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The company hopes that the additional “overtime savings” benefit will increase the retention of seasonal workers

Companies that are hiring Seasonal workers They often find it difficult to keep them, and for good reason. Fluctuating work hours can leave employees strapped for cash during the off-season and with no choice but to look for work elsewhere. But a company is introducing a new one Performance program I hope to be able to resolve this.

Encore, an events company that specializes in corporate conferences, launched a digital “wallet” created by HR technology company UKG earlier this year that can connect to individual bank accounts and is available for employees to use. The wallet allows workers to access their earned wages before payday and save money accumulated through overtime for later use. Of the 12,000 employees, around 2,500 use the technology. And among this group, retention is up 14%, according to the company.

“As the events business fluctuates, employees asked for a way to provide more stability to their income during periods of reduced employment, which for us runs from June to August,” said Charlie Young, Encore CHRO Assets. “So we educate them and teach them that this is an opportunity to save money and help them get through the slow times.”

The interest of all employees is increasing Financial Wellbeing Benefitsespecially after several years of high inflation. According to a, helping build their savings, accessing money in an emergency, managing debt, and help with student loans are all benefits employees want current WTW survey. And with companies like Chipotle adopting new methods of recruiting and hiring their employees Seasonal workersWe may see more overtime savings wallets like this in the future as companies look to tailor their benefits to their employee base.

To encourage workers to sign up, Encore offers a $100 bonus to workers who deposit $500 or more into the account. Young adds that managing finances directly from their phones is an important part of the offering, as the company’s employees tend to be younger (the average age is 33 to 34).

“We have a lot of tech-savvy people who travel all over the country and don’t always have access to a computer,” Young says. “That’s why having a benefit they can access directly from their phone is critical.”

Brit Morse
brit.morse@fortune.com

Today’s edition was curated by Emma Burleigh.

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