Strategic partnership will help employers attract and retain workers in a competitive market
Humanforce, a provider of intelligent workforce management solutions, today announced a partnership with financial wellbeing specialists Earnd, to offer new digital financial tools and earned access to wages for casual workers.
With research showing 70% of casual workers suffered financially as a result of COVID-19 and 62.5% of employees experienced a reduction in shifts (or increased uncertainty) during lockdowns, the Humanforce and Earnd partnership will deliver deskless workers greater financial flexibility and offers employers the opportunity to better attract and retain talent in the competitive labour environment.
“COVID-19 significantly impacted the financial wellbeing of workers. Many people lost jobs or had their shifts reduced dramatically as lockdown restrictions were implemented and businesses adjusted their operations. As a result, financial access and stability is a critical concern to workers,” said Clayton Pyne, CEO of Humanforce.
The integration of Earnd tools into the Humanforce platform will enable workers to access pay as they earn it, to cover bills and expenses as needed. It will also give them the ability to track their earnings in real-time, check their financial fitness and do 1-1 live-chat financial coaching.
“For deskless workers with irregular earnings, financial stability is a key concern. Through this partnership, we want to make money simple, not stressful for Aussie workers. Whether it’s reducing the need to borrow and pay interest or just providing more clarity about someone’s financial position, our tools are proven to have a positive impact on financial wellbeing,” said Josh Vernon, CEO and co-founder, Earnd.
“Say someone urgently needs their refrigerator repaired. The cost of repairs may be $350, but they only have $250 in their bank account. This worker can now log onto the Humanforce app and pick up a shift to earn extra money. At the end of the shift, they can transfer the wages they earned instantly, rather than waiting another two weeks to be paid. This means they can cover the cost of the repair without having to borrow and pay interest, as well as helps businesses fill more shifts,” said Josh.
Research from Earnd shows that providing access to their financial wellbeing app results in staff working 22% more shifts, as well as reduces employee turnover by 16%.
“Reducing turnover is a key consideration for business today. Employers of casual workers will increasingly be faced with staffing challenges as the economy reopens and competition for a limited pool of talent intensifies. To attract and retain workers today, businesses need to offer great financial stability, new solutions and wage access options to workers,” said Clayton.
Today businesses are struggling to fill casual roles as a result of international travel restrictions and a lack of available staff. According to Seek there are currently 20,000 casual jobs on its site, 55% more than in 2020 and 22% more than in 2019.
“Financial wellbeing solutions, like that offered through the Humanforce and Earnd partnership, are becoming prerequisites for organisations globally to attract, retain and support staff. We’re proud to be offering a first of its kind partnership with Humanforce to support the wellbeing of hundreds of thousands of Australian employees and in turn, the businesses they work for,” said Josh.
“Our research shows that job ads that promote financial wellbeing programs are filled within an average of 22 days, compared with jobs listed by similar companies that didn’t provide a financial wellbeing program took an average of 30 days to fill.”
For more information on how new financial tools can deliver casual workers more control over their finances, please join an upcoming employee wellbeing webinar between Humanforce and Earnd. To access this, please click here
- Humanforce contracted Zoho Survey to survey 500 Australian worker respondents.
- Earnd analysed 900 retail and hospitality jobs listed on Indeed.com.
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Earnd is the mission-led, responsible expert in financial wellbeing, working with employers like Pizza Hut, Hungry Jack’s and Freedom to provide innovative solutions such as earned wage access, pre-pay savings and 1:1 live chat financial coaching to solve the number one concern of employees – financial stress. Earnd’s tools are proven to help businesses fill open roles faster, increase productivity and reduce attrition.
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