DailyPay Announces Partnership with Lizard's Thicket Country Cooking
Country cooking meets payday innovation to boost employee financial wellness
NEW YORK (March 29, 2018) - DailyPay, a financial solutions company that reduces employee turnover through instant access to earned income, today announced a partnership with Lizard’s Thicket, a South Carolina-based quick-service restaurant with 15 locations in the Southeast. Lizard’s Thicket is a family-owned and operated restaurant founded on the philosophy of serving quality home-cooked food. They just celebrated their 40th anniversary, and they are continuing to expand service throughout South Carolina.
DailyPay offers Lizard’s Thicket employees immediate access to their earned but unpaid income through an intuitive, device-agnostic platform. After completing a shift, the net amount earned is added to an available balance from which employees can transfer up to 100% of net earnings and receive their money instantly.
Attrition is a serious concern in the food service industry. According to MIT Technology Review, who have been tracking industry attrition rates since 1995, turnover in food service is at an all-time high at 150%. A study done by the prestigious Center for Hospitality Research (CHR) at Cornell University found that the cost of direct training was only about 25% of the total expense in replacing an employee. Given the estimates made by CHR at Cornell, staff turnover could be as high as $5,864 per employee.
Even at a significantly lower turnover rate, the impact to bottom-line profits is substantial.
With financial stress being the number one emotional affliction and primary driver of employee disengagement and turnover in the U.S., according to the American Psychological Association, Lizard’s Thicket sought out a new way to take care of their employees’ wellbeing.
Together, DailyPay and Lizard’s Thicket are promoting financial wellness among their staff by offering a tool that lets employees withdraw earned money ahead of payday, giving them the freedom to pay bills on time, avoid non-sufficient funds fees, and reduce need for high-interest payday loans. Lizard’s Thicket employees can now receive their earned but unpaid income whenever they need it, even on weekends and holidays, a benefit proven to increase employee engagement and reduce turnover.
“People working in the food-service industry are the lifeblood of the American workforce,” said DailyPay Founder and CEO Jason Lee. “We are proud to work with Lizard’s Thicket, one of the best-known food concepts in the Southeast.”
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 wages 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.
About Lizard’s Thicket
Lizard’s Thicket, a family-owned and operated country cooking restaurant specializing in authentic regional Southern home cooking at reasonable prices, was first opened by Bob and Anna Williams in Columbia, S.C. in 1977. The business has grown to a multi-unit operation with 800 employees including Bob and Anna’s children and grandchildren.
For more information about Lizard’s Thicket, visit lizardsthicket.com.