Jason Lee, CEO and Co-founder at DailyPay

The future of pay is where employees can control the timing of their pay. There are a couple of root causes for this, but the main thing is that employees that have access to it will come to expect it as the norm, not the exception. They will want to choose how they get paid, based on their needs, and they will want control over their earned wages to reduce financial stress and increase financial security.

Jason Lee divides employees into two major groups:

1. ERINs (Employees Requiring Income Now). ERINs are employees that require their earned wages today. Not tomorrow, not next week, not on payday - but now.

Many of the employees in this group are among the 78% of Americans who live paycheck to paycheck; this means that almost 8 out of 10 people in your workforce are ERINs. They are financially unprepared for unexpected medical expenses and they can’t get to work if their car breaks down. A large number of ERINs are hard-working, hourly employees in service- based industries, such as healthcare, hospitality, quick service restaurants, retail, and nursing.

2.MAGGIEs (Millennials And Gen Z who Get Instant Everything). They are puzzled by the fact that they don’t have instant access to money they ’ ve already earned. These are the generations in the workforce who grew up as digital natives. MAGGIEs expect full transparency in order to see the big picture — this is what they need to make informed decisions. They way they receive this information is through instant access to everything. As adults, they appreciate apps and technology that give them control and provide instant value. MAGGIEs are puzzled by the fact that they don’t have instant access to money they ’ ve already earned. Not that they would use it, but the mere fact that they don’t have access is contrary to every other aspect of their lives.