We recently reached out to our employees to ask then for their 2020 #dailypay industry predictions. Their predictions are interesting and insightful; employers need to heed the demands of their workforces for this benefit, or risk the consequences.
Here are our predictions:
"In 2020, the power of the #dailypay benefit will become so strong that we will see a sharp increase in salaried workers using the offering for convenience, or to get ahead." #smartfinance
—Jeanniey Mullen, Chief Innovation and Marketing Officer
“I predict that more payroll companies will start doing some version of this themselves. Many of them will look to partner with pure-play #dailypay benefit providers like @dailypay.”
—Jaime McDougall, Director of Marketing
“Employer adoption of the #dailypay benefit will skyrocket in 2020 because the forces are aligned for everyone to embrace it. More employees are demanding this pay option and are welcoming the ability to become more financially aware. More employers are recognizing #dailypay as a remedy for many HCM issues and payroll concerns. And, I predict the demise of predatory payday lending in 2020 as a workable business model, the beginning of the end of this sad aspect of personal finance.”
—Michael Baer, Special Advisor
“I think 2020 will be the year of the employee, and companies will be forced to look at more comprehensive benefit packages (i.e., .#dailypay) to stay competitive — a shift from a “like to have’ to a ‘must-have’ benefit.”
—Kate Cheesman, Director of Customer Success
“I predict that DP will be much much bigger and more well known than we are now. As the prominent leader of the #dailypay benefit nationally, DailyPay will be everywhere as a benefit for employees.”
—Kafayat Gbajabiamila, Payments Operation Analyst
“In 2020, we will see official commentary and/or opinions from regulators and legislative bodies related to the #dailypay benefit, as the momentum and number of companies become too large to ignore.”
—Andrew Kim, Strategic Accounts
"In 2020, with nearly 60% of the comprised of Millennials and Gen Z, employers will look to implement benefits that can be consumed any time and any place — reflecting what this demographic is accustomed to in their personal lives."
—Gabe Bell, Enterprise Account Executive
“In 2020, the year of clarity, employers will begin to see that they have the power to improve their employees' lives and financial well-being with one simple change: #dailypay. Hopefully, this knowledge will also inspire them to take action.”
—Anna Picagli, Copywriter
“In 2020, the #dailypay benefit will be part of everyday vernacular and will be the expectation of all Americans (from salaried to hourly) as the employee experience becomes vital in the workplace.”
—Sehrish Sayani, Marketing Manager
"Increased understanding of the #dailypay landscape will create separation between legitimate providers of this employee benefit vs. new technology-enabled forms of payday lending. Providers in the former category will thrive while those in the latter category will invite increased scrutiny from regulators."
—Josh Jackson, Product Marketing Director
"In 2020, employees will expect to see the #dailypay benefit listed when applying to companies online and at career fairs, ultimately driving talent acquisition and human resource executives to provide this benefit to stay competitive and modern for candidates of all ages."
—Adam Moreschi, Enterprise Partnership Manager
“As the workforce continues to change, the demand for a #dailypay benefit will become increasingly difficult for employers to ignore. This is a ‘make it or break it’ benefit. Those companies that choose to turn a deaf ear to the expectations of their workforces will do so at their own peril.”
—Maureen Murray, Content Writer