The 2021 holiday season is all but upon us. After almost two years of pandemic-induced disruption and – for many businesses – extremely lean times, this period is viewed as an opportunity to claw back some much-needed revenue.
But there’s a problem.
Organizations – predominantly those in the retail and warehousing/logistics industries – are struggling to fill vacant roles. This unprecedented seasonal job skills shortage is threatening to thwart their efforts to add a much-needed boost to their bottom lines.
If you’re a business in either of these sectors seeking to make your company stand out from the competition in a hyper-competitive job market, read on. In this article, we’ll share some ideas on how you can elevate your seasonal employee value proposition with a few simple steps.
Hiring seasonal employees used to be a whole lot easier. Typically, there’d be a long list of prospective candidates lining up to apply for positions.
But now, as a result of trends such as the “Great Resignation” and many people still feeling reticent about returning to lower-paying, customer-facing jobs due to Covid-19 related health concerns, the pool of available candidates has all but dried up in certain sectors. The retail and warehousing/logistics industries are among the worst affected.
We believe that one of the ways for places to entice people to join their team over the next few weeks and months is to relook their employee benefits offerings. The good news is that this doesn’t involve a great deal of time and money – and it can be implemented quickly.
Let’s explore the options:
Here are some simple and easy to implement employee benefits that will help you stand out and attract more seasonal hires:
On-demand Earned Wage Access (EWA) solutions are becoming an increasingly important aspect of the benefit packages provided by companies seeking to enhance their offer as part of their seasonal hiring efforts.
EWA services provide flexible payment models so that employees can access pay they’ve earned but not yet collected by receiving pre-payments in advance of their regular paycheck, typically for a small fee.
Instant-issue payroll cards let you pay your employees from day one and are easy to arrange. They don’t require a minimum balance and don’t have any monthly or annual fees. For example, Payactiv offers a card that lets your seasonal hires set up direct deposit and receive their paycheck up to two days sooner, and government payments up to four days sooner.¹ With EWA, employees can also access wages on-demand and reduce the stress of living paycheck-to-paycheck. Employees can also pay their bills directly from the app and locate surcharge-free withdrawals at 37,000 in-network MoneyPass® ATMs.
If you’re hoping to attract and hire seasonal employees in a market where resources are scarce, it’s essential to be flexible and accommodating in terms of shift scheduling and coordination. Be mindful that it’s inevitable that people will have personal emergencies, unexpected childcare needs, or fall ill from time to time. On other occasions, they’ll find themselves needing a bit more income, during which they’d welcome an additional shift or two.
Employee communication platforms, like Payactiv Connect, allow your employees to get alerts when new or additional shift openings appear, which they can pick up with just a click on the app. You can also set up shift incentives (for example, paying out up to 65% of earned wages for additional shift work rather than the standard rate, which is up to 50%).
It’s no secret that people who work in the retail and warehousing/logistics industries often miss out on the benefit of real-time communications from their employers about important company news or updates. Many of these employees have little or no access to a computer. But, as the saying goes, today, “there’s an app for that.” Forward-looking employers are investing in tools that allow non-deskbound employees to get company announcements, reminders, and alerts while they’re on the go via a handy app on their smartphones. Payactiv Connect allows employers to send company announcements, provide DM and group chat messaging, and keep employees well informed no matter where they are.
Payactiv understands the challenges associated with hiring seasonal employees, especially in the current economic climate and country-wide skills shortage. If you have your sights set on improving hiring and making this holiday season a profitable one for your business, why not get in touch to discuss how we can augment your employee benefits offerings?
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll free at 1 (877) 747-5862, 24 hours a day, 7 days a week.
1 In order for you to be paid early, your payroll or benefits payment provider must submit the deposit early. It is important to note that your payroll or benefits payment provider may not submit the deposit or payment early each payment period. Be sure to ask your payroll or benefits payment provider when they submit your deposit information to the bank for processing. Early deposit of funds will begin upon the 2nd qualifying deposit. A qualifying deposit is defined as a direct deposit greater than $5.00 received from the same payer.
Hiring is a multi-layered process It’s easy for the notion of hiring to get...
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
**Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payctiv App.
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