Upper Midwest grocery store Coborn’s is giving employees on-demand access to their pay with the implementation of the DailyPay digital wallet solution.
New York-based DailyPay said yesterday that its frictionless payment platform gives Coborn workers 24/7 access, via mobile device or computer, to all of their wages earned when they need it. Employees can send their money directly to any bank account, debit card or prepaid card and use it, on their own schedule, to pay bills, accumulate savings, invest money and buy goods and services, among other tasks.
Employees can receive their money directly into any bank account, debit card or prepaid card and use it whenever they want, according to DailyPay.
With easy access to earned income, employees can avoid payday loans or pay overdraft fees to make ends meet, as well as develop smarter financial habits by putting a portion of their paycheck into a checking account. savings before payday, DailyPay noted. Meanwhile, payroll teams can digitally disburse payments anytime, anywhere, eliminating the need to issue out-of-cycle payroll payments, and managers can incentivize and motivate employees with instant bonus awards, the company said. .
“As employee recruitment and retention become more challenging in today’s competitive workplace, the addition of the DailyPay benefit for our employees is a significant enhancement to our benefits package.” Coborn President and COO Dave Meyer he said in a statement.
Overall, Coborn’s operates 66 supermarkets in Minnesota, North Dakota, South Dakota, Wisconsin and Michigan under Coborn’s, Cash Wise Foods, Marketplace Foods, Hornbacher’s and Tadych‘market banners The company’s retail network also includes independent convenience stores, liquor stores and pharmacies, for a total of around 130 points of sale. Coborn’s also operates its own central bakery, dry cleaner, and grocery distribution center.
“We have been very impressed with the adoption rate at which our employees are benefiting from this new program, which clearly indicates the value of DailyPay as a benefit and that our employees are enjoying and taking advantage of the option to be paid more quickly after working. their turn,” Meyer added.
Businesses using the pay-on-demand platform hire up to 52% faster and retain employees 73% longer, according to a study commissioned by DailyPay. The company’s research also found that its solution provided users with 69% annual savings and a 73% improvement in workers’ perceptions of their employer. Companies that adopted DailyPay have seen twice as many job seekers for open positions, the company said, while Mercator reported that DailyPay produced an improvement of up to 72% in the rate of turnover.
DailyPay said its research shows that one in six US grocery store workers has access to the platform. In addition to Coborn’s, grocery stores offering the service include Lidl, Kroger, Leevers Supermarkets and Dave’s Markets, as well as distributor Associated Wholesale Grocers; convenience stores and Loop Neighborhood, Parker’s Kitchen and Double Kwik; and the Dollar Tree discount chain.