Can PayActiv Financial Wellness Programs Increase Retention?
Increasing the retention rate is an important metric for many mobile marketers and a critical component of customer lifetime value (LLY) for the business. The simplest way to retain people in your application is to develop a high quality user experience, but regardless of whether your application is entertaining or provides useful information, there are still ways that you can help you increase retention and therefore increase profit and customer loyalty. There are four key areas where an application can improve customer retention rates: fun, value, follow up and engagement. Let’s explore these areas in more detail.
Employees really do have their own sense of value. Surveys show that about 80% of employees think that they are being treated fairly and that they are happy with their jobs. If you want to increase retention, make sure that your company offers compensation that is worth their time. Many employees need an incentive to stay with your organization. The incentive might be in the form of financial compensation, merchandise discounts or free training or other things that motivate them to remain a loyal employee. As long as you are actively recruiting and hiring, your employees should feel like they are valued and have a good chance of increasing their retention rate.
Financial wellness and the overall health of your organization should be a top priority for employers. One of the easiest ways to attract and retain great employees is through financial incentives. Companies need to look hard at their overall budget and ask themselves if it is financially sound. If not, they need to implement strategies that will increase turnover and expense. Paying close attention to turnover rates is a good indication of poor management and financial management. Paying an attentive and competent workforce can go a long way in ensuring that your organization maintains low turnover.
It is common knowledge that companies that pay high wages enjoy high turnover. It seems illogical that the higher paid employees would leave their employer to work for a lower paying, less exciting company. However, financial stress has been shown to be a significant cause of employee dissatisfaction. It may seem unfair that the top earners leave for greener pastures, but if a company is struggling financially, the employee has no other option. If you can afford to pay a better wage, your employees will likely appreciate the increase in pay and your company’s overall profitability. This will have a positive affect on the overall morale and retention.
An employee’s relations with their co-workers is an important part of a company’s success. One way to increase retention is by creating an environment where people feel harmonious and comfortable. One way to do this is through onboarding. Utilizing onboarding to increase retention is as simple as implementing a program that allows current and potential employees to learn everything they need to know about the company and gain insight into what the company offers.
One of the biggest challenges that employers face is creating a strong connection with their workforce. A strong connection starts with the way an employer speaks to current and potential employees. It also includes how an employer conducts job interviews. Many companies make the mistake of speaking to job candidates as if they were mere employees. When creating an overall approach to corporate hiring, it is important to remember that global pandemic illness has made it necessary for many companies to rethink their approach to hiring. Rather than viewing applicants as prospects, most employers are treating them as individuals with unique needs and aspirations.
Employers that want to retain their best workers and cut total turnover rates should turn to onboarding as a tool to increase retention. A well designed onboarding program will allow current employees to gain insight into the day to day operations of the business while gaining access to tools and information that they will need to grow their career. Additionally, employees who take advantage of this opportunity will be more likely to enjoy their positions and help to reduce overall turnover in the workplace.
Payactiv financial wellness programs are a great way for employers to provide their employees with the tools they need to grow and succeed. Employees that choose to participate will not only find themselves enjoying their positions more but they will also be able to gain valuable insight from peers into the best ways to improve their compensation and advancement potential. Participating in these programs allow employees to connect with each other on a personal level that cannot be reached through typical work environment interactions. Additionally, employees who take advantage of these programs will be more likely to enjoy their positions and help to reduce overall turnover in the workplace. As employers look to retain their best employees, paying attention to the way your workforce interacts with one another may provide some surprising benefits.