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Q&A: Rebuilding employee trust after layo s
Jeanniey Walden, CIMO at DailyPay, shares some thoughts on how employers can reassure their workers during these chaotic times. By Emily Payne (/author/profile/Emily-Payne/) | September 25, 2020 at 10:23 AM
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4 As the waves come and go, there will continue to be severe economic implications that will impact businesses, families, and ultimately the economy.
In the months since the COVID-19 pandemic took root in the United States, there are very few facets of life that have not been fundamentally altered. Some changes have been welcome, such as the embrace of remote work and digital tools, while others have been harder to adjust to (see masking and social distancing). Businesses, in particular, have had to face some di cult choices as demand and supply chains have been interrupted. But, like everything else, those that survive this pandemic will be those that are willing and able to pivot and adapt to a new reality. Related: An agile workforce will be key to success post-pandemic (https://www.bene tspro.com/sites/bene tspro/2020/07/01/an-agileworkforce-will-be-key-to-success-post-pandemic/) Jeanniey Walden, chief innovation and marketing o cer at DailyPay (http://www.dailypay.com/), recently shared some thoughts with Bene tsPRO on how employers can reassure their workers and o er the resources and support they need to weather the pandemic.
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Total U.S. death rate is below average, CDC says (/2020/04/17/total-u-s-deathrate-is-still-below-average-cdc412-96700/) Majority of young American adults now live with parents (/2020/10/05/majority-ofyoung-american-adults-nowlive-with-parents-412-104910/) Mercer forecasts 4.4% increase in bene t costs for 2021 (/2020/10/05/mercerforecasts-4-4-increase-inbene t-costs-for-2021/) Can employers require employees to get a COVID-19 vaccine? (/2020/10/02/canemployers-require-theiremployees-to-take-a-covid-19vaccine-412-104739/) What has Trump done for health care? (/2020/09/29/what-hastrump-done-for-health-care/)
save for the future as opposed to 15% who stated they were less likely to save. For (/)
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What types of resources can employers o er their employees to help them remain nancially stable in the midst of a pandemic? Companies need to prioritize wellness programs for employees, like mindfulness training, activities to boost morale and nancial wellness training. In order to educate and prepare employees for nancial emergencies, employers need to get savvy with creative bene ts, like on-demand pay. Amid the pandemic, when and how fast employees get their pay has never been more important. Empowering employees with access to their own funds transforms payday from transactional and cold to a powerful experience not just for employees, but for their families as well. Many Americans have found themselves nancially trapped with funds insu cient to pay their bills under the traditional payroll system. As many households nd themselves depending on one source of income during COVID-19, an on-demand pay bene t became a must-have tool for survival. It is with this bene t that employees are able to pay bills and put food on the table.
What can employers do to show their employees the value in saving a part of their paycheck? Employers should be o ering money management materials that dive into the importance of nancial literacy, demonstrating the clear bene ts for both organizations and workers. As employers look to rehire, leveraging your company’s nancial programs to new candidates during the hiring process is an added bonus. Along with providing educational nancial learning resources, companies should equip their employees with saving tools. For example, DailyPay launched an innovative savings tool that elevates the employee experience while simultaneously encouraging saving, called SAVE. Users can earmark money each day or each week to send directly into a bank account with this new function. Another bene t that many companies should o er is a retirement plan. With many businesses o ering to match a certain amount of savings employees put in, workers are more encouraged to put their funds into a retirement account.
Read more: What are the most desirable attributes in a remote workforce? (https://www.bene tspro.com/sites/bene tspro/2020/05/21/what-are-themost-desirable-attributes-in-a-remote-workforce/) Rehiring after lockdown: Ensuring diversity and inclusion is a priority (https://www.bene tspro.com/sites/bene tspro/2020/06/24/rehiringafter-lockdown-ensuring-diversity-and-inclusion-is-a-priority/) Q&A: Adapting your company culture for the remote workforce (https://www.bene tspro.com/sites/bene tspro/2020/06/17/qa-adaptingyour-company-culture-for-the-remote-workforce/)
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Emily Payne Emily Payne is managing editor at BenefitsPRO. A Wisconsin native, she spent the past eight years writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
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How has the economy recovered so far from the initial outbreak of COVID-19 and what do you foresee happening during a second (https://www.facebook.com/BenefitsPro) BENEFITS BROKER (/BENEFITS-BROKER/) BENEFITS MANAGER (/BENEFITS-MANAGER/) wave? Search (/search/)
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(https://www.linkedin.com/company/benefitspro/) The economy was on track to recover from COVID-19 until
the second wave hit sooner than expected. While there was a gradual uptick in numbers when life came to a halt back in March, recent spikes across the country have stalled progress. According to DailyPay’s Rehire America Index (https://www.dailypay.com/dailypay-rehire-america/),
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Jeanniey Walden is CIMO
which tracks hire rates in key industries that were a ected by COVID-19, quick-service restaurants and supermarkets are two industries that have seen a double-digit growth rate in rehires since May. But nothing surpasses consumer services, which has seen an 89% increase from May 18 to July 26. As the waves come and go, there will continue to be severe
economic implications that will impact businesses, families, at DailyPay. and ultimately the economy. There isn’t a single business that hasn’t su ered in some sort of way during COVID-19. As a result, many companies have had to readjust and shift their focus and strategies. However, being able to pivot and do something about it is what will di erentiate tomorrow’s leaders.
With many workers being brought back as a result of reopening states, how can employers rebuild trust with their employees after previously laying them o ? Employers need to focus on nancial solutions that o er employees access to their pay to help get them back on their feet. This is how you rebuild trust after the complications of layo s and furloughs, as virtually every compensation option has been employed during the pandemic. Employees are looking for companies they can trust with their personal and nancial well-being. A recent survey found that 1 out of 6 people (https://bit.ly/DailyPaySurvey)looking for a job are now seeking an employer who o ers an on-demand bene t. Having access to money as you earn it creates a sense of trust and validation, a powerful agreement between two parties, an employer and employee, to return value in response to receiving value.
What are some ways employers can motivate their workforce when layo s are still possible? Transparency is key to making sta feel comfortable during these uncertain times. Employees realize we are all in this together. Providing constant and speci c feedback, emphasizing their value to the company, and creating opportunities that are focused on physical and mental health will help assure employees that they are top priority. Maintaining productivity has proven to be a challenge for employees amid the pandemic, so a leadership team should be providing workers with bene ts that help keep teams motivated and focused, like an on-demand pay bene t. Flexibility is no longer a convenience, it is an absolute necessity.
How can employers address employees’ fear of losing their jobs? Employers need to make sure their employees know the “virtual door” is always open for questions or concerns. In a situation of high tension and fear of potential layo s, employers need to openly, and frequently, communicate the current nancial situation and the trajectory of the company. Over-communication can also prevent assumptions and strengthen trust between the employer and employee. Employers should also urge their employees to save and plan for their future. DailyPay launched a survey (https://www.dailypay.com/funding-ourfuture/) recently where they learned that 51% of people said they are more likely to
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