The DailyPay app has about 500,000 users, and charges workers a fee of $1.25 to $2.99 per use, depending on how quickly they'd like to gain access to the funds-immediately or the next day. Other apps providing similar services include New York-based DailyPay, which launched its service in August 2015. Instant Financial says that they have also attracted trucking companies and some retailers, and expect usage from about 1 million workers within the next two years. Currently, about 250,000 employees serving close to 50 companies have access to the service, including franchisees of Outback Steakhouse, Dunkin' Donuts, and McDonald's. This daily pay app allows employees to withdraw half the pay they earn on a given day, limiting the money available to 50% of their paychecks, which encourages saving. Instant Financial offers employees access to their pay within minutes of clocking out of their shift. But most importantly, hourly employees want access to their money and they want it instantaneously, which is where apps like Instant Financial fill in the gap. Many hourly-worker candidates are millennials, who are comfortable using their phones and mobile apps to navigate their way into good-paying jobs offering some sense of fulfillment. With a multitude of opportunities, tech-savvy job candidates are using social media, online reviews, and word-of-mouth to find the perfect job that suits their lifestyle as well as their wallets. This is why some are turning to instant daily pay apps that are becoming more popular with both employees and employers. Additionally, many hourly employees want immediate rewards and depend on regular cash flow. According to a Bloomberg report, two out of five American adults do not have sufficient savings to cover even a $400 emergency, and one in five of the adults surveyed are not able to pay their current month's bills in full. Like other employees, hourly workers strive to meet the demands of their household budgets, but unfortunately, some struggle to make ends meet. Hourly workers have more choices than ever before, and with companies using creative marketing strategies to lure potential candidates, businesses are turning to innovative benefits, including daily pay apps. Competing for hourly workers has become increasingly challenging with the ever-tightening labor market.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |