Company hopes ‘overtime savings’ benefit will boost employee retention among seasonal workers
Hiring companies seasonal workers often have difficulty retaining them, and for good reason. Fluctuating working hours can leave employees strapped for cash during low seasons, leaving them with no choice but to find work elsewhere. But a company is introducing a new product welfare program Hope that solves that.
Encore, an events company specializing in corporate conferences, has launched a digital “wallet” that can connect to a personal bank account created by HR technology company UKG to staff used it earlier this year. The wallet allows workers to access wages earned before payday and save money accumulated from overtime for later use. Of the 12,000 employees, about 2,500 use this technology. And within that group, retention increased by 14%, according to the company.
“Because the events business is volatile, employees are starting to demand a way to get more stability in their income during times of lower employment, for example,” says Charlie Young, CHRO of Encore. For us it is from June to August.” Luck. “So we’re educating them and teaching them that this is an opportunity to save money, to help you get through the tough times.”
Employees in the company are increasingly concerned Financial welfare benefitsespecially after several years of high inflation. Helping them grow their savings, access money in emergencies, manage debt and help with student loans are all perks employees say they want, according to one report. recent WTW survey. And with companies like Chipotle implementing new methods for recruiting and hiring employees seasonal workforceWe may see more overtime savings wallets like this in the future as companies try to tailor perks to their employee base.
To encourage workers to sign up, Encore offers a $100 bonus to workers who contribute $500 or more to the account. Young adds that because the company’s employees tend to be younger (with an average age of around 33 and 34), managing their finances directly on their phones is a key part of the service.
“We have a lot of highly technical employees traveling around the country and they don’t always have access to computers,” Young said. “So having a benefit that they can access right on their phone is important.”
Englishman Morse
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