Instant gratification is a fact of daily life, and there’s no denying we’ve gotten used to it.
When we pay bills, we don’t go to the post office. We go online.
When we need a ride, we tap a button for an Uber.
When we watch a movie, we don’t check movie times or head to the theater. We log in to Netflix.
Instant gratification is a fact of daily life, and there’s no denying we’ve gotten used to it.
For Generation X, Baby Boomers, or any generation before, instant gratification at this level is relatively new. But millennials and Generation Z (who are now entering the workforce) have spent their lives with this technology and have grown to expect this pace of fulfillment.
For this reason, employers who are early adopters when it comes to scratching the “instant itch” of their millennial and upcoming Gen Z employees can square away a huge advantage in the job market.
How instant gratification can bring job satisfaction
The full instant-gratification treatment that’s infiltrated so much of our lives hasn’t yet revolutionized our professional lives. The status quo speed and convenience of the workplace can quickly become a point of dissatisfaction for the millennial workforce who expect better.
According to a survey by LinkedIn, . Job hopping has almost doubled in the last 20 years. Millennials want to see professional change, growth, and action as quickly as they can order an Uber. These expectations will only accelerate as Generation Z floods the market.
While job performance and relationship building will never be an instant achievement, certain things about work life can be.
For instance, ? You could empower your employees to decide when they get their earned wages, which means they aren’t bound to a pay schedule. Once they put in the time, they can instantly get their pay.
Providing instant gratification in the workplace, something that is largely unheard of, can be leverage for and strategic . You’re doing something different and catering to a millennial demographic.
An offering like this isn’t only about connecting instantly. The method of the communication is equally important.
Communicating with millennials and Gen Zers effectively
Simon Sinek, author and marketing consultant, has a highly viewed and referenced lecture. One of the points Sinek makes is that millennials are programmed to speak digitally. Most of us are constantly connected (or otherwise addicted) to our phones. Millennials and Generation Zers grew up with cell phones, escalating their connectivity expectations.
Further, when we do use our phones to communicate, it’s rarely through a phone call. Texts and social media have taken over as the preferred method of communication. Rather than texting in paragraphs or even full sentences, we prefer illustrating our thoughts (e.g., Facebook, Instagram, or emojis).
For these reasons, DailyPay has taken the concept of instant gratification in the workplace and combined it with text and emoji communications.
DailyPay connects businesses and millennials through technology
DailyPay recently introduced the idea of . This feature allows you to text emojis and receive earned but unpaid wages instantly. Emojis can help users request money through a normal, comfortable means of communication. Each emoji is worth $20.
After unrolling the program, we started to analyze the data. Our research yielded some interesting findings.
We discovered that so far, millennials are the most eager to user DailyPay’s text emoji system:
Usage by age:
- –
- 18-24 – 28%
- 35-44 – 23%
Further, when we asked our users why they used the texting feature, the results synced with the belief that instant gratification rules.
Ranked from most important to least important:
- I like to use it for fast cash
- Instant pay
- Weekend pay
- Convenience
- I don’t have data or wifi on my phone, so I prefer texting
DailyPay is resonating with the audience
It’s one thing to use a service, but it’s another to be satisfied with it. We certainly don’t see any sad or desperate emojis among our more than 50,000 transfer requests. Who wouldn’t be happy with a lifeline in the palm of their hands?
Additionally, 95% of users polled said they wouldrecommend text emojis.
What are the users withdrawing money for?
When we speak about millennials, we often hear generational groans over money mismanagement and entitlement.
It’s easy to buy into the stereotype and think that perhaps instant access to pay will perpetuate “bad behavior.” But the millennial financial situation is very different than their predecessors.
Consider the one-two punch of rising education costs and student loan debt paired with entering the working world in the middle of The Great Recession. Then there’s just this single bullet point from a much longer on the inherited millennial money situation:
“Millennial net wealth is half as much as Baby Boomers when they were young adults; wages have also declined 20 percent for today’s young workers… Boomers earned higher incomes, amassed greater assets, were more likely to own homes, and had greater net wealth when they were young adults than today’s young people. A young adult without a college degree in 1989 earned roughly the same income as a college graduate with student debt today.”
Living paycheck to paycheck means you don’t have the opportunity to save for unexpected expenses like your car getting towed or a medical emergency. And of all Americans (not just millennials) report that they don’t have enough in an emergency fund to cover six months’ worth of expenses.
When asked the top reasons for using text emojis this is what we found our users are spending consciously. (Note: respondents had opportunities to select more than one box.):
- Basic Needs – 66.47%
- Unexpected/Emergency Expense – 57.25%
- Pay a Monthly Bill – 50.59%
- Leisure – 46.27%
- Child Expenses – 17.45%
The average payment amount was only $40, or two emojis.
It’s clear that Daily Pay has made a . Businesses that are earlier adopters of instant payments can have the advantage with employee retention, recruiting and overall workplace happiness, especially among millennials. .
Source
http://business.dailypay.com/blog/for-employers-of-millennials-and-gen-z