Coborn’s expands access to employee compensation
Upper Midwest grocer Coborn’s is giving employees on-demand access to their payroll through the implementation of the DailyPay digital wallet solution.
New York-based DailyPay said yesterday that its frictionless payments platform gives Coborn workers 24/7 access via mobile device or computer to their entire wages earned when they need it. Employees can have their money sent directly to 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 tasks.
According to DailyPay, employees can have their money sent 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 pay overdraft fees to make ends meet, as well as develop smarter money habits by allocating a portion of their paycheck to an account. savings before payday, DailyPay noted. Meanwhile, payroll teams can digitally issue payments anytime, anywhere – eliminating the need to issue off-cycle payroll payments – and managers can incentivize and motivate employees with instant bonuses, the company said.
“As recruiting and retaining employees become more difficult in today’s competitive workplace, the addition of the DailyPay benefit for our employees is a significant enhancement to our benefits package,” Dave Meyer, President and COO of Coborn said in a statement.
Overall, Coborn’s operates 66 supermarkets in Minnesota, North Dakota, South Dakota, Wisconsin and Michigan under the Coborn’s, Cash Wise Foods, Marketplace Foods, Hornbacher’s and Tadych‘Marketplace banners. The company’s retail network also includes stand-alone convenience stores, liquor stores and pharmacies, for a total of approximately 130 outlets. Coborn’s also operates its own central bakery, dry cleaning facility and grocery distribution center.
“We have been very impressed with the adoption rate our employees are taking advantage of this new program, which clearly indicates the value of DailyPay as a benefit and that our employees appreciate and take advantage of the option to be paid more. quickly after working their shift,” Meyer added.
According to research commissioned by DailyPay, businesses using the on-demand payment platform hire up to 52% faster and retain employees 73% longer. The company’s research also found that its solution provided users with a 69% annual savings and a 73% improvement in workers’ opinion of their employer. Businesses adopting DailyPay saw twice as many applicants for vacancies, the company said, while Mercator reported that DailyPay produced up to 72% improvement in turnover rate.
DailyPay said its research shows one in six U.S. grocery store employees have access to the platform. In addition to Coborn’s, grocers offering the service include Lidl, Kroger, Leevers Supermarkets and Dave’s Markets, as well as distributor Associated Wholesale Grocers; convenience stores and Loop Neighborhood, Parker’s Kitchen and Double Kwik; and Dollar Tree discount chain.