DailyPay is empowering managers and human resources professionals to recognize employees for a job well done with an innovative new solution launching later this year: REWARD by DailyPay.
On the heels of game-changing announcements for CYCLE and ExtendPX, DailyPay will be rolling out a new benefit that addresses a pain point for many businesses. A recent edition of Deloitte CFO Insights cited a study that employees who receive regular small rewards are 8 times more likely to be engaged. But only 8% of those polled said their organization's rewards program is 'very effective' in retaining talent while only 6% said it was 'very effective' in attracting talent.
Keeping employees engaged and motivated is a top priority for managers, especially during these challenging times. REWARD by DailyPay gives managers the ability to instantly and effortlessly incentivize their staff with on-the-spot payments for everything from bonuses for exemplary work to special incentives for picking up additional shifts. In a world where we have come to expect instant everything, DailyPay has created an immediate way to reward employees, becoming a key differentiator further strengthening the employee-employer bond.
"When it comes to driving employee engagement and success, communication is key," says Rose Corey, Senior HR Director at BrightSpring Health Services. "Employee engagement can be increased when there is a strong, positive relationship between supervisor and his/ her employee and managers that can determine the employees' and the customers' overall experience."
Rose added, "Showing timely appreciation (for employees) is a great step in the right direction. Actions speak louder than words, delivering rewards will generate excitement."
"REWARD exemplifies our commitment to continually innovating our gold standard product with new functions that speak to the needs of our valued partners and unlocking the endless possibilities of pay," said Konstantin Getmanchuk, Senior Vice President, Product, DailyPay.
REWARD is the newest pay experience designed to connect field managers and HR into the dynamic PayEx platform. They will join other members of the pay ecosystem using DailyPay's continuous response technology to become more active participants in the pay experience:
- Employees, who PAY and SAVE themselves on demand, on their terms
- Payroll administrators, who easily CYCLE funds to employees outside of the ordinary payroll schedule