In this episode, Vincent Walden welcomes back Jason Lee, CEO of DailyPay to the Pond to discuss the earned-wage access business model and how major employers like Kroger, Target, Dollar Tree, and many others are rethinking how employees get paid in an efficient, compliant manner.
Covid has changed how we think about work and the people who do it, and Jason Lee believes that this new understanding of our reliance on the hourly workforce is going to create the impetus to serve and honor them more effectively. One of the ways this is going to be happening is through the earned-wage access. Rolling this out is a meaningful and valuable benefit for employees, but there are compliance issues that companies need to be aware of.
Jason says that it is incumbent upon employers to make sure that they are in compliance on three key issues: when taxes are owed and paid, wage and hour compliance and payroll deductions, and the issue of whether earned-wage access is being treated like a loan.