Austin-based Torchy’s Tacos offers hourly employees access to their earned wages as needed. Through a partnership with DailyPay, an on-demand pay provider, Torchy employees have instant access to their pay as they earn rather than waiting weeks for payday, according to a company press release.
“Employees seek more fulfilling work, and it is up to brands to invest in their employees and provide compelling incentives that support not only the worker, but their daily life as a whole,” Elizabeth Baxter, director of human resources at Tacos de Torchy, said in the statement. “Our new partnership with DailyPay will give our team members more control over their finances and access to their compensation based on their individual needs and those of their families.”
With DailyPay, businesses are able to fill open positions 52% faster than those without a daily payment option, while experiencing a 50% reduction in revenue. Recent research commissioned by DailyPay with the Aite-Novarica group found that 95% of those who have ever relied on payday loans or paid overdraft fees can break the debt cycle when they have a DailyPay option. . As a result, 77% of employees who use DailyPay experience less financial stress, according to DailyPay.
Torchy’s Tacos has over 95 locations across Texas, Oklahoma, Colorado, Arkansas, Louisiana, Missouri, Kansas, Indiana, North Carolina, and Tennessee.