3 Recruiting Tools Nobody Else Is Using

3 Recruiting Tools Nobody Else Is Using

One in three professionals thinks that changing work-related roles can be beneficial to their career.[1] With job-hopping on the rise, candidates are looking for compelling reasons to stay with a company—and will be hard-pressed to compromise. To keep successful talent and hard workers, employers must reassess their recruitment practices, including the types of benefits they offer.

As the leading provider in Earned Wage Access (EWA), PayActiv provides employees with unique benefits that go beyond health insurance and paid holidays to enhance employees’ overall financial wellness. By partnering with PayActiv, employers can use this holistic, award-winning platform to help current employees and to better attract and recruit new workers.

Recruitment can be costly—US employers spend an average of $4,000 hiring one candidate.[2] To make the hiring process worth the cost, employers must home in on potential employees’ top needs and wants, and what employees need and want is better benefits.

In fact, nearly 50 percent of job seekers say their top reason for applying to a job is attractive benefits.[3] In many cases, better benefits are worth more than a pay increase: nearly four in five employees surveyed said they would prefer new or additional benefits over a pay increase.[4]

Recruitment Requires Wellness

What kind of benefits are people looking for? Health insurance and retirement accounts are important, but to stand apart, you need to offer something unique. For instance, in addition to partnering with employers across the nation to provide over one million workers with EWA, PayActiv’s holistic benefits platform lets employees enjoy conveniences like cash pickup at Walmart.

PayActiv benefits include more than standard financial wellness tools, though not everyone realizes it. You might be surprised to discover you can offer these unique wellness benefits to your employees:

1) A Ticket to Ride

Nearly half of job seekers (47 percent) say that a convenient commute to work is a top factor when considering applying for a job.[5] Fortunately, the PayActiv platform partners with Uber to offer convenient and reliable transportation options, eliminating a major source of stress for workers.

The Uber benefit also makes employers’ and supervisors’ lives easier. One supervisor says he promotes the benefit as incentive for new employees, telling them, “You don’t have an excuse not to come to work. All you gotta do is open up PayActiv and request that ride.”

2) Access to Necessities

Where do your employees buy essential household products? If they’re like 89 percent of consumers reported by Feedvisor in 2019, they are more likely to buy products from Amazon than other e-commerce sites.[6] Using EWA, PayActiv users can access Amazon shopping to pay for their essentials, without needing a credit card.

One PayActiv user, who is a single mother, accesses her wages to help buy groceries. Providing access to Amazon shopping allows users to make the necessary purchases they need to get them through the days between pay.

3) Help with Healing

Nearly half of US adults (48.4 percent) have taken at least one prescription drug in the past thirty days, according to the CDC,[7] while paying higher and higher costs each month. More Americans than ever find themselves having to pay out of pocket for these medications or, in some instances, going without.

PayActiv is committed to the holistic well-being of workers, meaning their entire well-being, which is why PayActiv offers the RxDiscount Program, a benefit that provides discounts on prescription drugs with participating pharmacies. One PayActiv user whose son has autism and relies on medications says, “Every time I needed it, [PayActiv] was there for me.”

Employees with access to PayActiv gain the security and peace of mind that these benefits provide. Employers benefit, too, because employees who are stressed about their finances are nearly five times more likely to be distracted at work.[8] When workers are freed from financial stress by using PayActiv’s financial wellness tools, they are better able to focus on work-related tasks.

PayActiv partners have also reported 36% reduced turnover, 100% increased engagement, and increased productivity from offering these financial wellness benefits. When hiring new employees, employers must recognize that recruitment requires wellness.

[1] Robert Half, “Does Job Hopping Help or Hurt Your Career?,” April 5, 2018, http://rh-us.mediaroom.com/2018-04-05-Does-Job-Hopping-Help-Or-Hurt-Your-Career?utm_campaign=Press_Release&utm_medium=Link&utm_source=Press_Release.

[2] Peter Cappelli, “Your Approach to Hiring Is All Wrong,” Harvard Business Review, May–June 2019, https://hbr.org/2019/05/recruiting.

[3] “50+ HR and Recruiting Stats for 2020,” Glassdoor, https://www.glassdoor.com/employers/resources/hr-and-recruiting-stats/.

[4] “4 in 5 Employees Want Benefits or Perks More Than a Pay Raise; Glassdoor Employment Confidence Survey (Q3 2015,” Glassdoor, October 2, 2015, https://www.glassdoor.com/blog/ecs-q3-2015/.

[5] “50+ HR and Recruiting Stats for 2020.”

[6] Kiri Masters, “89% of Consumers Are More Likely to Buy Products from Amazon Than Other E-Commerce Sites: Study,” Forbes, March 20, 2019, https://www.forbes.com/sites/kirimasters/2019/03/20/study-89-of-consumers-are-more-likely-to-buy-products-from-amazon-than-other-e-commerce-sites/#3eefeaee4af1.

[7] “Therapeutic Drug Use,” Centers for Disease Control and Prevention, January 19, 2017, https://www.cdc.gov/nchs/fastats/drug-use-therapeutic.htm.

[8] Special Report: Financial Stress and the Bottom Line: Why Employee Financial Wellness Matters to Your Organization (PwC, September 2017), 10, https://cdn2.hubspot.net/hubfs/172936/pwc-financial-stress-and-bottom-line.pdf.

Holistic Financial Wellness

Learn how PayActiv measurably reduces employee financial stress and employee turnover.

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