Security guard turnover rates can be as high as 400%. That statistic is no secret to TrackTik, a popular workforce management software for the security industry. It’s one reason why TrackTik has officially partnered with Rain’s on demand pay platform to support security guards and security industry leaders.
Why Financial Wellness Benefits Matter
Financial wellness benefits have repeatedly been called the #1 most sought-after employee benefit of 2020.
Great pay rates are important, but so is timing. With 78% of Americans living paycheck to paycheck, it’s only fair that we take a look at the current systems and identify whether timing is an issue. Living paycheck to paycheck means sometimes getting caught in a cycle where all your bills are due at the same time, but you haven’t been paid yet – so you end up with late fees, overdraft fees, and maybe even payday loan fees and interest.
In some cases, budgeting and saving tools are all people need to figure out their finances – but in other cases, factors that are beyond their control (health emergencies, accidents, storm damage – you name it) leave their bank account dry with no clear solution. Instead of resorting to payday loans that put them into further debt, you can direct your employees to their own wages.
It can be a challenge for payroll teams (especially at small companies) to issue wage advances or pay more frequently – but you won’t have to if you have Rain. You can keep your normal payroll and timekeeping structure (even though TrackTik) and let Rain do all of the “advance” work for you, with no additional costs.
Reducing Turnover for Security Personnel
High security guard turnover is likely due to low wages, stress, a lack of training and growth opportunities, and inflexibility. If you’re not setting your security team up for success, you’ll end up paying through the roof in turnover and replacement costs.
Some ways to set your security team up for success include:
- Introducing a comprehensive training program for each and every employee
- Offering bonuses and incentives for jobs well done
- Paying careful attention to scheduling and allowing some flexibility
- Raising wages, especially for employees who have been with you for more than one year
- Leading, but not micromanaging
- Providing promotion and advancement opportunities
Most importantly, here at Rain, we believe in providing an all-encompassing benefits package. You might need to invest a little bit of money into your benefits, but there are plenty of low-cost and free (like Rain) options out there as well. If better health insurance is out of your reach or you can’t afford to offer child care and other highly desired benefits, consider the following:
- Rain Instant Pay (free)
- Paid public transit passes (low-cost and can help your employees get to work on time)
- Discounted products and services from local businesses
- Paid or discounted gym memberships
- Paid volunteer days (i.e., a paid day off to volunteer at a local food bank)
Financial Wellness as a Recruiting Tool
Rain is a great tool for reducing your employee’s stress and leading to more productivity at work. It also serves as a fantastic recruiting tool. Imagine how many more job applications you could receive by writing “on-demand pay” or even “option to get paid daily” on your job listings.
Especially during these trying times of COVID-19, people need their money NOW. If you’re starting to recruit again, know that you are competing with hundreds of other employers in your area for millions of unemployed Americans looking for jobs. You can stand above the competition by offering a great benefits program, including the ability to get paid daily through an on demand pay platform (also called early wage access).
Rain + TrackTik Working Together
Thanks to the Rain/TrackTik integration, TrackTik’s clients will have easy access to giving their employees control over their finances. All it takes is answering some set-up questions for the Rain team so you can be added as an eligible employer in our app. TrackTik client employees can be using the Rain Instant Pay app within a week.
Jen Terrell, one of Rain’s cofounder’s, said, “TrackTik’s 360 robust solution suite and focus on helping security service providers create a value-adding service was consistent with how we were thinking about our merit to the industry. A strategic partnership helps us solidify that strategy.”
Simon Ferragne, TrackTik CEO, agrees, “Rain’s mission to regrow individual freedom by giving people control over their income and finances is another example of how we choose strategic partners who provide added value to our security service clients.”
About the Author
Anastasia is the Marketing lead at Rain. When she's not fighting the good fight to end predatory financial products, you can find her volunteering at the Elephant Sanctuary in Tennessee or relaxing with her fiance and their two cats, two dogs, and hedgehog.