Businesses try new incentives to draw job candidates

Businesses try new incentives to draw job candidates

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00:00
businesses across the country still struggling to hire workers now some employers are rolling out new creative incentives to try to attract job candidates one new offering how about getting your paycheck every day but there's a catch workers have to pay a small fee if they want to tap their earnings right away cnbc's kate rogers explains in the midst of a historic labor crunch apps like branch and daily pay are gaining traction they allow hourly workers to access their paychecks same day instead of weekly or bi-weekly but
00:30
the employee must pay a fee daily pay charges 299 for instant access or 199 for next day access and some next day agreements have no fees at all the company says it's being used across the service sector and helping to onboard workers more quickly from a recruiting standpoint what our data is showing us is that employees who see a job ad that is offering daily pay as part of the benefits package they actually come to that employer 53 percent quicker
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than they would if not groups like the national association of consumer advocates have said these apps may be better than payday loans but need oversight the group's director saying the solution is to pay workers more not offer them access to their pay with a fee but daily pay says its whole goal is to get rid of payday loans altogether something like 88 of our user base who used to use a payday loan actually no longer do 94 of our population who used to overdraft their bank account no longer
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have a single overdraft some restaurant owners say the benefit can be a helpful recruitment tool brandon stewart runs more than 50 jimmy john's locations he says daily pay gives him an edge with hiring new workers i just saw that as a real opportunity to be able to pay our people faster you know in this environment you get a lot of you get a lot of people asking for pay advances and things like that which we were always willing to do for people that had already earned that money you know and daily pay just made it a lot easier for them to access their money much faster
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now the real question here kelly is is this working the most recent data from the national restaurant association shows four in five restaurants are still understaffed so while this could be a hiring and retaining tool it's likely not the solution to the labor crunch in so many service industries shepard smith here thanks for watching cnbc on youtube

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