Upper Midwest grocer Coborn’s is offering its employees on-demand access to their payments with the implementation of the DailyPay digital wallet solution.
New York-based DailyPay announced yesterday that its seamless payments platform gives Coborn employees 24/7 access to all of their earned wages when they need them, via a mobile device or computer. Employees can have their money deposited directly into any bank account, debit card, or prepaid card and use it—on their own schedule—to pay bills, build savings, invest money, and buy goods and services, among other things.
According to DailyPay, employees can have their money transferred directly to any bank account, debit card or prepaid card and use it whenever they want.
With easy access to earned income, employees can avoid payday loans or overdraft fees to make ends meet and develop smarter financial habits by earmarking a portion of their paycheck in a savings account before payday, DailyPay found. Meanwhile, payroll teams can digitally disburse payments anytime, anywhere — eliminating the need to do out-of-cycle payroll processing — and managers can engage and motivate employees with instant bonus rewards, the company said.
“As hiring and retaining employees becomes increasingly difficult in today’s competitive work environment, the addition of the DailyPay benefit to our employees is an important addition to our benefits package,” Dave Meyer, President and Chief Operating Officer of Coborn 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, and Hornbacher’s Tadykh‘s marketplace Banner. The Company’s retail network also includes standalone convenience stores, liquor stores and pharmacies totaling approximately 130 outlets. Coborn’s also operates its own central bakery, dry cleaning and grocery distribution center.
“We have been very impressed with the adoption rate that our employees are using this new program, which demonstrates the value of DailyPay as an advantage and that our employees enjoy and take advantage of the option to get paid faster after their shift work,” added Meyer added.
According to a study commissioned by DailyPay, companies using the On-Demand Pay platform hire up to 52% faster and retain employees 73% longer. The company’s research also found that its solution enabled users to save 69% annually and improved employee opinions of their employer by 73%. Companies that adopt DailyPay have seen twice as many applicants for vacancies, the company said, while Mercator reported that DailyPay improved turnover rates by up to 72%.
DailyPay said its research shows one in six US grocery workers have access to the platform. In addition to Coborn’s, grocers offering this service include Lidl, Kroger, Leevers Supermarkets and Dave’s Markets, as well as distributor Associated Wholesale Grocers; convenience retailers and Loop Neighborhood, Parker’s Kitchen and Double Kwik; and discount chain Dollar Tree.