Employee Retention

The idea that employees would fear automation has mostly been unfounded. In fact, employees expect employers to invest in the best HR, payroll, and finance solutions available, such as Workday. They also expect employers to automate repetitive, mind-numbing activities that keep them from more meaningful work.

The pandemic clearly demonstrated that employees can deliver on their responsibilities from home. While other issues surfaced, such as connectivity issues and the challenges of relying more on video calls and instant messaging than face-to-face communication, being in the office full time is on almost no one’s ideal job list. Repurposing drive time to family time or the freedom to work longer hours from the comfort of home is now a priority for employees. If you want to retain your team, you will have to find the right balance between remote and in-person work.

Centuries ago, employees were paid every day for their work. But with industrialization and explosive economic growth, employers needed to control the rising costs of processing pay more frequently. Governments also wanted their money (taxes) at the time employees were paid. Enter the increasing demand for earned wage access. While sweeping regulatory changes haven’t occurred yet, they could change. In the meantime, CHROs must figure out how they can offer this service without adding more work to an already over-burdened payroll team. Surveys show that 98% of employees want this service. Early market results indicate companies can improve retention by 15%–35% just from this one service.