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.
Around the table
A roundup of the most important HR headlines.
Business leaders have reiterated their policies on political conversations in the office and are monitoring their employees’ social media posts during the presidential election. Financial Times
Arizona’s businesses rely heavily on immigrant workers to stay afloat, and many fear that a pro-immigrant law could be cut this election, exacerbating staffing shortages. NBC News
TikTok’s future depends on the balance of this US presidential election, but the social media company’s employees say they are “indifferent” and it is “business as usual” leading up to it. Wired
Water cooler
Everything you need to know Assets.
Breathe a sigh of relief. Unionized after a seven-week strike Boeing employees accepted a contract This includes a 38% increase over four years – but there is no pension plan. —David Koenig, Lindsey Wasson, Hannah Schoenbaum, AP
Tried and true. A study in which 45 German companies tested a four-day week This led to increased company sales, a decrease in voluntary employee turnover, and a sharp decline in burnout. —Ryan Hogg
Grit. US presidential candidate Kamala Harris attributes her morning routine – which includes a 30-minute workout – to her personality Able to handle 14 to 15 hour workdays. –Orianna Rosa Royle