But not in the way you might be thinking.
It’s the timing of pay that we are seeing dramatic increases in. Waiting every two weeks or until mid-month or end of the month just might become a thing of the past, just like a home land-line.
While the actual rate of pay might be slow to increase, employers are trying to be more employee-centric by making pay quicker to access.
With such a large number of people in society living from paycheck to paycheck…or payday to payday, contact centers can differentiate themselves by giving employees more control of when they get paid.
The way people manage money is changing, Millennials and the incoming Generation Z use payment apps like Venmo to instantly zap their friends money. And for many, these are the majority of workers in contact centers. More and more we are seeing that “immediately” is what’s expected.
Here is an edited transcript of our interview:
Jaime McDougall: Hi Jim, thanks for having me. We help employees have control the timing of their pay. And so, this helps them reach their financial goals because they can make bills on time and not over draft on their bank account. So, our app is basically an ATM for your earnings. So employees can tap into their earned but unpaid wages before their payday, if they need it.
Jim Rembach: So, thinking this from a really an employee experience perspective I mean it seems to me, especially in today’s world, with so many things that you have going on. Time, I mean all these factors as well as the high-cost of borrowing money. Even short-term money. That this could be a significant benefit and attractor for potential employers. Is that correct?
Jaime McDougall: Yeah, exactly. And so, our benefit really helps with the recruitment and engagement and retention. And so, on the recruitment side, offering a daily payment option – especially for the hourly low-income worker this is huge. Because they do have a lot of financial obligations. From the engagement perspective we see presenteeism increase. You know people are willing to take more hours and more shifts, they know that they can cash out at the end of the day. And then, on the retention side we’ve seen a forty-one percent on average reduction in turnover of the employees that use daily pay. And so, that equates to approximately ten to twenty percent overall reduction of turnover on your workforce which equals hundreds of thousands of dollars in cost savings and directly affecting your bottom line.
Jim Rembach: So, I mean I can guess, but I don’t I guess. The supervisor is a very important role in the contact center, so how do you guys make their life easier?
Jaime McDougall: Well so, if we can help you retain your staff you’re not going to be putting all of your resources and energy into trying to attract new talent, train them and then get them kind of ramped up into being a productive employee. And so, then it helps in the engagement side of the house as well. And so, from a customer experience standpoint, you’re giving superior value to your customer who relies on you for strong support.
Jim Rembach: So how do folks learn more.
Jaime McDougall: You can learn more at www.dailypay.com. All of our information is there and you can reach out to us through our website.
Jim Rembach: Jamie thank you for sharing your knowledge and wisdom and we wish you the very best.
Jaime McDougall: Thank you so much and I really appreciate it.
- Another Disruption in Contact Centers: Pay Dramatically Increases Click to Tweet
- Unemployment is down and the labor market is tight…all of this is causing a disruption in contact center pay. Click to Tweet
- Employers are trying to be more employee-centric by making pay quicker to access. Click to Tweet
- While the actual rate of pay might be slow to increase, employers are trying to be more employee-centric by making pay quicker to access. Click to Tweet