If you’re like most business owners, you bend over backward for your customers. You do what it takes to provide the best customer experience possible. After all, good customer service helps ensure your customers will come back time and time again. So, why is it that many businesses don’t apply that same logic to their employees?
It’s not a new concept, but it’s an easily forgotten one: Treat your employees like customers.
Customers fuel our organizations and keep our doors open. On the flip side of the coin, we can’t run a successful business without the backbone of the organization – our employees. Hourly employees, in particular, are in need of special treatment. Often, their roles are subject to the most back-breaking work, with the least amount of praise.
It’s important to extend a helping hand when possible and provide reminders that your employees are needed and appreciated.
The minimum wage topic has been a point of debate for quite some time. Although the federal minimum wage hasn’t changed for nearly a decade, state and local minimum wages have been increasing rapidly. As of July 2017, San Francisco raised their minimum wage to $14 per hour, and by 2018 minimum wages are set to rise to $15 per hour. With increasing wages, small businesses who operate on tight margins need to be creative with budgeting. How can you pay employees enough, without over-extending?
Unfortunately, one of the ways to find extra funding is by cutting hours or changing scheduling. “On-call scheduling” has also begun to rise in popularity. Employees only come into work when it’s too busy or you’re understaffed, and hours aren’t guaranteed.
If employees are willing to be flexible with scheduling, it makes sense for an employer to be flexible with payment schedules, too. Your employees may be unsure when their next check will come in, but they still have bills to pay. By offering DailyPay, you can provide peace of mind. Allow your employees to access their earned income when they need it.
Payroll versus bills
Payroll schedules can easily misalign with bill schedules. While smart budgeting and diligence are truly what your employee’s need to prepare for monthly expenses, sometimes financial wellness takes a back seat. It’s not always easy to visualize how far a paycheck go.
With DailyPay, not only can your employees access their funds at the time their bills are due, but they can also see how much of a paycheck has been accounted for, and how much remains. This feature can help your employees look at money management and monthly budgeting in a different, more holistic way.
If an unexpected emergency were to arise, how prepared do you think your employees are?
GoBankingRates recently released a study that shows how well-prepared Americans are, financially, should another recession hit.
- 49% of Americans are currently living paycheck to paycheck.
- 61% do not have enough money saved to cover six months of living expenses.
The results could mirror the same hardships your workers face as they try to keep up with bills and unexpected expenses on minimum wages.
While offering access to earned income isn’t the single-solution to a crisis like this, it will certainly help. DailyPay can offer a bit of leeway until payday comes.
Without access to earned income, the options for securing cash are limited at best. Depending on the credit score of your workers, they may not be able to access the lowest interest rate options for covering the emergency. In turn, they may be forced to tap into higher interest solutions like payday loans or credit cards.
Each transaction from DailyPay comes with a financial wellness tip. Building a strong foundation for personal finance knowledge is the first step toward avoiding financial hardships in the future. Learning to budget and save can mean the difference between covering an unexpected emergency or being required to take out additional, high-interest funds.
High turnover industries need morale boost
Recognizing your employees for their contributions is a big deal. Industries with high turnover rates, don’t usually come with loads of praise. These industries tend to be made up of mostly hourly workers and include heavy customer service responsibilities.
The morale in these occupations can be desperately low. It is difficult for employers to offer perks and incentives that offset some of the negative aspects of these positions because they are costly and difficult to roll out. All of your hourly employees can utilize the benefit, as long as they enroll in your direct deposit benefit.