Payments

Torchy's Tacos offering on-demand pay to employees

provided

December 13, 2021

Austin-based Torchy's Tacos is providing hourly employees with access to their earned wages as they need. Through a partnership with DailyPay, a provider of on-demand pay, Torchy's employees have instant access to their wages as they earn them rather than waiting weeks for payday, according to a company press release.

"Employees are looking for more fulfilling work, and it's up to brands to invest in their people and provide compelling incentives that support not only the worker, but their day-to-day lives as a whole," Elizabeth Baxter, chief people officer of Torchy's Tacos, said in the release. "Our new partnership with DailyPay will empower our team members with more control over their finances and access to their pay to suit their individual needs and that of their families."

With DailyPay, companies are able to fill open positions 52% faster than those that don't offer a daily payment option, while experiencing a 50% reduction in turnover. Recent research commissioned by DailyPay with the Aite-Novarica Group revealed that 95% of those who once relied on payday loans or who paid overdraft fees can break the cycle of debt when they have a DailyPay option. As a result, 77% of employees who use DailyPay feel 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.