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3 easy, cost-e ective ways to help employee feel safe and nancially secure this holiday season For hourly workers, the holiday season will present nancial and often physical challenges amid the health cris By Jeanniey Walden | October 26, 2020 at 07:55 AM
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A new Harris Poll survey con rmed what we already knew — that the majority (70%) of hourly working Americans are having trouble making ends meet. Massive unemployment, related to the global pandemic, has wreaked havoc on so many families’ nances. In many cases, at least one member of the household, who was once counted on to help bills, can no longer contribute because they have either lost their job or have had their hours cut. According to the Poll, 47% of those surveyed will take extra steps this year, compared to last, to make ends meet, including working extra hours (22%) or seasonal jobs (18%). And guess what, one-third of these employees are looking to you, the employer to help them make ends meet and give them advice about how to become more nancially secure. However, there is some encouraging news. 54% said they are hopeful the economy will improve by the end of the year. How can we step up and lead, even with a tight budget. These three suggestions will have your employees and customers singing your praises this holiday.
1. O er on-demand pay On-demand pay (ODP) enables your employees to track and access their pay as they earn it. It’s free for your company to implement and doesn’t require additional resources. ODP provides bene ts to both you, the employer and employees. As the holidays approach, hourly workers once again turn to their employer for help with this very impactful bene t that gives employees the power of exibility and control over their nances. The Harris Poll research shows that many Americans (45%) say that having access to on-demand pay, instead of waiting for a companyscheduled payday, would have an impact on their spending this holiday season: 1 in 5 (21%) say they would be able to manage holiday spending better. 1 in 6 (17%) say they would be able to make monthly payments on holiday purchases easier. 1 in 7 (13%) say they would require fewer loans to make holiday purchases. The global health crisis severely strained the bonds between employer and employee. The recent research, though, indicates some good news — employees want and need our help. By giving them some peace of mind from a nancial and health standpoint, we can rebuild that trust and work together to make this holiday season one we can all celebrate.
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2. Bring back former employees According to a new holiday hiring survey from Ultimate Kronos Group, 51% of retailers said they are looking to rehire former seasonal employees based on existing familiarity with the job. The appeal of inviting back former workers is strong – there is no recruitment cost and they need less training as they are already familiar with the operation. Also of note, there is already a trust level that has been established between employee and employer. This is a new perspective that is gaining quite a bit of traction during this unprecedented year.
3. Over-communicate safety protocols For hourly workers, the holiday time will present even more challenges amid the health crisis. Following a down year, there will be tremendous pressure to perform at a high level to meet revenue goals, all while dealing with strict new health precautions. And many consumers have noted they are ready to shop in-person again. The survey revealed that 41% said they will spend the same amount as they did last year instore, with 11% planning to spend even more. But as in-store crowds grow — so will employee anxiety. It is imperative to make employees feel safe by frequently communicating all the steps and protocols in place to keep them and customers safe and healthy.
Jeanniey Walden is an award-winning, entrepreneurial Chief Marketing O cer who uses innovation to transform the way companies work to accelerate growth and brand impact. Currently, she is the CMO of DailyPay, helping to transform the way employees get paid. For more insights and information watch this replay of DailyPay’s recent webinar (https://www.dailypay.com/webinars/the-new-retaillandscape/) with the Ultimate Kronos Group What’s Next? Navigating the New Retail Landscape link.
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