Tackling Turnover: Attracting & Keeping Hourly Workers
How do you attract and retain top talent? Offer… INSTANT ACCESS TO EARNED WAGES Life happens between pay periods This is a movement gaining steam and will be mainstream within the next 18 to 24-months.
Would you ever take food off the table of one of your valued employees under financial pressure? Of course not, but… You may unintentionally be doing just that by to paycheck not offering instant access to earned wages Forbes states 78% of all workers live paycheck to paycheck
THERE’S THIS THING CALLED... Many hourly workers live paycheck to paycheck and experience a variety of financial pressures between pay periods that impact their productivity and focus on the job. They are distracted with life. Instant access to earned wages gives them an affordable and ethical option to relieve their financial pressures avoiding predatory lenders, drawing from retirement savings, and costly overdraft fees.
A CLOSER LOOK AT LIFE Payday is 5- days away and… “I’m out of gas and out of money to get to work” “ I have no money and no food in the fridge” to paycheck “ My kid is sick and I have no money to cover a doctor’s visit or pay for medicine” “ The electric company sent me a disconnect notice”
WORKERS DON’T JUMP FROM ONE EMPLOYER TO THE NEXT BECAUSE THEY’RE GREEDY…IT’S BECAUSE OF LIFE
ADDRESSING LIFE FOR THE EMPLOYEE DRIVES RESULTS FOR THE EMPLOYER Instant access to earned wages reduces turnover and absenteeism, and also increases number of job applicants
THE PERFECT STORM WHEN THESE WORLDS COLLIDE HARD TO ATTAIN HARD TO RETAIN 3.6% 100% ANNUAL TURNOVER UNEMPLOYMENT $3,228 COST TO HIRE A NEW EMPLOYEE Attracting and Retaining Talent is a Top Priority for Enterprises
BRANCH DRIVES FINANCIAL RESULTS FOR YOUR COMPANY $3,228 13% Cost of replacing one employee Decrease in employee turnover $3,600 10% Per employee cost of absenteeism Decrease in employee absenteeism $779,640 Estimated cost savings per 1,000 hourly workers SOURCES: https://www.investopedia.com/articles/personal-finance/070513/causes-and-costs-absenteeism.asp https://www.qlicket.com/knowledge/index.php/2018/06/03/total-cost-replacing-typical-hourly-employee http://unruhenterprises.com/wp/wp-content/uploads/2019/03/State-of-Workplace-SHRM-Skills-Gap-and-Workplace-Immigration-Research-2019.pdf per
WHY IS THERE HIGH TURNOVER WITH HOURLY WORKERS? THEY FOLLOW THE MONEY Not because they’re greedy, but because of life… • If you’re paying your employees $8 an hour and they could make $8.25 an hour across the street, they’ll leave for a $0.25 increase in hourly wage. • If you’re paying your employees every other week and they could have instant access to earned wages across the street, they’ll leave to get instant access to their earned wages.
Company-Sponsored Employee Benefit Program This program empowers your employees with instant access to earned wages at the low-cost of a typical ATM fee to help deal with life between pay periods…all in one simple to use mobile app that includes free budgeting and communication tools ZERO COST - ZERO RISK - ZERO INTEGRATION
These brands and thousands of users have put their trust in
ATTRACT AND RETAIN BY SOLVING FOR THE NEEDS OF WORKERS ACCESS BUDGET GROW I nstant access to wages Deal with financial Corporate communication, earned unpredictability resources, internal opportunities
Access Instant access to wages earned • Employee requests advance • Money deposited instantly • Employee received paycheck on payday minus advances and fees
Budget Smarter planning • Overdraft alerts • Plan for recurring bills • Projected spending per day • Alerts for high expenses
Grow Career Development • Corporate communication • Company and career resources • Identify opportunities internally • Track career development
EMPLOYEE SETUP Sign Up 01 Employee registers with their device and selects where they work.
EMPLOYEE SETUP Sign Up 01 Employee registers with their device and selects where they work. Enter Debit Card or Payroll Card 02 Employee enters in their debit card or payroll card where they receive their direct deposits
EMPLOYEE SETUP Sign Up 01 Employee registers with their device and selects where they work. Enter Debit Card or Payroll Card 02 Employee enters in their debit card or payroll card where they receive their direct deposits. Set-up Branch Pass-through Account 03 Branch generates a pass-through account routing their *funds to their debit or pay card *minus amount Branch advanced
LOW FRICTION SETUP FOR ENTERPRISES ENTERPRISE SETUP Enterprise provides 1 2 3 4 Time & Attendance Locations Directory Hourly Wage Branch needs list of locations in A list of employees in the Employer provides daily or Branch Employer sends gross payroll (usually found the organization that will be setup company to receive onboarding can rely on employee’s device on time and attendance) so Branch can with Branch. materials. location services. calculate employee hourly wage.
ADDITIONAL ADD-ONS FOR ENTERPRISES PREMIUM SUBSCRIPTIONS Additional features can be added by companies on flexible SaaS pricing on a per user basis FREE FOR ENTERPRISE PREMIUM ENTERPRISE ADD-ONS Insights Earn Grow Budget Access
Earn Opportunities to pick up additional shifts • Enterprise provides access to read schedules • Employee can see estimated earnings per shift and per week • Employees can drop shifts and pick up open shifts for additional wages
Insights Unlock people data at scale • Benefits adoption and trends • Unlock talent in organization • Predict turnover trends
KUM & GO CASE STUDY KEY STATISTICS 25 % CHALLEN ENGE • Overnight shifts filled by the same employees or salaried Reduction in overtime managers • 100% associate turnover and 15% manager turnover 10 % • Increases in overtime hours within last 12 months • Low open shift fill rates (15%) Reduction in turnover SOLUTION 70 % • Enabled employees to coordinate shifts through employee swaps with neighboring stores Decrease in shifts worked by GM’s • Managers could broadcast urgent open shifts to fill with employees in their district and region
TACO BELL CASE STUDY KEY STATISTICS 89 % CHALLEN ENGE Mobile adoption • High employee turnover • Expensive and time-consuming to attract new hourly talent 4.1 SOLUTION Monthly employee transactions • Provided all employees instant access to earnings through Branch 60% • Attracted new talent by offering same-day pay to new hires “ Increase in shift coverage rates when This is a great app that sends me my money when I need it most. I recommend this for anybody at Taco Bell. instant access to wages was offered ” - Serv ervice e Cham ampion, Taco Bell
ENTERPRISE BENEFITS Working with enterprises we’re able to offer a secure, compliant, and reliable solution that is easy to use LOW FRICTION COMPLIANT RELIABLE Only three steps to get started Deducted from from employer Employees see funds as soon for employees. paycheck — compliant nationwide as they start.
Recommend
More recommend
