Yoke’s, DailyPay Team to Help Associates Attain Financial Wellness
Independent grocer Yoke’s Fresh Markets has joined forces with DailyPay, a New York-based provider of on-demand pay. The partnership will enable Yoke’s employees to access their pay immediately after finishing a shift, allowing them to pay bills, invest, spend and save on their own schedules, thereby giving employees control over their own financial wellness.
Since implementing DailyPay’s solution last year, Yoke’s has experienced a 34% increase in employee tenure among its associates who use DailyPay. On average, Yoke’s employees who use DailyPay remain 31 days longer on the job than those who don’t. In general, companies using DailyPay as part of a financial wellness benefits package can retain employees 73% longer, according to a 2021 study commissioned by DailyPay. In fact, a 2020 survey conducted by the company found that 78% of DailyPay users said that they’re avoiding late fees, 74% said that their financial stress is reduced and 59% said that DailyPay motivates them to go to work.
As part of Yoke’s core value proposition, the company provides its associates with opportunities to fulfill their potential and accomplish their goals, including their financial goals. In addition to DailyPay, the independent grocer offers financial literacy programs, a 401(k) company match and company equity, among other financial benefits.
“It’s always nice to give our associates an additional benefit that our competitors may not have,” noted Yoke’s VP of Marketing John Orton. “Also, it’s a benefit that doesn’t cost the company anything – what could be easier?”
Other retailers that offer DailyPay include Ridley’s Family Markets, Coborn’s, Big Lots and Kroger.
Yoke’s, a 100% employee-owned chain of retail grocery stores based in Spokane Valley, Wash., operates 19 retail locations located throughout central and eastern Washington, north Idaho and western Montana.
