Indeed saw strong growth, with unique visitors growing from 250 million in March to 300 million in September. Recruit attributes this to several factors, from tweaks made to how they attract traffic, moving from an external measurement tool (Google Analytics) to one built internally. In addition, according to the company: “There has been a partial or full rebound in the number of people participating in the labor force and an increase in the rate of job switching in many countries in which Indeed operates websites.”

Recruit Holdings also reported continued growth and adoptions of its SMB-oriented business suite Air Business Tools, specifically driven by sales of its applicant tracking system “AirWORK ATS”. The solution is targeted at the Japanese market.

The company has also announced a share buyback of 2.5%, which began mid-October.

You can find the full report here.

The post Recruit Holdings Releases Q2 Earnings appeared first on RecruitingDaily.

Both of these challenges pose a unique opportunity for employers to have a positive impact on their employees’ lives and on the future of their organizations. To implement effective solutions, it is first important to understand the unique needs of those living paycheck to paycheck.

The Experience of Living Paycheck to Paycheck

One of the most common misperceptions of living paycheck to paycheck is that it’s only a problem for lower-income workers. In reality, a large portion of this population earns over six figures. A recent survey found that 60% of millennials earning more than $100,000 per year report living paycheck to paycheck.

Experts say this trend is the result of this generation having faced two significant economic challenges in their adult lives. Many of them graduated college in a challenging job market created by the 2008 financial crisis, and the pandemic caused the second recession of their adult lifetime in addition to a subsequent housing crisis.

The typical biweekly paycheck cycle makes financial matters even more challenging. Bills, subscriptions and expenses do not align with payday, much less emergency expenses like a car repair. This means many living paycheck to paycheck find themselves turning to expensive payday loans or accruing high overdraft fees on their bank accounts to make ends meet.

This inhibits long-term financial success, preventing people from being able to save money for the future. Building a solid emergency fund is an important step on the road to financial wellness, yet it’s often a challenge for people living paycheck to paycheck. In fact, 56% of Americans report not being able to cover a $1,000 emergency expense with their savings.

We know the challenge of living paycheck to paycheck transcends multiple socioeconomic brackets and tends to affect younger generations more. We also know that the cycle is difficult to break, as by nature it prevents people from being able to get ahead financially. So what does this mean for employers?

The Opportunity for Employers

Now is a critical time for employers to step in and support employees with financial wellness tools, as 56% of workers report feeling stressed about their finances. Most employees who experience financial stress say these concerns distract them at work and hinder their productivity. Overall, employee financial stress costs employers $4.7 billion per week in lost productivity, making financial wellness a top priority for organizations.

PwC’s 2022 Employee Financial Wellness Survey found that financially stressed employees are twice as likely to look for a job outside of their current company. Meanwhile, 76% of these employees say they would be attracted to another company that cares more about their financial wellbeing. In this age where hiring and retention are more difficult than ever, employers can’t afford to lose employees over a lack of financial wellness offerings.

How Employers Can Show That They Care About ‘Financial Wellbeing’

Cash flow is all about timing. We know the liquidity gap created by the biweekly paycheck cycle contributes to the challenge of living paycheck to paycheck. Employees’ earned wages are tied up with their employer for two weeks, making it hard to cover bills that come before payday or emergency expenses.

This two-week pay cycle is outdated. Prior to the Industrial Revolution, workers were paid every day. However, industrialists decided to transition payday to a batch system because it was more convenient for them. In our current climate, employers operate with much more concern for their employees’ well-being, but the practice of paying workers biweekly has become ingrained in our business models. The technology now exists to enable employers to offer employees access to their wages as they earn them – it’s called Earned Wage Access (EWA).

An effective financial wellness benefit, EWA helps employers support their employees’ financial wellness. Employees gain the opportunity to access part of their earned wages as needed. One survey of EWA users found that the majority of respondents use it every two weeks to access an average of $100-$149 in order to pay bills on time, avoid overdraft fees and buy groceries. Overall, 92% felt that the service helped them to achieve at least one of their financial goals in 2020, which were to pay bills on time, avoid overdraft fees and payday loans and become less dependent on credit cards. Similarly, 82% reported feeling less stressed about their financial situation after using the service.

Not only can services like EWA reduce financial stress, they also support overall business productivity. Workers often report that they feel more motivated at work when they know they can get access to their earned wages before payday. Some even offer to pick up more shifts for this reason. The ability to cover emergency expenses, such as a car repair or childcare, means employees do not have to miss work as often. This is especially important for hourly workers, as missing a shift would decrease their week’s wages and hinder their financial flexibility.

While cash flow is a key component of the paycheck to paycheck challenge, supplementing EWA offerings with tools such as budgeting and saving resources can support employees’ financial wellness more holistically for long-term financial success.

The Role of Financial Wellness in Worker Wellbeing

Businesses now understand the importance of supporting workers’ overall wellbeing when it comes to minimizing burnout, but financial wellness should be at the top of that list as well. Not only are finances posing a greater challenge for workers, but financial stress is having a significant impact on workplace productivity.

With the majority of employees saying they would be attracted to another company that “cares more about their financial well-being,” it’s time for employers to take a step back, consider where they currently stand on financial wellness and explore strategies they can implement to support employees. So, does your organization “care” enough?

The post The Hidden Workplace Problem: The Financial Stress of Living Paycheck to Paycheck appeared first on RecruitingDaily.

Interseller’s technology makes it easier for recruiters to personalize messages quickly and at scale. Greenhouse said will improve the candidate experience and boost hiring team performance.

“Leaders want to hire diverse teams, but they lack the ability to build a pipeline of talent from diverse or non-traditional backgrounds,” said Greenhouse co-founder and CEO Daniel Chait. “The modern recruiter needs more effective tools for highly targeted and thoughtful outreach.” Interseller, he said, will provide users with the ability to diversify talent pools and interact with candidates anywhere in the world.

It’s been a busy time for Greenhouse. In early 2021, the company secured a $500 million investment from TPG Growth and the Rise Fund. The company said it’s exceeding its financial plan, surpassing $110 million in annual recurring revenue during the third quarter and growing 50% annually.

Expanded Capabilities

Chait said that during “an extensive review of the market,” Interseller stood out because of its “rigorous approach to email deliverability and innovations that ensure high-quality candidate interactions.” The company’s approach improves the outreach efforts of recruiters, he explained, “and we realized we could enable that at scale within our platform.”

“By joining Greenhouse, we will be able to massively scale our impact and invest more heavily in our technology,” Interseller CEO Steven Lu wrote in a blog post. “In turn, thousands of companies will be able to better engage with top talent and diversify their talent pool.”

According to the website Grojo, Interseller’s annual revenue is in the area of $1.5 million while its headcount totals less than 25. Greenhouse’s revenue, on the other hand, is about $51.5 million. The company has an estimated 410 employees, Grojo said.

“We considered all the alternatives to add sourcing to the Greenhouse CRM. As we debated building it ourselves versus making an acquisition, we saw how nuanced and complex it is to get this category right,” said Greenhouse President Jon Stross in a blog post. “It takes cycles of trial and error to master things like data enrichment, email deliverability and all the other complexities of how different sourcers want to work.”

Greenhouse said it’s “working feverishly” to embed Interseller’s functionality into its platform. That will give users access to:

• A browser plug-in to find candidates, discover email addresses and add them to email routines.
• Rules-based communication campaigns with tailored messaging.
• A searchable database that captures all prospects and candidates across the CRM and ATS.
• End-to-end reporting on everything from sourcer activity, pipeline progress through the hiring funnel, and ultimately to hire.

Greenhouse hopes to complete this work during 2022’s first quarter.

The post Greenhouse Adds Sourcing With Acquisition of Interseller appeared first on RecruitingDaily.

“Employees are increasingly seeing the value their workplace benefits can provide when they think holistically about their financial picture, and they are looking to their employers for solutions,” said Rob Grubka, CEO of Health Solutions at Voya Financial, the health and financial provider that published the findings. Many of today’s workers, he said, “have experienced first-hand how an unexpected illness or expensive visit to the hospital can have a significant impact on the financial well-being of their household.”

Some 81% of employees are interested in employer support that would improve their overall financial wellness, Grubka said, while 75% want help navigating unexpected life events, such as an accident or critical illness. “This only underscores the importance employers need to place on the benefits they offer,” He observed. If they don’t, “they may risk losing top talent in today’s competitive job market.”

Benefits and Retention

Voya’s survey was unveiled as more Americans voluntarily change jobs and employers focus on attracting and retaining talent. According to PwC, the quit rate for professional and business services occupations was 4.1% as of June 2021, up from about 3% in February 2020.

And here’s something to consider with open enrollment approaching: While workplace benefits remain a critical part of job selection, most employees would rather spend time addressing other “must do” chores. For example, if they had extra time, nearly three-quarters (72%) said they’d rather bring in their car for regular maintenance, visit the dentist or prepare their taxes. Only 28% said they’d prefer to review annual enrollment benefits such as medical, dental and vision.

Andrew Frend, senior vice president of Strategy and Product at Voya Health Solutions, said the situation presents an opportunity for employers and benefit providers to simplify and personalize the annual enrollment experience. “In addition to year-round education and communications efforts, innovative technology and decision-support tools can be a game-changer,” he said.

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The deal is worth approximately triple PandoLogic’s expected 2021 GAAP revenues, the companies said. They expect the acquisition to  be “immediately accretive,” with PandoLogic generating more than $50 million in SaaS and related GAAP revenues and over $25 million of EBITDA on a pro forma 2021 basis.

PandoLogic uses AI to improve both time and efficiency involved in hiring at scale for mass market and hard-to-source candidates. The platform is fully autonomous, and leverages predictive algorithms and machine learning as well as AI. The company’s software also offers recruitment marketing and conversational AI technology to source candidates across multiple channels.

The acquisition “builds on the strength of our organic growth, expands our addressable market with a new diversified revenue stream, and unlocks new growth and development opportunities as we integrate the platforms,” said Veritone Chairman and CEO Chad Steelberg.

“We believe the added financial scale and leverage, and market expansion into talent acquisition will enable us to accelerate further adoption and utilization of our AI.”

PandoLogic CEO Terrance Baker said the companies “will be able to utilize our cognitive engines to help customers create even deeper insight and efficiencies in their hiring practices and beyond.”

Acquisitions for Experience, Efficiency

In May, PandoLogic acquired Wade & Wendy, a provider of conversational recruiting technology. The company said the acquisition positioned it as the only programmatic advertising provider that can define quality applicants without the bias that comes with human involvement.

Adding Wade & Wendy’s conversational AI to pandoIQ will deliver a more personalized application and candidate experience, PandoLogic said. Wade & Wendy automates the scheduling of candidate interviews, and also addresses time-consuming tasks such as sourcing and screening. Around that time CEO Terry Baker told RecruitingDaily’s William Tincup that the deal “represents the evolution of PandoLogic from product to platform.”

More recently, Veritone announced enhancements to its aiWARE operating system. aiWARE 3.0 delivers simplified installation and administration, reducing DevOps requirements. The enhancements also gain a 20% reduction in infrastructure and cost requirements, Veritone said. Other enhancements include reduced job input/output latency and multi-threaded processing control for multiple tasks within a job.

Image: iStock

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The round was led by the Ontario Teachers’ Pension Plan Board. Accenture Ventures also participated, along with existing investors EQT Ventures, Index Ventures, M12 and Workday Ventures.

Certainly, today’s business climate offers recruiting platforms an opportunity to shine. Companies around the world are hiring at a rapid pace, or at least trying to if they can find candidates with the right backgrounds and skills. In the first quarter, the number of job postings on Beamery’s platform rose by 462%, the company said, while the number of candidates in the pipeline rose by just 46%.

This new investment will fund product development, accelerate growth in existing and new markets, and double Beamery’s headcount, the company said.

Changing With the Times

“Changes to the way we work, shifting expectations of candidates and the sheer pace of recruiting demands have led organizations to rethink how they approach recruitment and retention,” said Beamery CEO Abakar Saidov. “Enterprise talent teams are driving significant global transformation as they build toward this new future of work, and this investment will enable us to scale globally with growing demand and build the new category in enterprise technology.”

During the past 12 months Beamery has added enterprise clients such as Autodesk and Nasdaq.

In February, Beamery reported a record fiscal performance for the previous 12 months, as well as several significant business wins. Among them were a 65% increase in adoption and new integrations with HR tech firms including iCIMS and SAP SuccessFactors. At the end of February 2021, the company’s staff numbered about 200 people from seven different countries.

Beamery’s last funding round occurred during 2018, when the company raised $28 million in a Series B round, led by EQT Ventures.

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Article published on evilhrlady.org. Read it here.

