How to get ahead of the back-to-school employee dip with a proven, single solution
2 MINUTE READ
With school out for students and the weather allowing for more outdoor activity, summer is a busy time for many quick-service restaurants (QSR). More customers lead to an increased demand for staff, and this can cause a stir in the long-term stability of a store’s staffing levels. For those QSR operators who are looking to hire and retain employees this summer, earned wage access (EWA) is a great benefit and here is why.
What is Earned Wage Access (EWA)?
Instead of the traditional, rigid pay schedule where employees wait for their weekly or bi-weekly payday, EWA allows employees to access wages that they have earned any day. This access to earned wages oftentimes comes in the form of a mobile app with bank fund transfer capabilities and can include a pay card tied to their EWA pay account.
Summer can present a false sense of staff size
Many students in high school or college find themselves in need of summer jobs as it may be the only time, they are free to work. Quick service restaurants are a popular option for many as they offer quick onboarding times and are known for needing higher staff to meet the increased demand of the season.
QSRs may interpret the increased staff in the summer as general growth of their workforce, however, this can impose a false sense of staffing security as this growth is attributed to a seasonal bump in demand for service and not simply a good hiring season. So how can EWA help you maintain proper staffing levels as summer ends? It starts with increasing the influx of applications and then retaining those team members.
Ways to increase applicant flow with EWA:
Sell the benefits for students
A major benefit of EWA for students is that it allows them to access funds early for back-to-school needs (this can even be rent, food, school fees and more for college students). This is a worthwhile selling point that you can include in hiring materials such as signs and listings to attract student workers.
Highlight the perk of reduced financial stress
Promote the big advantage of EWA - no need to wait for payday to access wages for bills, food, gas, family needs, and more.
Welcome part-time adults back
Attract part-time adult labor that returns at the end of summer in hiring promotions. These adults seeking a part-time job may only be able to work while children are in school and take the summer off – EWA is a great incentive for them to return and fill the gaps left by summer staff.
EWA helps reduce turnover in 3 ways:
- Earned wage access increases the number of employees by an average of 61% while reducing turnover by 5% according to DailyPay (DailyPay 2022).
- Employee productivity and satisfaction levels increase because of flexible pay access, which reduces looming financial distractions.
- EWA pay is an interest-free lifeline option for employees unlike payday loans that often lead to more debt. A benefit like that is hard to part with and can keep employees financially stable and on board your team.
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