Everything points to a significant hiring boom this spring / summer. In March, consumer confidence hit its highest level since the start of the pandemic while the International Monetary Fund recently predicted that the US economy would grow by more than 6% this year.
In many industries that have been hit hard by the global pandemic, such as travel, hospitality / accommodation and food services, pent-up consumer demand will lead to a rapid increase in hiring. The costs associated with attracting top talent, however, will be significant, along with the pressure on companies to retain employees and avoid the expense of high turnover.
So, with a quarter of workers (26%) saying they plan to look for a job with another employer once the threat of the pandemic subsides, how can you set yourself apart from other employers and take advantage of your benefit package to bring the best and the brightest to your organization? Here are three benefits that pay off and have proven to be effective not only for recruiting but also for employee retention during this critical time.
A new compensation experience
A recent study by the Mercator Advisory Group found that by offering employees on-demand pay and giving them choice and control over their pay, they were staying 35% longer at their jobs. Free for businesses to implement, a daily wage benefit helps employees avoid having to take out payday loans or incurring high overdraft fees or late fees to make ends meet. Research indicates that a financially stable employee is less stressed and more productive.
Flexible working hours
Employees who have the flexibility to work flexible hours are more productive, with less absenteeism, according to a recent study. This flexibility gives employees, especially those with children or caring for a loved one, the ability to create a schedule where they will be more engaged at work, which will result in productivity and job satisfaction. higher. Financial wellness resources
Employers should offer employees a variety of financial wellness resources, such as Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), and a pay-on-demand benefit. Employees under financial stress can reduce absenteeism and productivity while harming employee health, according to a recent study. Supporting employees with financial apps and resources that help employees navigate their finances can add tremendous value to employers and employees.
As we emerge from the global pandemic, one of the few positives to take away was people’s desire to save money for the future. Data shows that when employees prioritize savings and their financial future, they are more engaged and stay in their jobs longer.
By offering this type of program, employers strengthen ties with their employees and reaffirm their commitment to the financial well-being of their employees. This builds employee loyalty and reduces turnover.
Employers can further strengthen employee retention by offering or increasing matching contributions to the employee 401 (k) plan. Automatic plan enrollment and automatic employee contribution increases encourage participation, while the financial relief provided by other programs such as student loan repayments and the availability of daily pay give employees the freedom to participate. confidence and the opportunity to save more.
Jeanniey Walden is an award-winning, entrepreneurial marketing director who uses innovation to transform the way businesses work to accelerate brand growth and impact. Currently, she is DailyPay’s CIMO, helping to transform the way employees are paid. Jeanniey has led global marketing and growth for Fortune 1000 companies including Mercer, Ogilvy, Barnes & Noble and JCPenney, as well as industry transforming start-ups including Zinio, RebelMouse and Ringblingz. A well-known businesswoman and entrepreneur, she is the author of several books and has launched five businesses, including the Email Experience Council. She is a highly sought-after speaker and frequently shares her in-depth business knowledge on national and national television and radio shows. Most recently, Jeanniey was named Transformational CMO of the Year by the CMO Club, one of the Financial Technology Report’s “25 Best Women Financial Technology Leaders”, a “Woman of the Year” at the 17th Stevie Awards for Women in Business, and one of Global FinTech’s 10 Leading Female Role Models in FinTech Worldwide. Her new podcast, Stepping Up, featuring a meaningful conversation with the country’s top female business leaders, is slated to launch in 2021.