If you’re a small business owner (defined as fewer than 500 employees) whose functions aren’t “essential” (and even some whose are) you’re probably feeling a huge financial pinch. You may have laid off employees (painfully), and you may be wondering how you’ll pay your personal bills. The $2 Trillion stimulus act has something that can help out small businesses: The Paycheck Protection Plan.

This portion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion in government-backed loans for small businesses.

This allows you to borrow based on your payroll, rent, and utility needs. It’s not a time to borrow to buy equipment or order materials or expand your business. There are rules around it, some of which are a little complicated. You also apply directly at your bank, so hopefully, their expertise can help sort things out for you. But here are a few things you need to know.

Payroll costs definition.

Whenever you’re looking at a government program, getting the definitions right is helpful. The CARES act defines payroll costs as:

• salary, wage, commission, or similar compensation;
• payment of cash tip or equivalent;
• payment for vacation, parental, family, medical, or sick leave;
• allowance for dismissal or separation;
• payment required for the provisions of group health care benefits, including insurance premiums;
• payment of any retirement benefit; or
• payment of State or local tax assessed on the compensation of employees; and
• the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in 1 year, as prorated for the covered period;

That last bullet point is a bit confusing, and it may include sole proprietors’ schedule C profit (up to $100,000) and something similar for partnerships, says Tax expert, Peter J. Reilly. “Your Schedule C profit would put you in a similar position (slightly better maybe) as an S corporation owner who paid himself a reasonable salary. An S corporation owner that did not pay himself salary might be worse off.”

If Reilly’s interpretation is correct (and I think it is), it opens up coverage to contractors and independent business owners. The National Law Review, agrees confidently. They have no qualms at saying the Payroll Protection Plan includes “sole-proprietors, independent contractors, and other self-employed individuals.”

There are exclusions: individual salaries over $100,000, taxes, employees who reside outside the United States, and anything already covered by Families First Coronavirus Response Act (FFCRA).

How to get this loan

Your bank is where you start–you can go to a different bank, of course, but if you have an established relationship, that’s where you start. You just need to certify that due to the “uncertain” times you need help with payroll and/or utilities and rent–and prove that you were in business as of February 15, 2020. (So, you can’t use this to launch a new business.)

You can then use the money to keep your company running. We all hope that this shutdown period will be temporary. President Trump extended social distancing guidelines to April 30, with the hope that things will get back to normal after that.

Loan forgiveness

One important aspect of this is the potential to have the loan forgiven for up to eight weeks of costs after the loan is given. If you lower your payroll costs during this time period (by laying off, furloughing, or cutting hours), the government will lower the amount of loan forgiveness.

There are no prepayment penalties and any forgiveness dollars will not be considered taxable income.

If you’re struggling to keep your business afloat, this might be a path you want to take. There is no collateral required, the maximum interest rate is 4 percent, and payments can be deferred for six months to one year.

This can be a business saver for your business. Talk with your own accountant about the implications for your specific business.

The post How the Paycheck Protection Plan Can Help Save Your Business appeared first on RecruitingDaily.

For years, there’s been this debate raging inside HR. Well, to be fair, there are more than a few going on, but in this instance, I’m talking about HR and marketing. Without deep-ending on the specifics, the overarching premise proposes that if HR is to earn its “seat at the table,” it needs to think like marketing. As if the two were somehow inextricably linked.

The funny thing is that while we were arguing the point, hemming and hawing over what we could learn and how to act more like marketing, HR started moving in a different direction. Because simply put (and borrowing from the Six Million Dollar Man) we have the technology. That’s right. I’m talking about things like artificial intelligence and machine learning and what that means for the future of the industry – and how the farther down the road we go, the less we’re like marketing and more we’re like finance. Or at the very least, could use their help.

Rethinking HR Analytics

I’m sure many of you are thinking, “Wait, what?” but hear me out. See some very smart people from Oracle did an entire study on this topic, talking to more than 1500 HR and finance executives about things like data and collaboration between teams, and it’s not as out there as you might think. Actually, the results make a whole lot of sense when you consider everything that’s going on in HR.

A few years ago, all anyone could talk about was Big Data with a capital B and D. After that, everyone started salivating over predictive analytics and how that was going to change the game. Now we exist in a world where AI, ML and automation reign supreme. The common factor between these advancements being smarter information, though, as Oracle so gently reminds us, “Having the data is not the same as being able to use it effectively.” The irony of this statement being that some 26 percent those surveyed by Oracle ranked spreadsheets as their primary tool when the same percentage also reported that their biggest challenge with analytics is understanding the results and implications of analyses.

