A Responsible Way to Eliminate Employee Turnover

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Employers are rapidly adopting on-demand pay solutions to prevent employee turnover. Rain’s data-driven approach and track record of success makes it easy to rapidly reduce turnover with Earned Wage Access. 
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A Responsible Way to Eliminate Employee Turnover
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Statistical Spotlight

46% of employers noticed an increase in resignations in the past year. 4
80% of full-timers say employee benefits impact their decision to stay with a company. 5
86% of HR leaders say their biggest challenge is attracting talent or preventing turnover. 6
Employers who have partnered with us report a 10x higher retention rate.
Learn Why
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Reduce Turnover With Greater Job Satisfaction 

The links between Earned Wage Access, job satisfaction, and turnover are critical to your company's success.
Earned Wage Access: The ability to access earned wages early eases financial stress and boosts workplace morale.
Job Satisfaction: Employee job satisfaction and positivity reduce their likelihood of saying goodbye.
Reduced Turnover: Long-term employees are invaluable to your company's success and bottom line.
How Rain Works

Employee Turnover: Definition and Calculation

Employee turnover refers to the rate at which employees leave a company and need to be replaced. It's like a revolving door, but not the kind you want in your organization. It's not just about losing a person; it's about losing their knowledge, experience, and unique contributions.
Calculating turnover is relatively straightforward: Divide the number of employees who leave during a specific period by the average number of employees during that same period. Multiply the result by 100 to get a percentage.
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The High Cost of Employee Turnover

The financial implications of employee turnover are multi-faceted, hindering productivity, employee burnout, customer satisfaction, and training and recruitment costs.
  • Industries with the highest average annual turnover rates include food and service at 35%, arts, entertainment, and recreation at 27%, and retail and wholesale trade at 22%.
  • A yearly average turnover rate of 18% for a company employing 100 staff members results in approximately $1 million annually.
  • Approximately 80% of turnovers are within the control of companies.

The last statistic is important—you possess the ability to bring about positive change with employee turnover solutions like Earned Wage Access.

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Enhance Work-Life Balance

Minimizing stress and burnout by fostering work-life balance enables your employees to feel more in control and content in their roles.

  • Rain adds to this balance by reducing the stress associated with waiting for traditional pay cycles.
  • Alleviating financial stress ensures your employees' work life and personal life don't bleed into each other.

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Recognize and Reward Performance

Recognizing and rewarding performance are employee turnover solutions and instill a sense of value and appreciation in your employees, fostering job satisfaction and loyalty, which are key deterrents to turnover.

  • You can tangibly recognize your employees' efforts with Rain, reinforcing the connection between work performed and compensation earned.
  • Rain has already saved employers $1M+ in turnover costs, which you can redirect toward employee bonuses and initiatives.

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Provide Continuous Learning and Skill Development

Continuous learning and skill development can help your employees feel valued and motivated to grow within their roles, reducing the likelihood of turnover.

  • Rain equips your employees with valuable financial tools and insights, empowering them to gain financial management skills.
  • Rain frees up resources that you can then invest in opportunities for employee learning and skills development.

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Monitor and Address Workload and Burnout

Effective monitoring and addressing of workload and burnout are employee turnover solutions that ensure your employees feel valued and cared for, reducing turnover by creating a balanced, less stressful work environment.

  • Rain creates a culture of trust and transparency, demonstrating your company's commitment to its employees' well-being, which can alleviate stress, encourage balanced work habits, and deter burnout.

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Empowering your employees with financial freedom is a strategic move that can drastically boost your company's application rates and profitability.

Evidence-Based Insights

Offering Earned Wage Access to employees to deter turnover isn’t a mere hypothesis - this business strategy has proven itself effective.

Offering Earned Wage Access to employees to deter turnover isn’t a mere hypothesis - this business strategy has proven itself effective.

  • Employers recognize Earned Wage Access as a low-cost way to retain long-term employees and generate goodwill among their workforce.
  • Full-time employees assert that they would work harder if they are offered enhanced benefits.
  • More full-time employees who have access to no-cost or low-cost on-demand pay use it than those who don’t.

Maintain your dedicated workforce’s commitment with Rain Instant Pay.

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Frequently Asked, Expertly Answered

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How does Earned Wage Access impact job applications?

Earned Wage Access, EWA, can be a huge differentiating factor for recruitment. Offering a sought after benefit like EWA shows potential employees you care about their well-being and provides a way for new employees to get paid their first week.
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Which industries see the highest recruitment rates once they implement Earned Wage Access?

Rain’s Earned Wage Access solution is beneficial across a variety of industries, but we see a lot of traction in industries with high turnover or hourly roles.