Kroger Co. has announced that it will introduce the ExpressPay platform from the DailyPay SaaS fintech brand to help its employees gain access to their pay as it's earned to expedite the money they have in the midst of the COVID-19 pandemic. The new initiative will allow employees to receive their wages immediately for the hours they put in as well as any additional raises, bonuses or perks they may receive. This will help them to purchase essentials and pay bills without having to worry about when their next payday is scheduled.
The introduction of the ExpressPay platform from Kroger Co. comes as one of a growing number of moves by grocers to implement the payment solution to keep employees supported.
Key Themes Behind This Trend
- Real-time Payment Systems
- The implementation of real-time payment platforms, like ExpressPay, can disrupt the traditional bi-weekly pay cycle and offer employees greater financial flexibility.
- On-demand Payroll Services
- The rise of on-demand payroll services can provide businesses with a competitive advantage by allowing employees to access their earned wages instantly and increase employee satisfaction.
- Employee Financial Wellness Programs
- The development of employee financial wellness programs can help businesses support their workforce and foster a positive workplace culture.
Where This Applies
- Retail Industry
- Implementing real-time payment platforms like ExpressPay can disrupt the traditional payroll cycle, create a more agile workforce, and increase employee satisfaction.
- Fintech Industry
- On-demand payroll services like DailyPay are creating new opportunities for fintech companies to disrupt the traditional banking and payroll industries.
- Human Resources Industry
- The rise of employee financial wellness programs is creating a new area of focus for the human resources industry, as companies look to support their workforce and create a positive workplace culture.