That’s the kicker. Historically speaking, HR folks aren’t great with data, and up until recently, they didn’t need to be. Plus, the available info sucked. So HR pros remained functional and transactional and earned extra points for strong communication skills (there’s that marketing talk). But all that and a bag of chips only gets you so far – and it’s not enough anymore.

How Finance Fits In

Ok, but why finance? That’s easy. Finance is all about data and always has been. They have skills and abilities beyond HR – and that’s exactly why we need them. It’s not that HR can’t do the work, it’s that they haven’t had to – or as Oracle so neatly explains it, “As HR organizations mature in their analytics capabilities from descriptive to diagnostic to predictive and prescriptive, the key challenges will be interpreting and acting on the data to solve issues and effectively advise business leaders.”

Let’s unpack that, shall we? Oracle is talking about four different ways of looking at data – from knowing what it says happened to figure out why that happened, over to what is likely to happen and what we should do about it. Fair enough. So to figure out where things stand in this exact moment, Oracle asked respondents about how they’re using their data. And guess what? Just about half of those surveyed said their organization could perform advanced predictive and prescriptive analytics. Clearly, there’s room for improvement.

What’s next?

Here’s the deal: Whether HR cares to admit it or not, knowing that we don’t know everything gives us a path forward. Take workforce planning for instance – by most accounts, it’s an essential HR process. And one that becomes almost impossible without keen understanding and analysis of some pretty heavy information. You try to determine the future of a workforce and what an organization should be looking for without running the numbers first. And you know who knows numbers? That’s right, finance. Not to mention they know different ones, and developing a clear understanding of the relationship between talent, cost and financial performance requires having the whole story.

That’s probably why integrating HR and finance data is a top priority for so many executives included in this Oracle report: Over 90 percent are in some sort of agreement that this should happen in the next year. What’s more, those who are working together currently are planning to up their game in the coming months. All in all, exciting stuff, and likely way more impactful than HR vying for a spot on the marketing team.

The post Making Money Moves: The HR And Finance Connection appeared first on RecruitingDaily.

Bluevine (think fast funding for your business) and Bullhorn (a leader in staffing and recruiting software) have increased their commitment to fostering the growth of small and medium-sized staffing agencies through an innovative partnership.

Enabling access to invoice factoring and business credit lines provided by BlueVine, Bullhorn’s small and medium-sized staffing firm customers can accelerate their business growth with fast and flexible access to working capital.

Understanding the landscape

When staffing firms place candidates, they are typically required to cover payroll expenses for 30-60 days while awaiting payment against their outstanding invoices. To fund payroll, staffing firms have depended on a combination of banks, factoring companies, and payroll financing providers. Many years of economic expansion have put financial strains on growing staffing firms, especially small and medium-sized firms that can be challenged with access to funding. Amid a fierce competition for talent, staffing firms are flourishing, but many smaller ones do not have access to the right resources to quickly secure financing to help grow their operations.

What we’ve increasingly seen is financial technology companies reinventing financial services for staffing firms. Leveraging deep investment in cutting-edge technology, these companies are redefining cost, speed, flexibility, and ease of use for an industry long accustomed to more offline and manual funding options.

What Bullhorn and Bluevine (and their customers) are saying 

“After years of time-consuming operational burden from using traditional invoice factoring for my firm, I needed a more streamlined solution to help me reach my business goals,” said Mike Smith, CleverTerra’s chief talent officer. “I turned to BlueVine and quickly secured funds to cover payroll, smooth cash flow, and evolve my practice. BlueVine is a great complement to Bullhorn, which I rely on to effectively manage my day-to-day operations. As a result, the BlueVine-Bullhorn partnership will be very helpful to my firm in achieving our next phase of growth.”

“With BlueVine, firms can receive fast and flexible access to financing that can help them power their next phase of growth,” said Nina Eigerman, Bullhorn’s vice president of alliances and business development. “At Bullhorn, our overwhelming focus is on helping our customers and providing them with an incredible experience as their long-term growth partners. This initiative delivers on that vision.”

