![]() Supporting employees in their career growth and development will help set them up for success.Īccording to a 2021 Gallup report, 48% of American workers would switch to a new job if it offered skills training opportunities, and 65% of workers believe employer-provided upskilling is very important when evaluating a potential new job. This can include personalized financial counseling, financial education courses, debt reduction programs and support groups.Īdditionally, companies can offer employee wellness programs that include fitness perks, support work-life balance and more. When employees are dealing with personal or financial stress, they may perform their job poorly or with less efficiency.Įmployers can further help employees through financial wellness support. Support Employee WellnessĮmployees are looking for ways to improve their work/life balance and reduce their stress levels. Offering on-demand pay as a benefit can help employers better serve their employees. In addition to the standard benefits package that employees expect, a comprehensive benefits package that goes above and beyond competitors will give a hiring edge and contribute to employee appreciation and retention. 6 Outstanding Employee BenefitsĮighty-seven percent of employed Americans say it is at least somewhat important that their employer offers a retirement savings program, such as a 401(k) account. Sixty-seven percent of users say DailyPay has helped them reduce financial stress. 5īetter access to earned wages through on-demand pay helps employees manage and overcome their financial stress, avoiding negative effects on productivity and morale. Fifty-nine percent of employed Americans, including 70% of hourly workers, say they would benefit from getting paid more frequently than they currently do. Competitive PayĪttractive and competitive pay not only involves how much an employee gets paid but how often. Once the turnover rate is known, there are some strategies that can be applied to reduce it. This will help to project the savings and also break down the types of turnover which can be voluntary, involuntary and retirement. This is a great starting point as the rates vary even within the industry. How to Reduce High Turnover in Retail With an Employee Retention StrategyĮvery company needs to know its employee turnover rate.
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