InstaPaid is a platform that allows employees to instantly access their earned salary via an app – just when they want it.
Recruiting and retaining employees can be difficult in the restaurant industry – this is nothing new – but a new platform and app hopes to be a new tool for both attraction and retention. It's called Instapaid and was developed by the Danish tech company of the same name.
The app provides a full overview of earned wages in real time and updates the available balance daily when employees finish their shifts. Instapaid is integrated with payroll system, time registration system, shift plans and bank. If you want to be paid some of your salary between the fixed salary payments, you do it with a single swipe in the app, which in terms of design is reminiscent of, for example, Danske Bank and Mobilepay.
"We hope InstaPaid can make companies attractive to both existing and potential employees by offering them this flexibility," says Michael Kayser, founder of InstaPaid and Tech CEO. He says that similar solutions implemented in the USA have had a positive effect on the staff: "People simply think it is advantageous that they can have more freedom over their salary, and it motivates them to take more shifts that they have the money in hand right after the end of the shift.”
It is precisely for this reason that Marienlyst Strandhotel has started subscribing to Instapaid:
“We want to increase transparency for our employees after completed shifts and offer them the flexibility of immediate pay. This initiative is expected to motivate a
increased demand for vacant shifts," says Kasper Capell, head of finance and accounting.
Torben Klitbo, who has more than 250 employees and is the owner and co-owner of a large number of restaurants and takeaway businesses, has connected his companies to the new platform. "It's an enormously flexible solution and partly we control how many percent of the salary we want to pay on an ongoing basis, partly it's a gesture towards our employees," he says. Like many other restaurateurs, he feels that recruitment and retention is the biggest challenge at the moment. He believes the new platform can be a weapon in the fight for good employees: "My hope is that this will ultimately increase employee satisfaction and thus also give us a more stable business."
Facts
- The app can be downloaded free of charge by the employees of companies that join Instapaid.
- The company itself determines how large a portion of the salary can be swiped on an ongoing basis.
- The system is secure, simple and GDPR compliant. Full option for auditing, reporting and segregation of duties.
- Price for Instapaid: Trial period of one month with no costs or obligations, followed by a fixed price of DKK 19 per month. employee per month.
