Exclusive Interview with Jeanniey Mullen, Chief Innovation Officer, DailyPay

“HR Leaders Need To Establish A Workplace That Rebuilds Trust”

What would the post-Covid-19 world be like? What would companies be focusing on when they open offices after the lockdown? What will be their new workplace strategies? How do they plan to alleviate employees' concerns? There are a lot of questions to be answered as the world buckles up and starts picking up the pieces from where they left.
 

Jeanniey Mullen, chief innovation officer of DailyPay, answers a few questions around legal issues to consider when re-opening, changes required in compensation structure, and shortcomings of HR technology, among others.

Q: What are the legal issues to consider when reopening businesses?

Jeanniey Mullen: Delicate and diligent planning is crucial. Remember, it literally could be a matter of life and death. You must consider employee safety. If your employee should get sick while at work - you are now liable. This includes medical costs, time off, and in the worst-case scenario, a lawsuit. 

Given the different outlooks among states, businesses need to consider their state and local orders for rules and conditions to reopen, as well as legal requirements for pandemic operation. To be safe, keep the numbers at a minimum, practice social distancing and follow CDC guidelines!

Q: What are some of the shortcomings in HR technology/protocol that has come to fore during the pandemic season?

Jeanniey Mullen: In general, all “planned” technology has come under a spotlight and has either been filed or accelerated. One of the biggest losers has been traditional paper. As a result, adoption of many technologies was accelerated. On-demand pay is one of the technologies pushed to the forefront. 
 

On-demand pay has evolved from a nice-to-have to being essential during the course of the pandemic. We have shed a spotlight on the limitations of paper checks and direct deposit. Everything from a lack of in-office personnel to actually running paper checks, delays in mail delivery and concerns about human handling of checks, has quickly made paper the enemy. 

On-demand pay has stepped in for payday, and Google Drive use has spiked for document storage. 

Other places in which we have seen HR technology transformation is remote working. The pandemic demonstrated an immediate need for flexibility. Remote work and the acceleration of video technology enabled essential work to be done remotely. HR leaders have turned to technology to create positive remote workforces, leveraging video, virtual coffee dates, mindfulness support and even online personal trainers.

Q: What is needed in the current scenario?

HR leaders need to establish a workplace that rebuilds trust. Overcommunication is key — people appreciate transparency. They realize we are all in this together. Providing different engagement opportunities that are focused on physical and mental health will help ensure that your employees are your top priority.  Flexibility will not just be a nice-to-have, it is an absolute necessity. 

Q: What is lacking in a typical two-week pay structure?

Jeanniey Mullen: Through COVID-19, when and how fast employees get their pay has never been more important. Having access to their own funds makes pay go from transactional and cold to a powerful experience not just for employees, but for their families as well. 

When the pandemic first hit and there was media hype surrounding stocking up on groceries and toilet paper, we saw a 400% spike in DailyPay usage. For most Americans living paycheck to paycheck — bulk spending is a luxury. Employees were taking their pay early to prepare for an unknown future. 

We heard from many employees that they were relieved to be able to access pay early to stock up on diapers, medical supplies and food and even to arrange transportation for children returning from college. As the pandemic continued, we saw many people using DailyPay to support ever-changing family needs, including their ability to make bulk purchases, purchase data plan extensions and even go to the grocery store or pharmacy early, before they became crowded, reducing their chances of getting sick. 

As we start to return to work, we see a 30% increase in DailyPay usage, not for an individual, but for the family or household. In many cases, the employee with access to DailyPay is financially solvent, but the spouse, roommate, adult child or significant other is not due to pay cuts, layoffs, furloughs or delays with unemployment. This creates a family need to use DailyPay as a financial bridge. And, as a result, makes it an essential benefit. 

A recent survey we conducted shows that 90% of our users feel a sense of financial relief knowing they have a daily pay option for them if needed. 

Q: What do employees look for in their jobs relative to pay?

Jeanniey Mullen: Employees are looking for employers they can trust with their personal and financial well-being. 

A recent survey found that 1 out of 6 people looking for a job are now seeking an employer who offers an on-demand benefit.  

The crisis no longer places just an individual's income at risk, but an entire household’s. People need to manage through this crisis in their own way, and giving them control of their pay shows that companies value their employees. And less stressed employees demonstrate higher productivity. 

Q: How can companies rebuild their workplace compensation structure?

Jeanniey Mullen: This is a question that will have numerous answers. From pay cuts to bonus pay, furloughed employees to job elimination, virtually every compensation option has been employed during the pandemic. 

Each company will need to rebuild in accordance with its operating models and long-range plans. 

Regardless of the model you are using to rebuild, a critical “new world order” mandate is to recognize pay as the most critical element of your employee experience. A positive pay experience provides a frictionless, digital and rewarding experience at every moment of the employee journey. It helps to establish trust. A company should consider offering all options including direct deposit, and paycards. 

Q: How will it help employees?

Jeanniey Mullen: COVID-19 rocked us all financially. No one was safe. The urge to save and to plan for the future is on top of everyone's mind. DailyPay discovered that 56% of respondents to a recent survey are using their wages to pay bills, and 31% are putting it toward savings. Ninety percent of respondents said that having access to DailyPay during COVID-19 has reduced their financial stress. Having access to your money as you earn it creates a sense of trust and validation, a powerful agreement between two parties, an employer and employee, to return value in response to receiving value. 
 

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