Reduce Employee Turnover: More Applicants / Better Hires / Longer Retention
We've partnered with Sprockets as a way to help our Catering and QSR clients dramatically reduce their Employee Turnover (22% average reduction). Results happen fast - usually within 90 days!
Sprockets is a technology company that's developed an AI-platform specifically designed for businesses with hourly employees. Essentially, their service automates and instantly matches (scores) applicants' qualities vs your best employees and lets you know in real time. Plus, they drive applicants to apply (and reapply) via an automated text function. It's more than that but that's it in a nutshell. More applicants, better hires, and increased retention. And, the results have been spectacular (including the cost - one new hire basically pays for it).
They've worked with loads of QSRs and it's been extremely successful wherever they've integrated their service. Below is a Bojangles case study (detailing $134K in Employee Turnover savings) as well as an overview of what Sprockets does.
I'd love to set up a quick demo with their Director of Sales and Partnerships to show you why (and how) it's been so effective. You can learn more and schedule a demo at www.owneronlybenefits.com/employeeturnover.
From my discussions with Steve Bachass (he handled your AFLAC account before his passing (and for our clients as well)), I understand the challenge of offering benefits to your employees. I'm a believer in Voluntary Benefits and know how beneficial they can be for employees and employers.
That said, here are a couple of low-cost, high-ROI benefit Ideas to recruit, reward, and retain your hourly workers (in addition to and/or in lieu of AFLAC)(one thing vs AFLAC these benefits are MUCH easier to setup - basically you just signup the participants (or send us a spreadsheet and we can handle it for you).
1. Employee Assistance Program - Employer Funded. Create mandatory waiting period (30/60/90 days) and then provide this for your employees as a reward. The benefit is like a mini-health plan (among other benefits: provides $ for preventative care, annual blood screenings, vision/dental benefits, $ for gym memberships, and more). Cost is roughly $120 per month per participant but extremely valuable (especially to those with no or limited healthcare protection). In the Atlanta area, another option is offering HIPnation's DPC Wellness Plan (for approximately $110/per participant per month - participants receive unlimited 24/7 telemedicine, unlimited office visits to their primary care MD, and other perks).
2. Telemedicine Benefit - Unlimited 24/7 MD Access for the participant and their entire family (if desired). If Employer funded, approximately $10 per month per participant (5 participant minimum) and the employer can set waiting periods for enrollment. Employees can signup individually as well via www.gatelemed.net ($18/month).
For your W2 part-time or hourly employees, both of these Ideas could certainly increase your WOTC (Work Opportunity Tax Credit) benefits as a by-product (we created a WOTC program that analyzes your WOTC drivers and details how much $ you can expect per WOTC participant (and by increasing their working days). It also quantifies how adding a longevity-based benefit (like the Telemedicine Benefit) can increase your WOTC reimbursement (you can download it at: www.owneronlybenefits.com/wotc)).
Let's talk soon. Obviously, not all of these solutions will work for you. However, they do work and I'd love to learn more about your business, employee challenges, and 2025 priorities and discuss which ones might be most effective for you.
Thanks and I look forward to speaking soon.
Warm Regards,
Spence
Spencer White
President
770.833.3220 ph
Low-Cost, High ROI Incentive Ideas for Part Time and 1099 Employees
2025 Ideas
*Also, on a similar but different note, I'm happy to introduce you to Larkin Dailey at Employ Partners (Staffing agency specializing in short-term, long-term staffing needs for Hospitality and Event Planning). They've been one of our clients for years and have a great track record at placing Hospitality and Event workers. Just let me know and I'm happy to make the introduction.
We've partnered with an innovative technology company (Shift) that's developed a "Roku-Like" device that allows for immediate information dissemination (just plug it into an hdmi port). It's been especially well-received with QSRs / Restaurants, Hospitality, and Franchise groups.
1. Immediate Employee Notification (even on location): Instructions, Company and Legal Notices, Employee Recognition, Product and Sales Pushes (with incentives)
2. Low-Cost / High-ROI
3. Information Centrally Controlled & Disseminated On-Demand
Improved Employee Communication for Increased Productivity, Performance, and Retention
Ideas to Recruit, Reward, and Retain Key Employees:
1. Executive Medical Plan - Reimburses participants for out-of-pocket medical expenses (deductibles, co-pays, etc...) up to $100K. *Premiums paid (and expensed) by the business and benefits received tax-free. Company selects participants and can start anytime. Perfect for key employees delaying a medical procedure because of the out-of-pocket medical expenses (co-pay / deductible / etc...) or if you wanted to incentivize employee loyalty (or reward them). Here are several case studies for your review. A great way to attract, retain, and reward your best employees!
2. 162 Plans - for Select, Highly Valued Employees. Sometimes called Double Bonus Plans or Supplemental Executive Retirement Plans (SERPs) [utilizing IRS Section 162], essentially participants enjoy individualized life, disability, and long-term care insurance plans paid via the company. However, to keep the proceeds from being taxable, participants must include these payments as income (hence, the "double bonus" part - the company "bonuses" the tax requirement on the premium payments on top of paying the premium).
Key Employee Carve-Outs