The following article appeared in the January 15 issue of What's Working in Human Resources and is a Q&A between the publication and Kym Cross, HRIS & data analysis director and Geoff Gerks, CHRO, of G4S Secure Solutions in West Palm Beach, FL. The article is reposted with permission from What’s Working in Human Resources, WhatsWorkinginHR.com, 1-800-220-5000.
Our company is massive, with about 600,000 employees.
But despite being scattered across the globe, the bulk of our employees have one thing in common: about 95% of our workforce are security guards, paid hourly.
Another thing they unfortunately had in common: a lot of our employees were living paycheck to paycheck. Our payroll system worked biweekly, but employees needed access to their wages sooner.
We decided to tackle this issue head-on.
The Right Fit
After some research, we discovered DailyPay, a software that would allow our employees access to their wages almost as soon as they earned them.
Representatives from DailyPay laid out everything the payroll software could do for us, and we knew it would be life-changing for our workers.
The software would allow our employees to access their wages just one day after earning them. For less than the cost of an ATM fee, workers could have nearly immediate access to funds instead of having to wait two weeks for money to come in.
Even better, this wouldn’t impact our payroll processes at all. We’d continue to cut checks as usual every two weeks, with the amounts adjusted if staff accessed their wages early.
This software was perfect for all our employees who struggled to make it the two weeks between paychecks.
It was key to communicate this change properly to all our employees so everyone could take advantage of the new software. But having so many offices scattered about, we decided to roll DailyPay out little by little.
We chose eight offices as our guinea pigs to test the program. In the meantime, we provided all of our other offices with plenty of informational materials and training.
After the test group was successful, we expanded the program a little more, so about 20,000 of our employees were using DailyPay. And once that went off without a hitch, all of our 600,000 could then use the software.
During this transition time, we had a support line in place so employees could ask questions about DailyPay at any time.
Want to see how DailyPay is helping more companies like yours to offer an instant payment option?
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We fully launched DailyPay to all employees in November 2018 and when payday comes around, my payroll team runs its normal payroll process. Since using DailyPay, we’ve seen only positive results:
- 32% of our employees are using DailyPay
- Attendance is up because people know that working one day will result in money the next day
- We’ve seen a 46% reduction in turnover among the DailyPay employee population, freeing up a lot of payroll’s time and resources from offboarding and onboarding replacements
- We’ve seen an increase in direct deposit enrollment as a result of DailyPay
There’s no doubt this software was worth the investment.It feels fantastic to be able to alleviate some of the day-to-day financial concerns of our employees. We’ve heard so many stories from our employees about how DailyPay helped them pay off their rent or other bills sooner.
Not only that, but the software has financial wellness and planning tools our employees can access to better prepare for the future.
It’s also been a big help when we bring on new workers. On a biweekly pay cycle, it could take new hires up to a month to get their first paycheck. Now, they can see their earnings immediately. Who wouldn’t want to work for a company like that?