Submitted by Avionte
There are many reasons staffing firms should offer a paycard, including great benefits for both your firm and your employees. While there are many important things to consider when choosing a paycard provider for your staffing agency, one of the most exciting options is to offer a paycard with a loyalty program. Today, we are sharing how a staffing paycard loyalty program can drive positive behaviors in your temporary workforce, while simultaneously benefitting both your bottom line and your clients’!
1. Increases Employee Retention
Did you know that US employers spend $2.9M per day looking for replacement workers? That’s $1.1B per year. Ouch! A loyalty program serves as a differentiator between you and your competitors. Talent are more likely to work with your firm if they receive added benefits. A loyalty program rewards positive workplace behaviors and gives added bonuses to your best employees. Therefore, the best employees receive the most rewards, increasing retention of your top talent.
2. Reduces Absenteeism
Each year, workers in the U.S. miss more than half a billion workdays. Productivity losses linked to absenteeism cost employers $225.8 billion annually in the United States! Reducing your turnover rates by improving attendance makes a material difference in your cost to backfill and your client’s cost of vacancy. Not to mention, it reduces the headache and chaos of finding last-minute backfills. With a staffing paycard loyalty program, you can incentivize your employees for low absenteeism, therefore improving your bottom line.
3. Improves Safety
The average cost of a workers’ comp claim today is $40,000. Blue-collar temporary work in factories, warehouses and construction sites have become one of the most hazardous categories of jobs in the nation. This makes light industrial staffing firms highly susceptible to high workers’ comp costs. However, you can help reduce the workers’ comp claim costs by inspiring increased safety on job sites. A paycard loyalty program can reward your workers for safe behaviors, ultimately improving your bottom line.
4. Raises Referrals
Did you know that after two years, retention of referred employees is 45% compared to 20% from job boards? Referred candidates are 55% faster to hire, compared with employees sourced through career sites? Hiring and onboarding are time-consuming and, therefore, costly. Reducing these costs through referrals is a great way to benefit your bottom line. With a loyalty program, you can reward your workers for referrals and hire new employees faster.
Paycards with a Loyalty Program
While there is an abundance of paycard options on the market, there is only one paycard that was designed exclusively for the staffing industry and offers an incentive program. In addition to the great benefits of a standard paycard, Avionté’s CHANGE card and its Loyalty Program are designed to service staffing firms in ways specific to their needs.
With the CHANGE Loyalty Program, your firm can reward employees with points for positive behaviors, such as perfect attendance, referring friends and family, and working accident-free. Employees then redeem their points for cash or gift cards from over 75 top merchants – including Amazon, Home Depot, local restaurants and more! The CHANGE Loyalty program helps retain your best employees and greatly impacts your firm’s bottom line.
Are you ready to CHANGE? Request a demo with a member of our team.