Coborn’s Inc. said it has partnered with on-demand pay provider DailyPay to give employees access to their pay as they earn it.
"As recruitment and retention of employees becomes more challenging in today's competitive workplace, the addition of the DailyPay benefit for our employees is an important enhancement to our benefits package, said Dave Meyer, president and COO for Coborn's, in a statement.
Meyer said the St. Cloud, Minn.-based grocer has been “very impressed with the adoption rate at which our employees are taking advantage of this new program, which clearly indicates the value of DailyPay as a benefit and that our employees are enjoying and taking advantage of the option to be paid more quickly after working their shift."
According to DailyPay research, Coborn's is among the latest grocer to implement on-demand pay benefits, as one in eight grocery workers in America have access to DailyPay.
The fintech solutions company said companies leveraging DailyPay as part of a financial wellness benefits package are able to hire up to 52% faster and retain employees 73% longer, according to a study commissioned by DailyPay.
“The benefit has become sought-after because, with the power of choice and control over their pay, employees are able to avoid payday loans or paying overdraft fees to make ends meet,” the company said in a statement.
Coborn's Inc. is a regional employee-owned grocery retailer with nearly 9,300 employees and 66 grocery stores across Minnesota, Wisconsin, Michigan, North Dakota and South Dakota.