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NEW YORK, NEW YORK, UNITED STATES, April 2, 2024 /EINPresswire.com/ — For Gen Z (18-27) and Millennial (28-43) hourly workers waiting for a scheduled payday may seem antiquated or basic.
According to a new Harris Poll/DailyPay survey, on-demand pay can be quite useful in paying bills and avoiding late fees for hourly workers, especially those in the younger subset of the workforce.
The data reveals that 81% of Gen Z and 74% of Millennial hourly workers say on-demand pay helps/would help them pay bills on time. Among the overall hourly worker population, a robust 67% feel this way.
In addition, the survey showed as well that 74% of Gen Z and 70% of Millennial hourly workers say on-demand pay would help them avoid paying late fees. Among the overall hourly worker population, 64% feel this way.
Furthermore, about 7 in 10 Gen Z (69%) and Millennial (70%) hourly workers agree that they would prefer the option to have access to their pay after every shift instead of waiting until the end of a traditional pay period. Among all hourly workers, 59% agree. Gen Z and Millennials comprise about 43% of the American workforce.
Overall, all generations see the positive value of on-demand pay (or earned wage access). Over 8 in 10 (84%) of all hourly workers whose employer offers on-demand pay say it is one of their favorite benefits offered.
On-demand pay is a financial wellness benefit companies offer to provide employees with access to the wages they have already earned. The on-demand pay provider typically integrates into an employer’s payroll and timekeeping systems to ensure accuracy, transparency, and security.
“From food deliveries to car rides to their pay, the younger generations expect everything at their fingertips in an on-demand world,” said Gino Palozzi, Chief Marketing Officer, DailyPay. “The new data aligns with our mission at DailyPay. Utilizing our work tech platform that features on-demand pay, hourly workers can better manage their finances and pay bills on time, while avoiding unnecessary late fees.”
NASHVILLE, TN, UNITED STATES, May 8, 2024 /EINPresswire.com/ — The Nashville Predators and Bridgestone Arena have partnered with DailyPay, empowering their employees with the financial wellness benefit of earned wage access, also known as on-demand pay, to eligible employees of the Nashville Predators and Powers Management, L.L.C. dba Bridgestone Arena as part of the partnership, DailyPay will be designated as the official ‘On-Demand Pay Partner’ for the Nashville Predators and Bridgestone Arena.
This partnership is made possible through DailyPay’s collaboration with Oak View Group (OVG), the global leader in live experience venue development, management, premium hospitality services, and 360-degree solutions for a collection of world-class owned venues and a client roster of arenas, stadiums, convention centers, music festivals, performing arts centers, and cultural institutions around the world. OVG Global Partnerships initiated and negotiated this deal on behalf of Bridgestone Arena and the Nashville Predators.
By offering DailyPay as part of its financial wellness benefits package, the Nashville Predators and Bridgestone Arena employees will have access to their pay as they earn it. This gives them the flexibility to pay bills, spend, save and invest on their own schedule, eliminating the need to rely on a traditional scheduled payday.
DailyPay’s worktech platform features the industry-leading on-demand pay benefit. With DailyPay, users can avoid costly financial products, such as high-interest payday loans. Research from the Aite Novarica Group, commissioned by DailyPay, shows that 95% of those who were previously reliant on payday loans in any way either stopped using payday loans (81%) or reduced use (15%) after using DailyPay.
“Our organization is excited to partner with DailyPay to offer all of our employees their on-demand pay services,” said Courtni Mosley, Chief People Officer for the Nashville Predators and Bridgestone Arena. “With talent acquisition and retention being top of mind for so many employers right now, it is critical that we offer benefits to distinguish us as an employer of choice in the market. With DailyPay’s on-demand pay solution, our employees have instant access to their money when they need it most. There is an intangible, intrinsic value associated with these benefits, and we are thrilled to partner with DailyPay to bring these to our staff.”
DailyPay has also proven to reduce employee turnover and boost productivity. Thirty percent of employers say they’ve seen a reduction in employee turnover since implementing DailyPay. In contrast, 55% of employees say they pick up at least one extra shift per month according to research from Arizent, commissioned by DailyPay.
“Through our partnership with DailyPay, we are also able to recognize outstanding performance and customer service efforts from our employees through the Golden Moment Maker initiative. This initiative, sponsored by DailyPay, allows us to showcase deserving employees during Nashville Predators home games and has been received with tremendous enthusiasm from our staff,” said Mosley.
“We are proud to partner with The Nashville Predators and Bridgestone Arena and align on their mission of prioritizing the well-being of their employees, enabling them to bring the best version of themselves to work every day,” said Lauren Mandel, Vice President, Brand Marketing, DailyPay.
About DailyPay, Inc.
DailyPay, Inc. is transforming the way people get paid. As a worktech company and the industry’s leading earned wage access solution, DailyPay uses an award-winning technology platform to help America’s top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City. For more information, visit www.dailypay.com/press.
