DailyPay, the leading On-Demand Pay platform, announced its partnership with isolved, a provider of human capital management (HCM) solutions that help organizations recruit, retain, and elevate their workforce. The new offering through DailyPay gives employees access to their pay as soon as they earn it for more than 8 million employees and 195,000 employers who are leveraging isolved People Cloud.
In the United States, small businesses make up 99.9% of companies and employ about 59 million people. For so many, the flexibility to proactively manage finances is essential to help avoid late payment fees and costly financial quick-fixes.
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Companies are leveraging DailyPay to solve for rising absenteeism, which costs companies billions in lost productivity each year. When employees know they can have access to their pay after each shift, it motivates them to show up for work. In fact, 55% of employees say they pick up at least one extra shift per month according to research from Arizent, commissioned by DailyPay.
“As we add more financial wellness offerings to the isolved Marketplace, we are committed to supporting our partners and clients with solutions that enhance employees’ overall financial health,” stated Melissa Versnik, VP of isolved Marketplace. “These additions reflect our mission to deliver comprehensive, evolving options that strengthen businesses and improve the employee experience.”
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“Our partnership with isolved marks a significant milestone in our commitment to supporting small businesses,” said Carly Brush, SVP, HCM, DailyPay. “We’re excited to offer our On-Demand Pay product and powerful financial wellness solutions to employers in addition to isolved’s offerings that significantly boost employee retention, elevate job satisfaction, and foster a more productive work environment.”
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Three in four employers say their workers’ financial stress negatively affects their business. However, one in four (24%) American workers surveyed think more workplace benefits can enhance a person’s financial security. Small business owners now have the opportunity to offer benefits to both help their business and their employees’ financial journeys.
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Source : dailypay