The pandemic has forced hourly workers all over the globe to reconsider not only what they want from employers post-pandemic, but what they deserve.
A third of hourly employees said they would switch jobs in order to receive more comprehensive benefits, according to data by financial services company Netspend. Fifty-eight percent of hospitality workers — an employee demographic with a high percentage of hourly workers — say that they are planning to quit their jobs before the end of 2021, according to Joblist’s most recent quarterly U.S. Job Market Report.
Losing those employees is costly: employers spend $4k to replace and rehire, so it’s critical business leaders respond to the demands and needs of their workforce with new resources, tools and a unique understanding of what flexibility means for this population.
“People are looking for different experiences [at work] — and it goes back to employees reflecting on their career and their life,” says Andy Garner, senior vice president and general manager of commercial prepaid at Netspend. “They’re looking for certain things like higher wages, or immediate access to their tips or earned wages every single day.”
Read More: The pandemic is going to push over 50% of hospitality workers out the door
These benefits can help hourly workers weather the financial instability that has plagued them throughout the pandemic. The Netspend study found that of the workers being paid by cash or check, 65% reported being more likely to run out of funds prior to their next paycheck.
“Now we're trying to figure out how do we get people their pay quicker?” Garner says. “How do I give them the ability to pick up shifts and schedule when they want? Those kinds of things are what matter [to them.]”
Breaking the traditional pay cycle so that employees are in control of when they can spend their hourly wage may be the most important change to companies’ employee offerings, Garner says. These tools can help hourly workers bridge the gap from paycheck to paycheck and help pay monthly bills without putting their finances at risk.
Read more: Employers beware: These signs could mean your employees are jumping ship
Thanks to the increased adoption of technology across workplaces, it’s never been easier to address the financial wellness of employees. Plus, employees that consider themselves financially stable are much more likely to remain with their current employer for the next year compared to those who are financially unstable — 87% compared to 58%.
“If you don't address these things that are really important to your workforce, you risk falling behind,” Garner says. “You’re competing against folks in other industries and [employees] are going to look and see other options available to them that have all the things they want.”
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November 10, 2021 at 05:30PM
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Hourly workers want more from their employers post-pandemic - Employee Benefit News
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