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A UK-based recruitment agency, faced a common, industry challenge: high staff turnover, which directly impacted its billable revenue. With around 250 employees, the company realised the urgent need to improve employee engagement, morale, and reduce employee churn to foster a more stable and productive work environment.
Following an outreach campaign conducted by eurikah, out client set up an intro call and undertook a period of due diligence. The primary objective was to implement a workplace pension scheme that would not only improve employee financial security in order to boost morale and retention.
eurikah's pension implementation process spanned 8 weeks and involved several crucial steps:
Switching to eurikah's Scheme: Transitioning employees from the existing pension provider to eurikah's scheme, ensuring a seamless transfer.
Pension Transfer: Facilitating the transfer of employee pensions from the incumbent provider to eurikah, ensuring continuity and efficiency.
Digital Platform Setup: Setting up both employers and employees with eurikah's digital platform, providing easy access to retirement planning tools and information.
Employee Engagement Sessions: Conducting targeted employee engagement sessions to raise awareness about the pension switch and emphasise the importance of saving for retirement.
"We've always accepted the issue of high turnover within our industry, especially for our higher performers. We're impressed with the short term results and encouraged that innovate solutions like eurikah's are providing businesses with something different, that delivers positive results for employers and employees alike!"
The impact of eurikah's program yielded significant, immediate improvements across multiple areas:
Improved Retirement Outcomes: Prior to the implementation, less than 20% of employees were on track to afford the Minimum retirement living standards. However, post-implementation, every employee was on track to meet these income standards, showcasing the effectiveness of eurikah's pension scheme.
Enhanced Financial Security: Over 80% of employees were forecasted to achieve a Comfortable retirement without needing to increase contributions or delay retirement past the current state retirement age, highlighting the substantial improvement in financial well-being.
Increased Productivity: Management reported a substantial increase in productivity, with month-on-month billable rates rising by over 15% with staff turnover also trending downwards. These results show how addressing employee financial wellbeing can directly improve employee engagement and morale.
High Employee Engagement: An internal employee survey revealed the highest levels of employee engagement ever recorded, indicating a positive shift in the company's culture and work environment.
To explore how eurikah's employee benefits platform can empower your hospitality business, use the "Get Started" button below to contact us today.
