Sponsored by Branch
Hiring holiday workers has never been easy, but the ongoing labor shortage and economic instability have made it even more challenging. Companies are competing for an increasingly small pool of talent. People are demanding more from any prospective job offer. And your business can't afford to keep issuing incentives or bonuses to attract new applicants.
This year is going to be different, though. This year, there's no need to get caught off guard with seasonal hiring challenges because you have the opportunity to start planning your holiday hiring strategy now.
Let’s explore three hiring strategies that will help you prepare for the months ahead with enough seasonal hires to be successful.
1. Align hiring efforts with worker demands
Your seasonal hiring strategies can’t exist in a vacuum; they need to match the latest worker demands. Start by listening to what hourly workers want and keeping a close eye on the latest hourly worker trends. (Our 4th annual Branch Report has the latest stats on the work, financial, and lifestyle habits of hourly workers, FYI!) Many workers don't have enough saved for a rainy day, and they're increasingly looking to their employers for a solution. You need to go beyond benefits like hiring bonuses—not only are they costing your company, but they're not moving the needle when it comes to recruiting and retaining todays' talent.
Today's hourly worker wants help from their employer where it matters: financial stability. Which brings us to strategy #2...
2. Offer faster pay
With all the competition in the labor market, companies who still use checks and cash to pay their employees will likely lose out on new hires. Cash payments have been on their way out for several years, but the pandemic accelerated their extinction. (In fact, cash usage decreased by 32% from 2019 to 2020.) And issuing paper checks is slow and inefficient for both your company and employees; workers don’t want to wait two weeks to get tips or any reimbursements put onto the next paycheck.
Switching to instant digital payments of wages, cashless tips, and mileage reimbursements allows you to save time and money while incentivizing your employees—all for free. (Is there any better motivation than that "just got paid" feeling?) Providing faster access to the money they've already earned is one way to give employees more control over their financial stability.
3. Invest in your employees’ financial wellness
People have their pick of where to work these days, so overall, it pays to be a company that genuinely invests in their employees and advocates for their wellbeing. That includes prioritizing financial wellness for all employees, even seasonal hires. While many companies offer traditional financial benefits that focus on longer-term goals, it’s also important to consider the perks of short-term financial benefits like budgeting help or free digital banking. With these benefits, employees can gain more control of their financial situation—and unbanked employees can gain access to free financial services.
In today's tight labor market, it truly is a job candidate's market. Before you hire your seasonal staff for the holidays ahead, be prepared by paying attention to worker demands, offering faster digital payments, and investing in your employees' financial wellness.
Branch can help you offer fast and free digital payments of all kinds to your workers, from cashless tips and reimbursements to earned wage access. Plus, when you work with us, there's no pre-funding or capital required—and we're completely free for both you and your employees.
