Can Early Pay Help Restaurants Retain Employees?

The statistics on American wealth are ugly: Most Americans are living paycheck to paycheck. More than half of all Americans have less than $1,000 in their bank accounts.

Things are especially hard for people who earn at or just above minimum wage, a segment that includes many fast-casual and quick-service workers. Add to that the fact that the jobless rate in the U.S. this year hit a 49-year low, and you get a difficult market for limited-service restaurants to recruit and keep talented workers.

But some brands are recognizing these challenges and responding with new tools for expedited pay that allow their employees more flexibility around when they access their wages. And there are some signs that these new tools are helping improve important measures like employee retention and morale.

One such tool, called DailyPay, has been growing in popularity with many big-name brands, including Captain D’s, Burger King, Taco Bell, and KFC, DailyPay spokesman Karl Pawlewicz says. He describes the technology, which can be accessed as a phone application or on the computer for employees, as an “ATM for employee earnings.”

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DailyPay Creates Overdraft Fund for MyPayrollHR Victims

Background: Earlier this week Clinton Hill, NY-based MyPayrollHR and parent company ValueWise shut down without warning, leaving more than 250,000 employees without a paycheck and about 5,000 companies without resources to cover them. While the FBI has been engaged, it’s important to note that fly-by-night payroll companies and “neo-payday” loan providers are still preying on small businesses and their employees.

Action: DailyPay, a NYC-based financial technology company that enables employers to provide compliant on-demand access to employee wages, is shocked and dismayed at the MyPayrollHR shutdown and is committing $25,000 to pay for overdraft and/or late fees for those affected employees. Any employee who has incurred a late fee or non-sufficient-funds fee as a result of their pay not being deposited into their bank accounts will be reimbursed up to $100 per employee. Any employee affected by the shutdown of MyPayrollHR is encouraged to email to find out how to securely apply for the Relief Fund.

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Is a Personal Training App Worth Your Money? We Tried It—Here’s What We Learned

I’m not a fitness junkie. I haven’t taken a fitness class in more than four years. I don’t run. I don’t lift weights in the gym or at home. I don’t sweat it out in hot yoga. My idea of “working out” is taking my dog for a walk longer than 20 minutes.

All of that is why I was both eager and hesitant to try the new personal training platform Livekick. Founded by entrepreneur Yarden Tadmor and fitness expert Shayna Schmidt, Livekick isn’t your typical personal training app. Instead of leading you through either a live group class or letting you select pre-recorded training sequences for streaming, the easy-to-use service connects you to one-on-one sessions with a private trainer who crafts a 30-minute workout specifically for you. So, I gave it a go—and here’s what happened.

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