BlueVine provides online invoice factoring lines up to $5 million in available funding. Staffing firms can apply online in minutes and receive approvals quickly – typically within 24-48 hours. Once approved, clients are given the flexibility to decide which invoices they fund and when from BlueVine’s online dashboard. With low weekly rates, advances up to 90 percent, and same-day funding options available, BlueVine quickly helps staffing firms receive access to the financing that they need to manage cash flow and grow. There are no sign-up fees, no monthly minimums, and no cancellation fees.

“BlueVine is deeply dedicated to enabling the growth of small and medium-sized staffing agencies by providing working capital financing to business owners looking to simplify their cash flow and grow,” said Eyal Lifshitz, BlueVine’s CEO. “Partnering with Bullhorn furthers this mission. We share the same vision for creating incredible customer experiences by working directly with our customers to help them achieve their business goals. We’re looking forward to helping Bullhorn’s customers explore new options for fueling their growth through payroll financing and access to working capital.”

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“They’re not even just not talking to them in the right way, they’re not talking to them at all.” Talk about a “misstep.”

Financial institutions are missing out on some $800 billion in investable assets, says a recent study by Kantar. Go back and read that number again. $800 BILLION. The reason why? Simply put, they’re not engaging enough with women. And women, beyond making up roughly half of the world’s population, control 80 percent of consumer spending and 51 percent of personal wealth. What’s more, says Anita Watkins, global head of qualitative at Kantar, most of these brands don’t even advertise in women’s publications.

Now, you might be thinking, sure, but what does this have to do with hiring? Well, as Watkins shares, “They’re not even just not talking to them in the right way, they’re not talking to them at all.” Talk about a “misstep.” And while it would be difficult to determine how many billions of dollars finance brands lose out on by not hiring women; it’s safe to say that if they don’t want their business, they probably aren’t going out of their way to recruit women either. And it’s high time that changed.

Here’s a look at some common hiring mistakes plaguing the finance space plus ways to improve gender diversity at every stage:

Improved Communication

Perhaps the most shocking conclusion from the Kantar study was the piece about communicating finance to women, or in reality, not. The truth is words matter, especially when it comes to recruiting. And like it or not, men and women react differently to what’s on the page, including job descriptions, job ads, and other recruiting materials. By gearing these towards one gender over another, we’re tipping the scales in favor of men versus women and perpetuating bias, rather than promoting diversity.

On the flip side, in a study conducted by Oleeo and University College London, we sought to identify features that differentiate a male resume from a female resume. The results were staggering, especially in financial services. Here, women relied on words like organize, volunteer, assistant, marketing, community, and plan, while men used equity, investment, capital, analyst and technical. See the distinction? Whether we realize it or not, gendered communication goes far beyond the pronouns we present. To counteract this, financial institutions should strive to even out their recruiting efforts, down to the letter.

Earlier Recruiting

And while gender diversity is a top priority for many industries, it appears to be slowing in the financial sector. Last year, at the urging of the 30% Club, companies including BlackRock signed up for “an initiative pushing for 30 percent of women on FTSE 350 boards and 30 percent of women in senior management at FTSE 100 companies by 2020.” Research shows this is already behind schedule, with Meggin Thwing Eastman, one of the report’s authors, commenting, “There seem to be lingering attitudes, conscious or unconscious, that make this hard.”

To make things less hard, let’s take a look at how and when we start hiring for these roles. Education continues to be a primary factor for securing a job in finance, so maybe it’s time to emphasize earlier recruiting. This might mean getting out there on college and university campuses and engaging students, even before they declare a major. Consider events featuring balanced panels of alumni who can help teach them about the finance sector, the types of positions available, what these organizations might offer and how they can get involved while still in school. Remember, sometimes showing is the fastest way of doing.

Data-Driven Decision Making

Of course, not everyone is eager to play the long game – and for that, there’s technology. Having realized years ago that gender-blind recruiting isn’t really possible with only humans involved, we’re just starting to understand how machine learning can solve for our biases. Luckily, as we get smarter, so do our solutions. Through custom algorithms and intelligent automation, we can improve the recruiting process and level the playing field for all candidates, regardless of factors like gender.

With these in place, we can let the data do some of the heavy lifting, screening candidates based on skills and experience, rather than their choice of noun or verb. We can select candidates recommended for being qualified and competent, improving the candidate experience and expediting the process. We can hire with confidence, increasing our efficiencies while recognizing that a diverse workforce ushers in diverse thinking. The kind that might figure out a way to solve for that $800 billion left sitting on the table, when finance was too busy to bother to worry about talking to or hiring women.

