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The DailyPay Blog

Employees Stay Longer with DailyPay

DailyPay on Workforce Activity Impact During COVID-19 Crisis

by Alexey Nefedov, PhD, Lead Data Scientist, DailyPay 

 

Every employer in the United States is taking drastic action when it comes to safeguarding the health and well-being of their employees and their families as we work through the COVID-19 pandemic. We see that this is starting to have a dramatic impact on millions of people in the workforce, especially the hourly worker. I have picked DailyPay partners from four industries — Hospitals, Call Centers, Supermarkets and QSR — as a starting point to determine if there are changes in the hours worked by employees, the number of employees working, and the reasons why these employees are accessing their earned income before their company’s scheduled payday. I want to share some insights with you so you can get a better understanding of the impact this is having on all of us.

 

Looking at these four industries and DailyPay usage reasons, we are starting to see various changes that differ greatly by industry. We’ve summarized our observations below (fully anonymized), as well as in a report of more detailed industry trends. We expect to refresh this data periodically.

 

  • This week, all four industries — Call Centers, Hospitals, QSR and Supermarkets — showed double digit decline in the number of working employees in comparison with the previous week
  • Additionally, QSR and Supermarkets continued to show decreasing average hours worked by employees
  • On March 26, 16% of all made advances with specified reason were related to COVID-19 crisis.
  •  

To support the ability for all working Americans to have access to funds they need, when they need it, on March 17th, DailyPay announced that we would waive early access fees. We encourage all employers to take actions like these to enable employees to have access to their earned income as it is needed. After all, the shelves at the grocery stores don’t wait for payday.

 

To help our partners and all employers, we’re hosting a webinar titled, “Supporting Your Workforce’s Financial Security Through the COVID-19 Crisis” on Tuesday, March 24th. We’re in active discussions with the APA and HR associations regarding ways to support all employers and employees through this. We are all in this together. Let’s do something positive for everyone.

 

Stay safe and healthy. Thank you — Alexey

 

 

nefedov

          Alexey Nefedov

 


Written by DailyPay

DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allow employees to receive instant access to their earned income, works across a wide range of industries, including quick service restaurants, hospitality, retail, healthcare and other services. One in six Americans now has access to DailyPay through our trusted payroll service partners, including ADP, Paycor, SmartLinx, Netspend and other HR and payroll technology providers, who offer the daily pay product to their customers. With DailyPay, employees can pay bills on time and avoid late fees, helping them to reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.


employee loans, paycheck advance, payday loan, Payroll, retention, Employee Turnover, HR

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