Reduce Retail Turnover & Win the Talent War with On-Demand Pay

How to Slash Turnover and Keep Your Best People

Financially stressed employees are twice as likely to seek new employment compared to their less stressed counterparts.¹

This constant churn creates a costly cycle of recruitment, hiring, and training, all of which eat into a retailer’s bottom line. Beyond direct costs, high turnover also leads to a loss of institutional knowledge, decreased team morale, and a decline in customer service quality as new employees learn the ropes.

One innovative solution gaining traction in the retail sector is offering employees access to their earned pay before their traditional payday through an On-Demand Pay solution like DailyPay.

The impact of such programs is measurable: 30% of employers who have implemented DailyPay have reported a reduction in employee turnover.² This demonstrates a clear link between empowering employees with financial flexibility and their decision to stay with their current employer.

Boost Attendance and Stabilize Your Store’s Operations

Minimizing absenteeism is just as crucial as reducing turnover for retail success. 

When employees are frequently absent, it disrupts daily operations, strains remaining staff, and can directly impact customer service quality due to understaffing. High absenteeism can also signal underlying issues like low morale or financial stress, further exacerbating turnover risks. 

Proactive strategies, including fostering a supportive work environment and addressing employee well-being, are essential to ensure consistent staffing and a productive retail team.

One of those proactive solutions is On-Demand Pay. As a matter of fact, 95% of retail companies offering an earned wage access solution today believe it has a positive impact on absenteeism.³

Dramatically Improve Timeclock Compliance and Efficiency

For retail operations, especially those with irregular schedules, pay flexibility can dramatically improve timeclock compliance and overall efficiency. 

When employees have control over accessing their earned pay, it incentivizes accurate timekeeping because employees need to accurately clock in and out of each shift in order to get early access to their earned pay.

This reduces manual reconciliation efforts, as seen with Puma’s 50% reduction in timecard reconciliations after implementing DailyPay. 

Empowering employees with financial autonomy ultimately drives productivity and leads to positive results for nearly all companies adopting such solutions.

Gain an Unbeatable Edge in A Tight Market

Seasonal hiring surges present a unique challenge for retailers, often requiring rapid recruitment in a highly competitive talent market. 

The financial burden of high turnover, averaging $10,000 per frontline retail employee,⁴ makes attracting and retaining staff especially critical during these periods. Offering On-Demand Pay, such as DailyPay, provides a significant advantage. 

It minimizes the financial stress that often leads to early departures, making a retail position more attractive. In fact, internal data shows a 17% reduction in turnover among DailyPay users in the retail industry, demonstrating its effectiveness in securing and stabilizing seasonal workforces.⁵

Employee Experience Is Your Secret to Superior Customer Service

To address these challenges, retail employers should focus on how they can improve the overall employee experience, leading to better customer service. Retail employers need to empower and motivate staff to provide exceptional customer service. 

Financial wellness benefits like On-Demand Pay can help retail employers stand out among the competition to hire and retain highly skilled staff members.

Learn how DailyPay can help.