Island Hospitality Management, a third-party management company for select service and upscale extended stay hotels in the United States, has partnered with DailyPay to offer on-demand pay.
“We at Island have long known that our outcomes and successes are highly dependent upon how our team members show up every day,” said Tonya Moore, SVP of Human Resources at Island Hospitality Management. "The past two years have been a challenge, at best, but it has also taught us to prioritize wellness and wellbeing. Last year, still at the height of the pandemic, we conducted a wellness survey and learned that our team members were most interested in financial education followed by family events and volunteerism.”
Headquartered in West Palm Beach, Florida, Island Hospitality Management operates more than 70 North American hotels. Through the partnership with DailyPay, Island’s expansive portfolio of hotels are able to offer its employees the full suite of DailyPay products and services to their employees. Island Hospitality joins other leading hospitality brands that are bringing reform to hourly work with added benefits, flexibility, and understanding.
“There was an acknowledgment that lifestyle behaviors presented the biggest challenge to goal attainment. We know that our employees access resources like predatory lending institutions that significantly reduce their take-home pay,” added Moore. “As such, we see DailyPay as an important tool in our team members’ financial resource bucket that allows our employees to access their pay how and when they need to. Most importantly, we see DailyPay as an additional tool, along with a retirement plan that provides an immediately-vested safe harbor match, that helps us deliver meaningful financial wellness resources coupled with education within the tool.”
The DailyPay benefit allows employees to access the money they’ve already earned to cover necessary expenses between pay cycles and pay bills on time. Research commissioned by DailyPay shows that with access to DailyPay, users no longer have to incur overdraft fees or utilize payday loans to make ends meet.
Island Hospitality Management will leverage DailyPay to hire employees faster and retain them for longer. DailyPay research shows that candidates are twice as likely to apply for a job when the employer offers DailyPay. The research also found that employers saw a 50% reduction in turnover since implementing DailyPay.