefit is there for employees when they need it, the professional services team works with employers to make the benefit available and accessible to all eligible employees. They are the reason our clients see such great results.<\/span><\/p>

DailyPay provides everything employers need to be successful with the DailyPay Solution \u2014\u00a0 from implementation through reporting and continuous improvement.<\/span><\/p>