PayActiv just came at the right time to Deal with Employee Turnover
There are significant negative effects of high turnover to a business.Every time an employee leaves, the company has to spend a lot of resources on recruiting, hiring, and training a new employee. The effectiveness of a company is at its all-time low when a huge chunk of its workforce leave their working slots permanently. The physical and emotional tension at work increases when the amount of work to be done is not commensurate with the level of the workforce.
If high turnover is not checked in good time, it can result in a downward spiral, with more and more employees deciding to leave.
Because of these factors, it is very important for companies to understand how to calculate employee turnover rates. It behooves the management of a company to come up with strategies to address the reasons that may be causing their employees to decide to resign from their work and seek employment elsewhere.
The turnover rate figure is so important as it will guide you in understanding the percentage of your human resource who choose to go away from work on a permanent basis, and are replaced by others. Having calculated the turnover rate of your employees and obtained the correct percentage, you can formulate the best strategies for employee retention in your company. This figure usually.
The best way to reduce employee turn over is to understand why employees choose to leave work especially when they do that abruptly. The two types of employee turnover are: involuntary which refers to a situation when you initiate the employee turnover, and voluntary, which is when the employee leaves on their own volition.
Employees could decide to quit employment or become less effective in their employment for one reason or the other.The most common reason is when they are not well compensated for the services they offer to their employers.
Addressing the financial needs of your employees can enhance their motivation at work.
PayActiv is a financial services company that help employees to get financial relief in between their payment day. The platform enables companies to reduce the financial stress that is normally experienced by their employees.It was specially established to help millions of lower-income on the clock workers from being exploited by giving employers the ability to provide their workers immediate relief from their between-paychecks financial headache. The PayActiv platform is a financial wellness infrastructure that enables workers to better concentrate on work as their important financial issues are being handled in an effective ecosystem that lets them access the true measure of their earnings at the right time.
The employees don’t have to worry about their finances as they can access their accrued earnings in real-time as per their request, immediately whenever they need to access them. With PayActiv platform, both the employer and employee wins.