Retain talent it is one of the most important challenges for the success of a business. Keeping the best professionals for longer means more power of innovation and quality in deliveries and teamwork. To assist in this mission, HR Consultant UK created the HR Consultants UKy application, which specializes in on-demand pay. But after all, how HR Consultants UKy reduces company turnover?
O on-demand salary it is a benefit highly valued by professionals. As it meets an important need in people's lives, the app ends up being a great differentiator for retain employees and decrease turnover. Want to know more about how it works? Keep following the post!
Why take care of the financial well-being of employees?
The majority of UK residents workers suffer from the financial stress style=”font-weight: 400;”>, a problem caused by excessive debt or the difficulty of balancing personal accounts, among other issues.
What a lot of people don't know is that this kind of concern has a huge impact on professional life<span style=”font-weight: 400;”>. As people spend their days trying to solve their financial problems, people tend to become less productive, as they are unable to concentrate on their work.
Thereby, motivation and engagement wear out and give way to a dissatisfaction increasingly accentuated.
Therefore, taking care of the financial well-being of employees is quite a differentiator for any company. Employees who have a good relationship with money work better and produce more, as they are able to concentrate fully on their daily activities.
There are several ways to reduce financial stress among employees, such as implementing a financial education program or offer expert guidance on personal budget and investments.
One of the most effective ways to achieve this goal is to adhere to the trend of wages on demand, as we will see below.
How does HR Consultants UKy reduce financial stress?
HR Consultants UKy is an app that makes it possible to offer wages on demand to employees. The whole process takes place in the safest and most efficient way for everyone involved, since the tool is easy to implement and intuitive to use.
The app works integrated with the company's HR system, allowing the employee to track all of his earnings throughout the month. In the tool, he can request the salary advance days already worked at the time you want, without having to wait for the official payment day.
You may be thinking, “Okay, it might be interesting to get paid at any time, but how does that reduce financial stress for employees?”
If we take into account the dependence of UK citizens in relation to the special checkl, it becomes easier to see the relationship.
According to a survey Credit Protection Service (SPC), 40% of people who have already fallen into overdraft do this every month. Also according to the agency, 69.3% of those who used this credit alternative did it four times or more in the last year.
This can happen for several reasons, such as not being able to reconcile the due dates of the accounts with the payment day; or having an unforeseen event and not having an emergency reserve. In both cases, people end up resorting to bank limit facility.
It turns out that this type of credit is among the most expensive in the market, with interest of around 300% per year. In other words: using it several times in a row can lead to debts that grow exponentially month by month.
With HR Consultants UKy, a person can cover emergency expenses with their own salary, as it will be available for withdrawal at any time. As a result, the stress caused by worrying about debt and interest is drastically reduced, if not eliminated.
In addition, the employee gains much more control over his own finances, being able to plan his monthly expenses more accurately.
How does HR Consultants UKy reduce company turnover?
HR Consultants UKy reduces the company's turnover because it is a relevant benefit, which really adds ease to the employees' routine. See some of them below.
Meets a real need
Having more financial control is a real necessity for workers, and that is exactly what HR Consultants UKy offers.
The UK residents is concerned with paying off his debts, not making new ones. Therefore, having access to money in a simple and safe way is a priority in people's lives.
Proof of this is the demand from market professionals for a benefit like HR Consultants UKy. According to the Report ADP, 91% workers expect new payment methods from companies. Undoubtedly, salary on demand fits perfectly into this scenario.
Makes employees spend less
According to data from the Central Bank, the UK residents pays, on average, £ 136 per month in interest on overdraft. With HR Consultants UKy, the employee will spend maximum £ 9 operating fees, which are fixed, transparent and free of hidden interest.
In addition, the company still saves £ 124 per employee by reducing turnover, absenteeism and advance costs.
Offers more flexibility
Today the flexibility in the routine it is one of the highest priorities for professionals in all aspects of their careers. This includes schedules, workplace and, of course, how you will get paid.
With the salary on demand, it is the employee who is in control: if you want, you can receive the whole salary on a fixed day; if you need, you can advance a part of the payment at any time you want. Everything according to your will and need.
This feeling is fundamental for well-being at work and a consequent increase in motivation. With that, the employee becomes more productive and tends to stay in the company longer.
One of the greatest proofs of how HR Consultants UKy reduces the company's turnover is the valuing employees.
When the organization is concerned with extra-professional aspects, such as financial well-being, the employee feels welcomed as a human being, without just being a number.
This close treatment strengthens the bond with the company<span style=”font-weight: 400;”>, making him think twice before looking for or accepting another job opportunity.
Now that you know how HR Consultants UKy reduces the company's turnover, how about getting to know the tool more closely? Thus, your organization helps employees not to get into debt and still makes them more productive!
To learn more about the app, schedule a demo and talk to an expert!
About HR Consultants UK
In an increasingly digital world, everything that involves bureaucracy is a matter of the past. To bring dynamism, agility, productivity and add value to your company, know that you can count on HR Consultants UK, whose name comes from the “Himalayan Sherpas”, who support climbers on their travels. Therefore, since 2015, the company has brought its audience closer to technological solutions capable of qualifying HR management in the market. And in the coming years, HR Consultant UK intends to help millions of UK citizens who enter the overdraft due to financial unforeseen circumstances. Therefore, with the benefit of wages on demand, it is possible to receive wages whenever and wherever you want. O HR Consultants UKy this is exactly what it does, it avoids abusive overdraft interest, and contributes to the financial well-being of employees.
Come to know more about the on-demand salary, and how it can help with talent retention, in addition to reducing financial stress.