St. Cloud, Minnesota-based Coborn’s Inc. has entered into a partnership with DailyPay, a provider of on-demand pay. With this partnership, Coborn’s employees will be given access to their pay as they earn it and are able to pay bills, spend, save or invest on their own schedule.
Coborn’s is among the latest grocer to implement on-demand pay benefits, as one in eight grocery workers in America have access to DailyPay, according to DailyPay research.
Companies leveraging DailyPay as part of a financial wellness benefits package are able to hire up to 52 percent faster and retain employees 73 percent longer, according to a study commissioned by DailyPay. The benefit has become sought-after because, with the power of choice and control over their pay, employees are able to avoid payday loans or paying overdraft fees to make ends meet.
Since its beginnings in 1921, Coborn’s Inc. has expanded from a one-room produce market in Sauk Rapids, Minnesota into a regional employee-owned grocery retailer employing nearly 9,300 and operating 66 grocery stores. The company operates more than 130 various retail and business support units across Minnesota, Wisconsin, Michigan, North Dakota and South Dakota.
“As recruitment and retention of employees becomes more challenging in today’s competitive workplace, the addition of the DailyPay benefit for our employees is an important enhancement to our benefits package,” said Dave Meyer, president and COO for Coborn’s Inc. “We have been very impressed with the adoption rate at which our employees are taking advantage of this new program, which clearly indicates the value of DailyPay as a benefit and that our employees are enjoying and taking advantage of the option to be paid more quickly after working their shift.”
Coborn’s Inc. is an employee-owned grocery retailer with nearly 9,300 employees and 66 grocery stores across Minnesota, North Dakota, South Dakota, Wisconsin and Michigan under the Coborn’s, Cash Wise Foods, Marketplace Foods and Hornbacher’s banners. Coborn’s Inc. also owns fuel, liquor and pharmacy locations.
To support its 130 various retail business units, Coborn’s Inc. operates its own central bakery, dry cleaning facility and grocery distribution center. In 2021, Coborn’s Inc. was recognized by The Shelby Report of the Midwest as their Retailer of the Year.
For more information, visit cobornsinc.com.