Does your company have an attraction and retention problem? If so, you’re not alone. Employers today are spending more time and money than ever on tackling the ongoing challenge that comes from attracting and retaining top talent.
Incentives, such as high compensation and core benefits, that used to be what job seekers were looking for are no longer enough. The wish list has now shifted to culture, mentorship, and career progression – leaving employers wondering, “What else can we do?”
One product available through CPU that might answer that question is Wages On-Demand, or Daily Pay, by ZayZoon.
Used by companies of all sizes, Wages On-Demand allows employees access to their earned wages before payday. Using a secure portal, employees can access up to $200 daily for a fee of $5, which is automatically deducted from their next paycheck, thus shortening the pay cycle.
For employees, having access to money in a timelier manner reduces financial stress from cash flow shortfall between checks. According to studies conducted by ZayZoon, the average Wages On-Demand user takes home $702 more per year by saving on bank fees, loans, and bill payments. Another study by Visa found that 95% of hourly employees want to work for a company that offers on-demand pay.
How does Wages On-Demand benefit employers and companies? Simply put, a less stressed employee is a happier employee and one who is less likely to go looking for another job. Organizations that offer Wages On-Demand have shown a 5% reduction in hiring costs, 15% active use of the Wages On-Demand solution and a 29% reduction in turnover for employees who use the program.
Wages On-Demand offers no risk or liability to the employer, and funds are recovered automatically on the next pay run. Setup is easy and can be implemented quickly by working with payroll/HRIS to create secure accounts. There is no additional overhead for the employer to manage the program and users have access to CPU’s local support plus 24-hour, five day a week support from ZayZoon.
Top talent attraction and retention are critical to the future of your business. Let CPU help your business stand out from the rest.