Manufacturing
Boosting Manufacturing Productivity with an Employee-First Approach
Supporting employees with on-demand pay enhances their financial well-being, fostering a positive work environment. Happier, financially secure employees contribute to higher productivity and greater efficiency on the manufacturing floor.
Tackling Industry Challenges
Manufacturing companies are meeting ongoing challenges by fostering an employee-first culture with on-demand pay options
The industry is adapting to shifting workforce demographics, the rapid integration of advanced technologies, and continued economic pressures that demand resilience and flexibility.
Enhance Employee Wellness and Satisfaction with On-Demand Pay
To effectively address ongoing challenges, manufacturing companies in India should focus on fostering an employee-first culture and supporting workforce wellness with benefits like on-demand pay. Such initiatives can lead to a more engaged and resilient workforce, helping reduce turnover and improve productivity.
Positive Impacts of an Employee-First Culture:
Increased Employee Satisfaction: Employees feel more supported, valued, and rewarded when financial wellness programs are available.
Improved Retention and Engagement: In India, the overall attrition rate in manufacturing reached around 20% in 2022, highlighting a need for retention-focused strategies to mitigate workforce challenges. By addressing financial needs, companies can help lower turnover and boost hiring rates.
An employee-first approach that includes on-demand pay not only aids in attracting talent but also contributes to a more motivated, stable workforce capable of adapting to the evolving demands in manufacturing
Help Employees Feel More Valued, Productive, and Engaged
Employees who feel valued and supported by their employer tend to be more productive and satisfied. Enhanced benefits like on-demand pay can make a substantial impact. In India, 68% of employees feel that attractive benefits influence their decision to stay in their roles, while 73% report improved perceptions of their employer when financial wellness options are available
Focusing on meaningful benefits can boost employee engagement and retention, helping companies attract and keep top talent in a competitive market.
Benefits of On-Demand Pay
According to recent reports, nearly 80% of Indian employees want the flexibility to access their wages before payday, helping them manage expenses, increase savings, and enhance financial wellness.
On-demand pay solutions, such as My Day Pay Day, allow employees to access earned income as needed, providing them with crucial financial stability and control.
Manufacturing companies that implement on-demand pay often see lower turnover costs, increased employee productivity, and faster hiring. By addressing financial stress through flexible pay options, these companies create a more engaged and resilient workforce, contributing to overall business success.
Cost Savings
Studies suggest that on-demand pay can encourage employees to work additional shifts, with about 56% of users in similar surveys reporting that it motivates them to pick up more hours. Additionally, nearly 60% of users feel more motivated to attend work when they have access to their earned wages as needed.
Enhanced Productivity
A significant portion of employees—52%—express improved perceptions of their employer when given access to on-demand pay options. This positive outlook fosters higher engagement and productivity in the workplace.
Accelerated Hiring
On-demand pay options can also contribute to faster hiring, as companies offering these benefits are perceived more favorably by potential hires. Approximately 52% of users have reported an improved opinion of their employer since gaining access to on-demand pay, which can make companies more attractive in a competitive job market.