Daily Payments: A Favorite Benefit Among Contact Center Workers & Employees
Nearly 40% of Employees at Five Nationwide Call Centers Access Their Pay Early With New Company Benefit
NEW YORK (February 5, 2018) - DailyPay, a financial solutions company that reduces employee turnover through instant access to earned income, has experienced an especially passionate adoption rate among the five nationwide contact centers who have started offering DailyPay as an employee benefit. These DailyPay partners—Staff Line, Silverback Network, CaLLogix, and DialAmerica—have seen, on average, 38% adoption among their employees.
Call centers are often plagued by high turnover. Industry attrition rates have been measured between 30 and 45% compared to an estimated 15% average across all industries. On average, across industries, entry-level employees who make around $40,000 per year cost 40% of their annual salary ($16,000) to replace.
DailyPay’s contact center partners have been especially diligent in addressing their attrition challenges. Call center work takes a unique adjustment period, so hires who are completely new to the role are at risk for high turnover. Because the leading cause of employee turnover is financial stress, partnering with DailyPay made perfect sense for these companies. DailyPay's mission is to help employees mitigate financial hardships with access to earned income before scheduled paydays. With DailyPay access, employees can avoid late fees and overdrafts and end mounting cycles of debt.
According to a report by Equifax Workforce Solutions, more than 40% of turnover happens within the first month, and another 10% or more leave before their first anniversary. Offering DailyPay immediately puts new hires at ease because they can access their income immediately after clocking out on day one. This acts as a massive recruiting incentive for job seekers choosing between a DailyPay partner and another company that only offers weekly pay.
Americans spend, on average, over $1000 per year in late fees and non-sufficient funds fees, which most dramatically affects income earners, who often live paycheck to paycheck. By giving instant access to earned income, DailyPay helps contact center workers stay ahead of bills and avoid high-interest payday loans. As a result, average turnover among contact center DailyPay users drops 50% and jobs advertising the DailyPay benefit garner 1.9x more applicants.
“Without a doubt, I am extremely confident that DailyPay will make a real difference for you and your employees. This is an all-around great service that helps provide individuals with financial peace of mind.”
-- Mikeronald Beaubrun, Operations Manager at DialAmerica
DailyPay works with mid-cap and enterprise companies in a host of industries, including cleaning, retail, healthcare and services.
For more information, please visit dailypay.com.
DailyPay’s mission is to give employees their first step toward financial security. DailyPay is the pioneer in providing employees real-time access to earned income across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them 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.