In the fast-paced world of warehouse operations, attracting and retaining top talent can be difficult. With workforce challenges like a small labor pool and a highly competitive job market, warehousing leaders must continue to evolve benefit offerings to put them in the best position to hire and retain employees.
One solution that can help warehouse employers stand out from the competition and become an employer of choice is earned wage access (EWA), a financial tool that allows employees to track, spend or save their pay as they earn it, instead of waiting for payday.
Quinyx has partnered with DailyPay, the leading earned wage access solution, to help warehouse employers attract more applicants, retain employees longer, and become an employer of choice in their industry. Let's explore how EWA can be a game-changer for you.
Timely Access to Earned Wages
Warehouses often require employees to pick up extra shifts or work irregular hours. EWA allows warehouse workers to access their earned wages before the traditional payday, providing them with the flexibility to pay bills, support daily living and childcare needs and build savings for unexpected expenses, all before a scheduled payday. This is particularly crucial during peak seasons. According to an Arizent study commissioned by DailyPay, 55% of DailyPay users say they pick up at least one extra shift per month because they know they can access earned pay ahead of payday.1 This not only benefits employees but also addresses the increased need for temporary staff during peak seasons.
Financial Empowerment for Warehouse Workers
In the same study, 80% of users surveyed say DailyPay has had a positive influence on their financial habits.1 This is relevant in the warehouse industry where hourly workers may face financial challenges. By offering EWA, warehouse employers empower their workforce to manage their finances more effectively, reducing stress and improving overall wellbeing.
Increased Job Satisfaction and Retention
Physical demands and irregular schedules are common in the warehouse industry, making job satisfaction a key factor in retaining employees. EWA has proven to be a significant factor in job satisfaction, with 58% of users surveyed stating that DailyPay makes them feel more satisfied in their job.1 Additionally, the tenure improvement between DailyPay engaged users and non-engaged employees is 21%, showcasing the positive impact on employee retention.2
Competitive Edge in Employee Recruitment
As the demand for warehouse workers intensifies during busy seasons, companies need to differentiate themselves to attract top talent. EWA is a unique offering that stands out in the eyes of potential employees. 53% of users surveyed consider EWA critical or very important in their future job considerations,1 indicating that companies offering EWA are more likely to attract the workforce they need.
Beyond Employee Satisfaction
The advantages of EWA extend beyond employee satisfaction. 97% of companies offering an EWA solution today somewhat or strongly agree that providing an EWA solution is helping to attract and retain the right workforce for the future of their organization.3 Additionally, 82% of companies offering an EWA solution today believe it has a positive impact on absenteeism.3 And 86% of companies with EWA solutions believe it helps them stand out from the competition, emphasizing its strategic advantage.3
Conclusion
By adopting earned wage access, warehouse employers can not only address the immediate financial needs of their employees but also gain a competitive edge in attracting and retaining top talent. EWA is not just a perk for employees, it's a strategic move that positions warehouse employers as leaders in employee satisfaction, financial wellness and overall industry competitiveness.
Take your business to the next level and stand out in the warehouse industry with DailyPay.
1 DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023
2 Internal Database, November 2023
3 Hanover Research Study: Companies with EWA Solutions, September 2023