To learn more about diversity hiring and overcoming gender bias, visit https://info.oleeo.com/diversity-hiring-guide-to-gender-blind-recruiting.

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Hit the target

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I always tell my clients, hire three rock stars, pay them like eight, and you get the result of 10.

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Luckily, the benefits of these programs are not one-sided: Employers greatly benefit too. In fact, studies have shown that effective wellness programs result in lower attrition rates than in companies without them. These programs are designed to not only make for happier and healthier employees, but also increase productivity and the bottom line.

According to Gallup-Healthways, the five essential elements to wellbeing are purpose, social, community, physical and financial. Yet, “in the U.S., 28% of adults aged 18 and older are not thriving in any of the well-being elements, while 7% are thriving in all five. So for every adult who is maximizing his or her well-being potential, there are 13 who have significant room for improvement in one or more elements.” With the average full-time worker clocking almost 50 hours per week, employers have the opportunity to significantly improve their employees’ wellbeing.

Workplaces naturally offer a sense of purpose and community, while many corporate wellness programs focus on physical and social health. The missing element, then, can often be financial health. Feeling in control of their finances and navigating unexpected expenses, workers are given a sense of security that lowers stress, increases health, and leads to higher productivity.

Show Me The Money

Fortunately, there are ways companies can help alleviate monetary strain among their employees without having to dole out frequent raises and bonuses. Here are five often untapped resources that employers can provide to foster financial health among their workers:

1. Short-term compensation withholding options

Regardless of income, putting away money can be difficult for anyone. Once money hits a person’s bank account, it’s there to spend. However, employers can aid in employees’ saving efforts by withholding specific amounts from every paycheck per the employee’s request. For instance, if an employee is planning a family vacation in December, she can request that $50 of every paycheck is held back for her vacation fund, which she could choose to access only shortly before her trip.

2. Pre-tax flexible spending accounts

When employers offer a Flexible Spending Account (FSA), employees can set aside earnings in order to pay for various expenses, including medical and dependent care. The advantage to employees who use an FSA is that the earnings accrued in the account are not subject to payroll taxes. Previous to the Affordable Care Act, any unused funds would be lost at the end of the year. However, now employees are able to roll over up to $500 from their account into the following year. That means major tax savings for workers.

3. Financial planning workshops

Navigating saving for college, buying a house, and planning retirement can be stressful. Financial planning workshops give workers access to resources that help them meet their personal financial goals all while maintaining their current salaries. Try offering optional workshops to your employees every quarter, each with a new topic. To encourage attendance, host these sessions during the lunch hour and cater food in; your employees are much more likely to attend if it doesn’t require staying late or coming in early.

4. Flexible payment access

$1 trillion worth of earnings are temporarily held up in the payroll system every year. Giving workers access to that income allows them to manage and improve their finances both by dodging potential bank fees and by allowing them to make strategic investments. Low earners are often hit with late fees and overdraft fees while their money is held in the payroll system. With access to their pay, workers can not only retain more of their earnings but also have the opportunity to invest those earnings and increase their take-home pay. Companies can encourage employers to use free tech tools in order to do this.

5. On-site personal financial advisement

For many employees, meeting the asset minimums and paying the high fees associated with personal financial advisement is impossible. However, educating employees on their financial options is an easy way to increase their long-term earnings without increasing salaries. Bringing advisors on-site takes the guesswork out of finding a trusted source for financial advice. Therefore, it is in the best interest of a company to leverage their employee base and work with experts who can help them make educated personal financial decisions.

As June’s Employee Wellbeing Month is behind us, it’s important to note that wellness among workers is something that can and should be promoted year-round, and that the most effective wellness programs will go beyond gym memberships and nutrition workshops by offering resources to improve workers’ financial health as well.

About The Author:

Ram Palaniappan is a financial tech entrepreneur who previously ran RushCard and pioneered direct deposit onto prepaid cards as an alternative to check cashing. Under his leadership, RushCard helped more than a million Americans deemed “unbankable” by the U.S. financial system. He took the company from being an experiment in an emerging industry to a mature business with private equity investment. Ram is onto his next venture – Activehours – which is building an innovative new way for workers to get their pay.

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