[Webinar] 5 Ways DailyPay Helps with Employee Retention and Engagement

For many companies, retaining loyal employees and

minimizing turnover can be a challenge.

 

And in industries that often work with entry-level and hourly employees, providing enticing benefits isn’t always easy. However, with DailyPay, companies can reduce turnover and build a strong, dedicated team of employees. 

Continue reading “[Webinar] 5 Ways DailyPay Helps with Employee Retention and Engagement”

How to Design the Employee Experience

It’s no secret that work takes up a big chunk of your life.

In fact, the average American spends 90,000 hours at work over their lifetime.

And, because such a large percentage of an employee’s life is spent working, companies must create an environment that others want to work at each day. By designing and enhancing an employee experience, you can expect to see greater levels of engagement, satisfaction, retention and company commitment.

Leading by Example

Research by employee experience expert Jacob Morgan found that employees care the most about these three work environments:

  1.     Cultural
  2.     Technological
  3.     Physical

Morgan also found that there are a handful of companies who have focused on culture, technology and physical spaces to yield real business results. For example:

  • Airbnb, an online marketplace for home rentals, focuses on employee experience by allowing their employees to design and build their own conference rooms.
  • Adobe, a computer software company, has made it their mission to increase diversity and inclusion, provide their employees with feedback programs and top-notch technology and is constantly experimenting with different workspace plans.
  • LinkedIn, a business and employment-oriented online platform, is known for hosting HR hackathons to help gather new ideas and different ways to engage employees.

Out of nearly 250 organizations Morgan analyzed, only 6 percent have been as ‘experiential’ with their innovation with culture, technology and physical workspaces as Airbnb, Adobe and LinkedIn.

Companies like DailyPay offer a positive workplace culture and innovative workspace.And, according to Morgan, this small percentage of organizations are reaping these big rewards:

  • Four times higher average profits
  • Two times higher average revenues
  • 40 percent lower turnover
  • 24 percent smaller headcount

Sound appealing? Even organizations with smaller budgets can achieve these results so long as they have a plan for designing their employee experience.

Designing Your Own Employee Experience

The first step innovative companies take to improve their employee experience is reevaluating how they look at change through design thinking.

Design thinking, a solution-based approach to resolving problems, can be useful to solve complex employee experience issues that can sometimes plague organizations.

The stages in design thinking related to employee experience are:

  • Empathize: Employers must be able to empathize with their employees in order to gain a greater understanding of their ideal work environment. By doing so, organizations are more likely to be able to develop a well-rounded plan of action.
  • Define: Organizations must define and develop their ideal employee experience. You can do so by mapping out the necessary steps to get there and be sure to use employees’ insights to drive those steps.
  • Ideate: Organizations must start coming up with concrete ideas and identify work environment solutions.
  • Prototype: Create a scalable solution and run it past your employees, who will either accept, reject or provide feedback for re-examination.
  • Test: Make sure the solution not only works but is accepted among your employees. There may still be some rough edges to smooth out, but this final stage should be viewed as an iterative process.

Ultimately, using design thinking to improve the employee experience will provide organizations with an in-depth understanding of their employees’ needs, wants and desires and allow an organization to make changes based on employee insights.

Involve Your Employees

For many organizations who feel overwhelmed by the idea of improving their employee experience, hiring a dedicated employee experience manager is an option. Common titles range from the likes of global chief employee experience officer and head of employee experience.

The role of an employee experience manager is most closely related to a human resources management position. By including a similar role within your organization, you’ll have a dedicated professional whose sole purpose is to create and maintain a positive and rewarding work environment.

The individual in this role will:

  • Listen to employees’ feedback and propose scalable suggestions and solutions for improvement to senior leadership
  • Ensure employees feel valued and invested in their work
  • Create and implement employee programs and benefits such as  financial wellness programs or ergonomic updates in the office

With a dedicated employee experience manager role, your organization will be able to recruit and retain talented employees who feel happy, valued and invested in their day-to-day work.

DailyPay reached 100 employees by offering an innovative employee experience.

Just Take Action

Regardless of if you have a big or small budget, or if you handle employee experience with your existing team or bring someone else on board, a new perspective can yield favorable business results for your organization.

All it takes is simply thinking outside the box, and taking action.

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[Infographic] Top 4 HR Priorities in 2019

Editor’s note: For a full methodology, see the footnote of this article.

 

Last year at the 2018 HR Southwest Conference, DailyPay surveyed conference attendees to discover what HR professional identified as their key priorities for 2019.

 

Now that we’re through the first quarter of 2019, and moving into the HR conference season, we’re sharing the results of that survey to see if we’re still aligned on HR priorities. Continue reading “[Infographic] Top 4 HR Priorities in 2019”

Call Center Turnover Statistics In 2018

The following article is another in our series that examines average employee turnover rates by industry. In this article, we hold the retail industry under a microscope to see what might be affecting employee turnover and retention rates, and why employees in this industry are some fleeting.

 

According to research conducted by The Quality Assurance & Training Connection (QATC), the average annual turnover rate for agents in US contact centers ranges between 30-45 percent, which is more than double the average for all occupations in the U.S. Continue reading “Call Center Turnover Statistics In 2018”

Employee Experience Trends In 2019

Over the last several years, there has been an abundance of coverage related to a tight labor market. With more jobs than qualified talent, organizations must find ways to differentiate themselves to attract new hires while simultaneously working to retain existing employees.

Specifically, 78% of HR leaders are more concerned about the talent shortage today than they were a year ago. Continue reading “Employee Experience Trends In 2019”

Retail Turnover Rates In 2018

The following article is another in our series that examines average employee turnover rates by industry. In this article, we hold the retail industry under a microscope to see what might be affecting employee turnover and retention rates, and why employees in this industry are some fleeting.

While the average turnover for all industries in the United States sits at around 15 percent, the average turnover rate in the retail industry is slightly above 60 percent, according to the National Retail Federation.

The unprecedentedly high turnover rate translates into more than 230 million days of lost productivity and $19 billion in costs associated with recruiting, hiring and training, according to Human Resources Today.

Continue reading “Retail Turnover Rates In 2018”

Hiring Trends – How Seasonal Recruitment Cycles Vary By Industry

In our previous article, we talked about surprising strategies that will help businesses recruit the best talent. In this article, we discuss the seasonal influence on hiring, and how understanding your recruitment cycle can make recruitment strategies even more effective.

 

As seasons change, so do recruiting and hiring patterns. By analyzing recruiting data, plenty of high-level observations can be made, like the primary hiring months across all business, which according to the Job Openings and Labor Turnover published by the Bureau of Labor Statistics (2018), happens during:

Continue reading “Hiring Trends – How Seasonal Recruitment Cycles Vary By Industry”