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Online Retailer Takes Care of Employees by Offering Payactiv
Industry: Retail
Key Takeaways
Retained trained employees with on-demand access to earned wages
Increased employee engagement through financial wellness benefits
Reduced the amount of time spent on processing pay advances
About Revolve
Revolve is an online retailer of over 500 brands of top designer apparel,
shoes and accessories. Started by two friends in 2003, today it operates
with over 1,000 team members and $601 million in net sales.
The Challenge
When two friends, Mike Karanikolas and Michael Mente, started Revolve 17
years ago, they set on a journey to provide on-trend merchandise to the growing Millennial and Gen Z consumers by leveraging the growing online digital channels
and transforming traditional retail. Continued investment in technology, data
analytics, innovative marketing and merchandising strategies has proven to be
highly successful. Revolve now employs a team of over 1,000 members who have
come along on the journey of online order fulfillment, supporting the business with a variety of skill sets. One of the challenges has been how to retain the trained employees longer and relieve the financial stress they sometimes face while waiting for the next paycheck.
- Offer financial relief to employees between paychecks
- Spend less time processing requests for pay advances
- Retain current employees longer
I would say this is one of the best things you can provide for your employees. You gain your employees trust and loyalty...employees are in control 100% and it is confidential.
The Solution
Revolve offers Payactiv’s on-demand access to earned wages to their employees to help relieve the financial stress they sometimes experience due to unforeseen circumstances between paychecks. Instead of going to predatory lenders or having to explain the need for a pay advance to their HR manager, Revolve’s
employees can simply access their earned wages directly from their mobile phone. Chris Fabia, Revolve’s HR Operations Manager, says offering Payactiv
has been a no-brainer as it’s already integrated with ADP payroll software they use and relieves the administrative burden for processing pay advances. Their employees see that the management cares about their wellbeing, making it a truly win-win situation.
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