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The DailyPay Blog

Employees Stay Longer with DailyPay

Building a Generational Company

I was fortunate enough to be able to take off the last two weeks of December. This time gave me the space to clear my head, plan for 2020 and reflect on what has been a long but incredibly rewarding year professionally.  

 

I think the part that stands out most to me about 2019 is how our team at DailyPay began building a generational company. Nobody at this company believes we are building a start-up. Our mission is too important to trivialize it to that. We are building a generational company, one that I expect to be here for decades and decades to come. Importantly, each of us believes that the long-term success of our company has 1000% to do with the success of our people, both personally and professionally.  

 

In 2019, I am most proud of how we purposefully built generationally, making strategic investments in our people and our employee experience. This was clearly demonstrated through the following events from this past year:

 

1. DailyPay’s 1st Class of Director Promotions 

In March, we named our first class of Directors at DailyPay. So much went into this. The company’s Operating Committee conducted an intensive evaluation process that spanned four months and involved hours and hours of internal and external interviews. There was fierce debate over candidates, forced ranking and, ultimately, we promoted a class of four extremely talented and vetted women and men. In a start-up, it’s so tempting to be expedient.  Promote squeaky wheels, hire externally, hand out promotions like they are participation ribbons. That's not building generationally. We are building this generational company from scratch. That means laying solid groundwork and culture so that our Associates can earn their promotion to become Managers, who can earn their promotion to become Directors, who can earn their promotion to become Vice Presidents, who can earn their promotion to become C-Suite leaders, and ultimately become the CEO. I want people who will be at DailyPay for 20 years with this being the only job they’ve ever had. Imagine that. More here.

 


2. DailyPay’s Launch of Employee Resource Groups

In 2019, we launched a number of internal ERGs to support the diversity and professional development of our people. At DailyPay, diversity is our strategic edge. It is not political correctness. It is how we serve our partners and their workforces better. We leverage our diversity to better understand the needs of our customers. Additionally, our ERGs have been one of the best sources of recruiting our top talent. In the United States today, 50% of the children under the age of five are from a minority race or ethnic group. Our ERGs are a strategic investment we made in 2019 to build a generational company that reflects the workforce of tomorrow.

 

 

3. DailyPay’s Relief Fund for Victims of the MyPayrollHR Shutdown

In September, the Human Capital Management community was shocked to hear about a massive case of alleged payroll fraud from MyPayrollHR, a payroll and benefits provider. Thousands upon thousands of employees did not receive their paychecks, and hundreds of business owners had payroll funds frozen, causing some businesses to completely fold. At DailyPay, we were deeply moved by this horrific situation. Day in and day out, we see how people across America radically improve their lives by being able to control the timing of their pay through our product, and so the thought of someone not receiving their biweekly paycheck was unacceptable to us. And so we acted. We quickly set up a $25,000 relief fund to support employees across America affected by this fraud. When you build a generational company, you have to stand for something bigger than yourself. I am proud that as a company we do. More here.

 

 

Here’s to crushing the ‘20s and continuing to build for generations.

 

Jason


Written by Jason Lee

Jason Lee is CEO and co-founder of DailyPay, a venture backed financial technology company that enables employees to access their earned income before payday. DailyPay partners with large enterprises to offer its technology solution to their workforces, which results in a meaningful reduction in turnover and related cost savings. Every Saturday morning, Jason enjoys spending his time at the Father’s Soup Kitchen, helping serve hot breakfast to New York’s homeless population.


Employee Engagement, #dailypay, GenerationalCompany

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Employees stay longer with DailyPay

DailyPay enables your employees to access their pay before payday, empowering them to meet their financial goals. Employees that find financial security at your company stay longer, reducing your turnover and improving bottom line profits.

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