Hiring companies seasonal workers they often have difficulty keeping them, and for good reason. Fluctuating hours can leave employees cash-strapped during peak season, leaving them with no choice but to look elsewhere for work. But one company introduces a new one benefits program hoping to solve this.

Encore, an events company specializing in corporate conferences, launched a digital “wallet” that can connect to individual bank accounts, created by HR technology company UKG, for employees to use earlier this year. The wallet allows workers to access wages earned before payday and save overtime money for later use. Out of 12,000 employees, about 2,500 use the technology. And among that group, retention increased 14 percent, according to the company.

“As business events fluctuate, employees have begun to demand a way to get more stability around their income during lower employment periods, which for us is June through August,” said Charlie Young, CHRO at Encore. wealth. “So we’re educating them and teaching them that this is an opportunity to save money to help you get through the slow times.”

Employees in all fields are increasingly interested financial well-being benefitsespecially after several years of high inflation. Help growing savings, access to money during an emergency, debt management and help with student loans are all perks employees say they want, according to a recent WTW survey. And with companies like Chipotle rolling out new recruiting and hiring methods seasonal workforcewe may see more overtime savings wallets like this in the future as companies try to tailor their benefits to their employee base.

To encourage workers to sign up, Encore offers a $100 bonus to workers who contribute $500 or more to their account. Young adds that since the company’s employees tend to be younger (with an average age of 33-34), managing their finances directly from their phones is an important part of the offering.

“We have a lot of very technical people who travel all over the country and don’t always have access to a computer,” says Young. “So having an advantage that they can access right there on their phone is critical.”

British Morse
[email protected]

Today’s edition was edited by Emma Burleigh.

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