The turnover rate, annually for hourly staff is a staggering 49 percent. The cost of replacing one hourly worker is well documented to exceed $2,500! The resources spent on hiring and training employees, only for them to leave and your hiring managers to have to start the hiring process all over again is costly. Here are 3 ways to reduce turnover among your hourly workers:

1. Offer Instant Access to Earned Wages
   Many hourly workers live paycheck-to-paycheck. When an unexpected expense is presented, such as an automotive repair or healthcare fee. This can start a spiral of additional expenses such as late fees and perhaps high interest payday loans. In these situations, waiting two weeks to receive earned wages can exacerbate the problem. The inability to have money when they need it, means they are constantly on the lookout for better opportunities. What is the solution? Offer your hourly employees instant access to their earned wages.
2. Professional Training Opportunities
   Typically, hourly employees have a minimal amount of higher education but aspire to obtain professional certifications and degrees. The most common roadblock in their way is the inability to afford it out-of-pocket and the unwillingness to take out loans and go into debt. Offer employees ways to develop professionally and advance their careers. Offering professional training opportunities is a great way to become a highly sought-after employee increasing the quality of candidates that you attract. There is a myriad of ways your company can go about achieving this. You can offer employees the opportunity to go back to school, tuition paid. You can set requirements such as if the program is not completed, the employee must pay back all of the tuition. Stipulations, such as requiring the employee to work for your company for a certain amount of time after the completion of the degree will ensure you get a return on your investment. Other options include sending hourly employees to industry seminars, workshops, and certification programs. You can even implement ways for these employees to advance within the company. Employees will be much more satisfied when they see opportunity for personal growth and professional advancement within your company.
3. Implement a Savings Program
   Since many hourly employees are living paycheck-to-paycheck they do not have adequate savings put back in the event of an emergency. However, they understand the importance and desperately want too. The importance of having a safety net cannot be overstated. You never know when a family member might have a medical emergency or a vehicle may break down. These are both situations that require immediate financial attention. The implementation of a savings plan for hourly employees will increase employee retention and help to reduce employee turnover rate. 
   
   

Reducing Turnover Rate of Hourly Employees
The bottom line is that it is in the best interest of companies to implement strategies to increase the retention of quality, hourly employees. Unfortunately, this is also the employment sector that sees the highest turnover rates. The secret to employee retention is increasing the financial wellness of your employees. Companies can choose one or more strategies to increase this sense of wellness for their employees.