Supply chain, labor shortages continue to create challenges
The rise of remote work, demand for higher salaries, and labor mobility have created unprecedented challenges for manufacturers to find and retain qualified talent.
A better way to attract talent has arrived.
Benefi allows companies to acquire and retain the best talent on the market, all while reducing churn costs.
We do so by issuing and managing a new kind of signing and retention bonus, putting more money in the hands of employees, and de-risking the investment for employers.
With candidates gravitating toward higher-paying jobs, the challenge for the industry is to first retain, and then continue to upskill and challenge workers.
"Today’s workforce is increasingly digitally aware, eager to make an impact, and willing to upskill to advance their careers.”
By the numbers:
Percentage of manufacturers considering moving production offshore because of labor challenges
Of blue-collar employees consider a higher salary the core motivator for changing jobs
Hungry for more manufacturing labor data?
You might already be issuing signing bonuses.
Here's why you need Benefi:
You might already be issuing signing/retention bonuses.
Track signing and retention bonuses better than ever befo
It's a pain to administer your bonuses on an excel sheet. It's time consuming for your admin staff, and if they're being honest, it's easy to forget if someone has left the organization.
This means hundreds of thousands of dollars of unearned bonuses walks out the door every year.
Focus on the strategic side of your business; not the administration
If your team is honest, they'd rather not spend valuable time managing, tracking, and trying to collect on outstanding debts owed by ex-employees. There's a lot of other time-sensitive tasks they'd rather focus on
Great fiscal responsibility
Even in situations where your team remembers to ask for a signing bonus back if an employee leaves early, you have no recourse if the ex-employee decides not to repay the obligation.
It's generally not worth it to pursue these debts in small claims court individually - but collectively, these losses can be substantial.
Ensure compliance with labor laws
If you want to be able to deduct signing bonuses from other wages owing to the departing employee, you will need to document the bonus as forgivable “loan” to comply with Employment Standards restrictions on deductions from wages.
Chances are you aren't doing this, due to the complexities of managing this process.
Want to calculate the cost of employee turnover?
The costs related to employee churn are not always clear; we've got a handy (and free!) calculator to help you determine the impact on the bottom line.