Quit rates across the country to rise, and businesses that employ hourly workers have been hit the hardest. Long hours, new workplace regulations and added uncertainty have led to higher turnover rates. As a result, many employees are seeking a career change. In fact, 89% of U.S. workers are willing to reskill for a new job. Others are jumping ship in search for higher wages. And while experts cite a healthy labor market and new workforce opportunities, there’s no silver lining for employers struggling to keep up with high turnover costs and constant business disruptions.
What can business leaders, owners and frontline managers due to help limit turnover? It comes down to finding creative ways to attract talent and keep workers engaged. And one solution that is increasing in popularity is a new flexible pay benefit.
Paycor’s OnDemand Pay was built for HR leaders in the restaurant, long-term care and manufacturing industries looking to decrease turnover and offer employees more flexible pay options. With OnDemand Pay, employees can access their wages when they want, budget for expenses and receive free access to financial education.
Ready to learn more? Check out this Buyer’s Guide for new ideas on boosting retention and engagement with flexible pay solutions.