Leading companies are turning to earned wage access — also known as on-demand pay — to improve employee turnover, retention and productivity.
Earned wage access (EWA) is a financial tool that allows employees to track, spend or save their pay as they earn it, instead of waiting for payday. Quinyx has partnered with DailyPay, the leading earned wage access solution, to help hospitality employers attract more applicants, retain employees longer and become an employer of choice in their industry.
This financial wellness benefit is proving to be a win-win for both employers and employees in the hospitality industry.
Gain a Recruiting Edge
As hospitality companies look to increase hiring during the busiest times of the year, it’s important to stand out from the competition and guarantee you’re equipped to handle consumer expectations.
EWA can be the answer, with 93% of hospitality companies offering an EWA solution today believing it has a positive impact on employee recruiting.
Competitive hiring markets give employees more choices when it comes to picking up a seasonal job or a long-term career option. Prospective employees have come to expect financial wellness support and EWA benefits. In fact, over half of the DailyPay users surveyed (53%) say they are more likely to stay with their current employer because they offer DailyPay.
Empower Employees to Cover Everyday Expenses
EWA can be a difference-maker for employees. This increased access to their wages empowers employees to meet the everyday expenses that matter most.
According to a survey by the Mercator Advisory Group commissioned by DailyPay, 78% of users surveyed said food and groceries were the top area in which they used on-demand pay support the most, followed by utilities (64%), and transportation and car insurance (54%).
Reward Employees for Their Hard Work
In addition to EWA, employers should also consider how meaningful rewards and digitized tips can make a difference for their employees. Instant rewards create a direct link between work and acknowledgment, boosting morale and motivation. DailyPay’s Reward feature is easily scalable and allows for digital cash rewards in real-time, making employees feel valued and encouraged to maintain high-performance levels. DailyPay Tips provides real-time, digital tips access, which not only recognizes exceptional service promptly but also helps employees achieve greater control of their daily finances.
Reward Employees for Their Hard Work
EWA through DailyPay gives employees added peace of mind and more control over their financial wellness. Combined with digitizing tips and a real-time reward program, prospective hires and current employees will appreciate the added financial wellness support.
Take your business to the next level and stand out in the hospitality industry with DailyPay.
