As the nation starts to come back to work after the pandemic, employers are finding it more and more difficult to find the labor to fill open positions. Companies are looking for other ways to encourage workers to choose their organization by becoming an ‘Employer of Choice’. Many are finding technology to help them in this process.
Job openings soared to a record-high 8.1 million in March as more businesses are looking to hire. The hospitality and healthcare sectors added the most openings. Yet the April job numbers showed little sign of these positions being filled. In addition, 42% of employed Gen Z workers plan on looking for a new job once COVID concerns are lifted.
Why is being an Employer of Choice important?
Becoming an Employer of Choice allow companies to compete on factors other than wages. Having systems in place to provide benefits that work with the employee’s financial and personal well-being, makes them want to stay. This higher retention helps reduce the cost of onboarding new employees. In addition, these employees tell their family and friends about their positive experiences in their workplace. Ultimately, this makes it easier to hire qualified applicants who want to work for your company.
How can technology help in becoming an Employer of Choice?
Technology can help in four ways to make your organization become an Employer of Choice.
Pay on Demand
Pay on Demand services allow employees to access wages they already earned, but which they have not yet been paid. We have all been in a situation where we have a bill due on Wednesday but do not get paid until Friday. Unfortunately, 42% of workers under 40 say, since the pandemic, they could not pay an unexpected $300 expense. If your employee needed $300 in 3 days their options are:
- Pay up to $150 in interest/fees to borrow from a payday lender
- Drive for a delivery service before/after work and come to work exhausted
- Call in sick and find an odd job that pays same day
- Borrow from friends or family which 30% of these workers have already done
A better option is Pay on Demand. Here is how it works. Employees have their direct deposit go to a bank that integrates with the employer’s time and attendance system. At the end of their shift, the system shows how much the employee is eligible to advance. The employee requests the amount to be transferred to their bank account on the app. Advances are deducted once they receive their paycheck. There is no additional cost to the employer or employee. In addition, the employer does not have to change their current payroll processing system.
Flexible Scheduling
After salary, younger workers are most attracted to a job that offers flexible scheduling. Flexible Scheduling used to mean working from home a day or two a week instead of coming into the office. Today, the definition is having a schedule that fits into the needs of the employee’s demand. Understand over half of workers 40 or younger have either more than one job, are going to school, or have family priorities that prevent them from working a consistent schedule. They want an easy way to trade a shift or pick up an open shift preferably on their phone. Many people are willing to work overtime but do want to be forced to work overtime. In addition, your technology must be able to identify your company’s needs and be able to fill those needs quickly and easily.
Workplace Safety
The recent pandemic has highlighted the need for Workplace Safety. Over half of workers, if they had the opportunity, would not come back to the office if they had the choice. Many believe the open work concept is not conducive to a safe work environment. They would prefer to know it is safe to enter the workplace prior to coming to work. Workplace safety is very prominent with hourly workers who punch into a time clock. Workers now would prefer to either use some form of contactless device or use their own smartphone to clock in and out. Facial recognition devices offer such service and ensure the correct person is punching for their shift.
How can we help?
To learn ways we can help your organization become an Employer of Choice by offering Pay on Demand, Flexible Scheduling, and Workplace Safety technology, contact Time Equipment Company at sales@timeequipment.com or 800-997-8463.
