Employers that view workers as assets rather than merely a cost of doing business are finding greater success in their bottom line.
The cost of replacing a minimum wage worker is estimated at about $3,700 per worker. The advantages of reduced turnover can far outweigh the cost of investing in employee workplace supports. This website focuses on a critical dimension of employee support: how employers can help hourly and frontline workers build assets and thus reduce employee turnover. The benefits to employers of helping workers create assets are becoming more and more important, driven by both the growing size of the low wage workforce and from the dramatic impact such strategies can have. [More]
HUMAN CAPITAL
By investing in employee skills and knowledge, companies reduce turnover and hiring costs.
Employers are facing a tremendous mismatch of available jobs and potential employees who have the needed skill sets and aptitudes for occupations in demand. Many jobs now require skills and training beyond secondary education, yet 40% of prime-age workers have completed high school or less. [More]
TRANSPORTATION
Lack of reliable transportation (good public transit or reliable car) negatively affects an employee's ability to get to work or arrive at work on time. [More]
HEALTH & NUTRITION
Employees in poor health reduce company productivity.
Absenteeism, turnover, and reduced on the job performance can all occur when the employee or a member of the family suffers from poor health. However, companies that invest in the health of their staff see worker productivity improve.
Food Insecurity: Lack of adequate food can harm employee nutrition and health.
Nearly 50% of people in low-income families experienced some worries about or difficulties affording food, compared to 14% of families with higher incomes.
Energy Use: workers who under-utilize or lack money for energy use endanger their health and reduce their job productivity.
By stabilizing their home energy needs, employees can improve their physical well being and be more productive at work. [More]
DEPENDENT CARE
Child Care: Struggles with child care de-stabilize the workforce.
Managing child care for low-come workers is anything but consistent. As a result, they turn to family members, relatives, and others to provide care, in which providers and schedules differ from day to day. In fact, researchers find that the upheaval associated with the patchwork childcare networks low-income workers cobble together can destroy their employment efforts. [More]
HOMEOWNERSHIP ASSETS
Housing: Lack of safe and affordable housing threatens employee stability.
Low income workers struggle to afford stable, safe housing. Unreliable or unsafe housing reduces an employee's ability to secure and maintain a job. For employers, this trend has led to unstable retention, a loss in productivity and a decreased ability to attract new talent and ability to their businesses. [More]
FINANCIAL ASSETS (savings, tax credits)
Financial assets stabilize working families.
Many programs and policies focus on improving low wage workers' financial asset base. As an employee's financial outlook improves, he or she can then enhance other assets such as improved transportation, more consistent child care, or better housing, all of which in turn improve employee performance on the job. However, two dynamics challenge a low-wage worker's ability to improve his or her financial assets. [More]
EMPLOYER RESOURCES
The Michigan Department of Labor and Economic Growth as well as the Michigan Economic Development corporation have a number of resources available to employers to help them recruit and maintain and effective productive workforce.
Michigan Works Service Centers: Service centers offer a range of services for job seekers and employers.
Michigan Opportunity Partnership: The MI Opportunity Partnership helps employers find skilled workers by improving programs and services that match workers with job providers.
Michigan Talent Bank: The Michigan Talent Bank is a free website for job seekers and employer to post resumes, search for jobs, and list available jobs.
MEDC: The Michigan Economic Development Corporation is the State of Michigan's one-stop resource for businesses seeking to expand in Michigan.
Michigan Small Business and Technology Development Centers: The Michigan Small Business and Technology Development Centers network provides a full range of services for a variety of small businesses that are emerging and growing throughout Michigan. [More]