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All indications point to a major 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 U.S. economy will grow by over 6% this year.
In many industries that were hit hard by the global pandemic, such as travel, hospitality/lodging and dining, consumer pent-up demand will drive a rapid increase in hiring. The costs associated with luring top talent, however, will be significant along with the pressure on companies to retain employees and avoid the expenses related to high turnover.
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So with a quarter of workers (26%) saying they plan to look for a job with a different employer once the threat of the pandemic has decreased, how can you stand out from other employers and leverage your benefits package to bring the best and brightest into your organization? Here are three benefits that are cost-efficient and are proven effective in not just recruiting, but retaining employees during this critical time.
A new pay experience
A recent study by the Mercator Advisory Group revealed that by offering employees on-demand pay and empowering them with choice and control over their payday, they stayed 35% longer at their job. Free for companies to implement, a daily pay benefit helps employees avoid having to take out payday loans or incurring high overdraft fees or late fees to make ends meet. Research says that a financially stable employee is less stressed and more productive.
Flexible work schedule
Employees who are given the chance to work a flexible schedule are more productive, with less absenteeism, according to recent research. This flexibility gives employees, especially those with kids or who are caring for a loved one, the chance to create a schedule where they will be more engaged at work, resulting in higher productivity and job satisfaction. Financial Wellness Resources
Employers should offer employees various financial wellness resources, such as health savings accounts (HSA), flexible spending accounts (FSA), and an on-demand pay benefit. Financially stressed employees can reduce absenteeism and lower productivity while taking a toll on employees' health, according to recent research. Supporting employees with financial apps and resources that help employees navigate through their finances can add tremendous value to employers and employees.
401(k)
As we emerge from the global pandemic, one of the few positive takeaways was the desire for people to save money for the future. Data shows that when employees prioritize savings and their financial future they are more engaged and stay longer at their jobs.
By offering this type of program, employers are strengthening the bonds with their employees and reaffirming their commitment to their employees' financial wellness. This drives employee loyalty and reduces turnover.
Employers can further boost employee retention by offering or increasing matching contributions to employees' 401(k) plan. Automatic plan enrollment and automatic employee contribution increases encourage participation, while financial relief provided by other programs such as educational loan reimbursement and daily pay availability provide employees the confidence and ability to save more.
Jeanniey Walden is an award-winning, entrepreneurial Chief Marketing Officer who uses innovation to transform the way companies work to accelerate growth and brand impact. Currently, she is the CIMO of DailyPay, helping to transform the way employees get 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 recognized "Woman in Business" and an entrepreneur, she has authored multiple books and launched five companies, including the Email Experience Council. She is a highly sought-after public speaker and frequently shares her keen business insight on nationally-syndicated and major market television and radio shows. Most recently, Jeanniey was named Transformational CMO of the Year by the CMO Club, a "Top 25 Women Leaders in Financial Technology" from The Financial Technology Report, a "Woman of the Year" in the 17th annual Stevie Awards for Women in Business, and one of the 10 prominent women role models in FinTech from around the world from Global FinTech. Her new podcast, Stepping Up, featuring a meaningful conversation with the country's top female leaders in business, is set to launch in 2021.
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