PayActiv just came at the right time to Deal with Employee Turnover
There are significant negative effects of high turnover to a business. Whenever an employee resigns, the company is always forced to spend lots of money on getting their replacements, orientating them, and developing their capacity to operate in that role.The gaps created by high turn over means that there are know enough human resource to do the job and thereby making productivity to slump.This almost always increases the stress levels at work as everyone tries to fill the void created and at the same time keeping up with the demand for goods or service.
If the company does not seal the gaps that cause great turnovers in their institution, it can cause many other employees to also choose 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.
Knowing your employee turnover rate is very significant as it shows you the percentage of workers who leave, either voluntarily or otherwise, and are replaced by new recruits.With your turnover rate figure, you can therefore have an idea of how well your employee retention strategies are. 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. There are two types of employee turnover, involuntary, which is when you decide to fire an employee, and voluntary, which is when your employees decide to resign or quit.
There are several reasons that can force employees to stop working for a particular company or become less enthusiastic about their work. The number one explanation for this can be attributed to low wages and fewer work benefits.
Reducing the financial stress faced by your human resource can help significantly in ensuring their high performance.
PayActiv offers services that help employees to get a financial reprieve in between paychecks. The platform enables companies to reduce the financial stress that is normally experienced by their employees.This platform was initiated with the sole purpose of helping millions of poorly paid hourly workers by facilitating their employers with a solution that enables them to provide their workers with a stress-free instant payment service. The PayActiv financial solution platform enables workers to focus on their work stress-free as their well-deserved earnings are sorted within the platform, and made accessible to them whenever they need it.
The employees’ financial stress is reduced in the sense that they are able to access what they need when they want it, and with the money, they have already earned. The PayActiv platform is, in the long run, beneficial both to the employer and the employee alike.