We’ve all been conditioned to accept being paid every two weeks or longer. While many Americans faced financial hardships during the pandemic, corporations held onto their wages and earned interest on it. By waiting weeks before workers are paid, your company earns interest on your money. This doesn’t seem very fair. There has to be a better system.
Looking into this matter, I spoke with Jeanniey Walden, Chief Innovation and Marketing Officer at DailyPay. Walden says that the two-week pay cycle is based on an antiquated financial system dating back to around 70 years ago. With all our technology, it's irrational to keep doing what we’ve been doing for decades. Her company, DailyPay, made it their goal to envision a better, fairer way to pay people.
Employers now possess the software prowess to provide their workers with the financial wellness they deserve, and can alter the way pay periods work. It's not a cash advance, nor are there any catches. DailyPay is precisely what their name says: a worker can track the pay they’ve accrued, and gain access to it when you want it. The future of work is largely tech-driven, and people can now immediately gain access to their hard earned money without having to wait weeks or longer.