Your Guide to Improving Employee Turnover
This eBook explains the effects turnover can have on your bottom line and how on-demand pay can improve turnover and your Total Reward Program. The topics covered in this eBook include:
- The true cost of turnover
- Turnover statistics
- The value of on-demand pay in your Total Rewards strategy
Turnover costs are a constant concern and challenge for business owners and stakeholders. When an employee leaves a company, the cost to replace them can be more than a year’s worth of their salary.
Companies with high turnover rates usually experience corresponding issues that can put them at a competitive disadvantage:
- Reduced productivity in remaining employees
- Lower quality of service
- Reduced employee engagement
- Previously unaffected employees lose momentum
- Replacement hiring takes longer
Getting to the bottom of what causes employee turnover is critical for employers to create an employee experience that others want to be a part of, rather than run from.
Unfortunately, solving turnover is notoriously difficult for employers, because there isn’t a one-size fits-all solution. It demands a Total Rewards strategy that is flexible enough to meet the needs of several generations and demographics in your workforce.
On-Demand Pay should be an essential consideration in your Total Rewards strategy to reduce turnover and because of the effects it can have on your broader organization.
The goal of this eBook is to highlight key considerations regarding employee turnover and five ways that on-demand pay can play a key role in your Total Rewards strategy to help you improve the acquisition, engagement and retention of top talent and subsequently help you compete more effectively well into the future.READ THE FULL EBOOK