Employ millennials? This one thing can reduce turnover by 45%.
News flash! The pandemic has impacted the finances of millennial workers more than any other group. In fact, 52% of millennials have depleted their savings due to COVID-19. But that’s just the tip of the iceberg!
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What employers need to know
If you employ millennials, the global pandemic has left them cash-strapped, many without enough savings for a $400 emergency expense, according to the Poll. Since knowledge is power, these survey results can help you provide solutions that give your employees financial peace of mind, make them happier and keep them working with you longer.
Harris Poll Millennial Survey
The new Harris Poll was commissioned by Funding Our Future, the Center for Financial Security at the University of Wisconsin, and DailyPay. This survey was conducted online within the United States by The Harris Poll, from November 17-19, 2020, among 2,075 U.S. adults ages 18 and older, among whom 593 are millennials ages 24-39.
How would you characterize your savings currently?
Do you feel like you are on track with your retirement savings goals right now?
Do you expect that Social Security benefits will be an important part of your income and available to you to meet your financial needs in retirement?
How much in savings of any kind do you currently have?
If you have any kind of emergency savings, where is it stored? Please select all that apply.
At what age do you think you will be able to comfortably retire?
Does your job offer some type of savings/retirement program?
Do you have student loans?
Should the government forgive federal student debts?
How have your savings changed since the COVID-19 pandemic began?
Ready to reduce turnover?
How can you help your millennial employees right now?
By offering DailyPay, the gold standard in on-demand pay, you can give your employees control and choice over their payday, allowing them access to their earned income as they need it. Help your employees recover from the impact of COVID (at no cost to you).
They can also utilize the SAVE product to allocate money to their own savings account, free of charge — in three different ways. This can be the first time that many millennials will actually start a savings program, putting them on the road to financial security at a time it’s needed most.
Let’s face it, millennials emojis
In 2018, DailyPay introduced Emoji Pay, which allows users to make requests via SMS for instant access to their earned pay, Nearly 70% of those using the service are millennials and Generation Z, demonstrating the appeal of on-demand services for these generations.
How it works
Every emoji is worth $20
You can text up to 5 emojis at once to 66867 to receive up to a total of $100
Receive your money instantly
The transfer fee is the same as for DailyPay’s instant pay
About Funding Our Future
The first coalition of its kind, the Funding Our Future campaign is a bipartisan and cross-sector coalition of more than 40 organizations working towards retirement security for all Americans. The campaign was launched in 2018 by the Bipartisan Policy Center, and today has representation from the education and nonprofit, trade association, and corporate sectors, showcasing the broad base of support this issue has and requires across the country. Our campaign lifts up partner research and reports, co-hosts events, and educates the public and policymakers about these critical issues. For more information, visit www.fundingourfuture.us
About the Center for Financial Security at the University of Wisconsin
Housed in the School of Human Ecology at the University of Wisconsin-Madison (UW), CFS is an intellectual hub for research and outreach across disciplines. Currently, over 100 researchers from the UW and campuses across the nation are affiliated with CFS. CFS attracts leading researchers through its expertise in consumer behavior, commitment to outreach and applied scholarship, and access to resources for behavior research and the dissemination of research findings. CFS faculty and staff have extensive experience with program development, implementation evaluation, and outcome evaluation.
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