Written by: Michael Orme, COO, Immediate
Finding and keeping happy, productive employees is a challenge for every business. It’s especially challenging today as the competition for top talent heats up. When there is turnover in the workplace it decreases productivity and is said to cost a business on average 6 to 9 months of that individual’s salary. Keeping employee morale up and decreasing turnover will better your business’s bottom line.
The secret to boosting employee morale
63% of employees say financial stress impacts their performance at work. One of the financial wellness benefits we provide, earned wage access (EWA), is shown to reduce turnover by 40% and increase employee engagement by 82%.
When employees get to see how much money they earn with each shift, it helps make it easier to come to work. Keep the employees you have and generate a positive outlook on the current work environment through a seamless integration that provides multiple benefits, like EWA, pharmacy savings, and financial education resources. It is a cost-effective way to get more applicants as the workforce is looking for benefits like EWA. Save your business the time and money of hiring a staffing agency and simply win the war for talent with your financial wellness benefits.
Decrease stress to increase engagement
80% of respective users credited Immediate’s EWA solution to their increased engagement on the job. They are no longer worried about their finances while at work or trying to navigate how they will ask for a pay advance. This one benefit allows employees to make quick and easy financial decisions.
Boost employee morale with Immediate
It is no longer a question that financial wellness benefits like earned wage access go a long way with employee morale. Keep your employees with our free benefit. Book a 15-minute discovery call with us so we can discuss your specific needs and find out if our solution works for your business.