With the holiday season in full swing, leading retailers are innovating and adapting to recruit and retain more employees during competitive times.
Retail employees are stretched thin during the holiday rush between online shopping, retail store returns, flash sales, limited-time offers, same-day deliveries, in-store pickups, and trying to keep up with the overall holiday shopping of consumers. Then they join the holiday shopping as consumers. It’s crucial for employers to think of innovative solutions to support their employees during these times.
One solution is earned wage access (EWA), 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 retail employers attract more applicants, retain employees longer, and become an employer of choice in their industry.
Through its many features, employers can offer employees the work control and flexibility they deserve and expect in today’s job market. Here are seven ways earned wage access can help engage your workforce and take your retail business to the next level.
Attract Top Talent
95% of retail companies offering an EWA solution today believe it has a positive impact on employee recruiting.[1]
In order to attract the best talent, you have to understand your talent pool, and many seasonal retail workers are Gen-Zers who are growing into their careers as flexible schedules and gig work become the norm. They expect retailers to offer the same flexibility and convenience, and if not, they’ll look for it elsewhere. One-third (32%) of Gen Z hourly workers are willing to consider leaving their current employer for one that offers daily access to wages.[2]
Retain Top Talent
98% of retail companies offering an EWA solution today believe it has a positive impact on employee retention.[3]
In order for retailers to retain employees – many of whom are just starting their careers – it’s essential to retain senior leadership. Retail managers are 1.75 times more likely to leave their job than non-managers. Keeping your managers engaged and motivated is critical to their retention, especially in an industry like retail that has one of the highest quits rates in the nation.
Managers are likely to be further along in their career and may possibly have more responsibilities during the holiday season than newer retail employees. Providing them with easy ways to access and save money for gift ideas or festivities is a simple way employers can help.
Among those who previously looked for a new job, 56% have stopped or slowed their search since they started using DailyPay, and 46% attribute the change in behavior to DailyPay.[4] Another way to engage and retain managers is by giving them full autonomy and authority to develop rewards programs that recognize their local team members as they see best.
Revamp Your Rewards Program
58% of users say DailyPay makes them feel more satisfied in their job.[5]
In all industries, employees like immediate recognition. Unlike delayed bonuses, 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. It’s the perfect tool during the holiday season when extra cash and extra performance are both needed. A good rewards program ultimately elevates the consumer shopping experience and increases customer satisfaction.
Digitize Your Tips
83% of DailyPay users in the retail industry say the app helps them understand how much they earn daily.[6]
In today’s world of retail, point-of-sale tipping is now routine, and the holiday season is when tipping increases the most. Real-time, digital tips access not only recognizes exceptional service promptly, but also helps employees achieve greater control of their daily finances.
Improve Employee Engagement
98% of retail companies offering an EWA solution today believe it has a positive impact on employee engagement.[7]
Engaged employees are the backbone of a successful retail business, especially when things are busy. Retailers need employees who are willing to go above and beyond, but first those employees need to feel valued and supported. Over half (55%) of DailyPay users say they pick up at least one extra shift per month because they know they can access earned pay ahead of payday.[8]
Incentivize Timeclock Compliance
95% of retail companies using an EWA solution today believe it has a somewhat or very positive impact on absenteeism.[9]
The holiday season means seasonal hires and temporary staff, which means a lot more new employees and possible payroll errors. DailyPay empowers retail employers to incentivize timeclock compliance seamlessly. As employees complete shifts, they need to properly report those shifts in order to access their earned pay. By linking pay access to shift reporting, DailyPay helps ensure precise time records, reducing errors and streamlining payroll processes.
Streamline Off-Cycle Payments
72% of retail companies indicated that the earned wage access solution lessens the payroll team’s workload.[10]
With new hires and temporary staff coming and going throughout the holiday rush just to keep up with sales demands, payroll teams have to sprint to process, print, package and ship checks in time. DailyPay's Cycle feature is a game-changer for retail employers, streamlining off-cycle payments and saving both time and money. With a paperless process, employers can efficiently disburse termination pay, correct payroll errors, and address missing hours instantly.
Conclusion
100% of retail companies offering an EWA solution today somewhat or strongly agree that providing an EWA solution is helping to attract and retain the right workforce for the future of their organization.[11]
In the fast-paced world of retail, staying ahead demands innovative solutions that redefine the employee experience. DailyPay is a strategic partner in attracting and retaining top talent, improving employee financial wellness, enhancing job satisfaction, and ultimately helping companies outpace competition and become an employer of choice in their industry.
88% of retail companies with an EWA solution believe it is helping them stand out from the competition.[12]
By giving employees an easy way to track, spend or save their pay as they earn it instead of waiting for payday, along with digitizing tips, revamping reward programs, and streamlining off-cycle payments, DailyPay cultivates a positive and productive work environment.
Elevate your business and embrace the future of retail success today with DailyPay. Find out more about our partnership from our previous blog.
[1] Hanover Research Study: Companies with EWA Solutions, September 2023
[2] Harris Poll survey commissioned by Funding our Future and DailyPay, July 2023
[3] DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023
[4] DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023
[5] DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023
[6] DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023
[7] Hanover Research Study: Companies with EWA Solutions, September 2023
[8] DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023
[9] Hanover Research Study: Companies with EWA Solutions, September 2023
[10] Hanover Research Study: Companies with EWA Solutions, September 2023
[11] Hanover Research Study: Companies with EWA Solutions, September 2023
[12] Hanover Research Study: Companies with EWA Solutions, September 2023