There is still fierce competition on the labor market. Manufacturing companies are no exception. Employees can choose from a whole range of companies and have no trouble switching employers frequently. This strongly increases the cost of recruiting new workers. Advanto is becoming a strong competitive advantage, thanks to which workers are more motivated, more productive, and more loyal.
There are many ways companies attract and retain new employees, such as meal vouchers, a meal allowance, or contributions to pension or life insurance. However, on today's overheated labor market and in uncertain times, these commonly used benefits no longer work as effectively. Access to their own earned money at any time, however, brings employees flexibility and increased financial security. That is exactly what people are looking for in today's turbulent times.
The American company SSI Technologies, which manufactures sensors and other electronic components in the Czech Republic, knows this well. The year 2022 brought new projects to its production plant in Ústí nad Labem, and the company thus faced the challenge of massive employee recruitment. "The option to withdraw a wage advance with a single click seemed like a good idea to us, and that has already been confirmed," says Gabriela Topková, HR Manager at SSI Technologies.
SSI Technologies introduced Advanto in May 2022. "Employees welcomed this form of benefit and make extensive use of the service. We already inform candidates about Advanto during interviews, and the feedback is very positive," says Topková.
The German company Grammer, which manufactures automotive parts in Tachov, has had a similar experience. According to its then-HR manager Martin Kuržeja, the company had long been looking for ways to better retain existing employees and attract new ones. "That's why we decided to refresh our benefits offering with Advanto. After some time, it turns out that the popularity of the benefit is growing quickly and it is becoming part of our corporate culture," says Kuržeja.
"In hindsight, it turns out that Advanto came along at just the right time, because it solves a number of pressing problems for employers arising from the labor shortage on the market. For workers, it is also a valuable safety net against financial problems, which covid, and now the current price increases, are causing," says Martin Fortelný, one of Advanto's founders.
HR expert and head of the Czech Association of HR Managers Petr Otáhal agrees. "It's a benefit that responds precisely to the most basic need of a huge group of employees. And that is their wages," he says.
A response to turbulent times
The fact that earned wage access reflects the real needs of workers is also confirmed by Fuji Koyo, which, like Grammer, manufactures parts for the automotive industry. "Employees themselves started showing interest in more frequent pay several years ago. Our system only allowed for one advance withdrawal per month due to the administrative burden. When we learned about Advanto, which handles all of that for us, the decision was quick," comments Lenka Kubánková, the company's HR Manager, on the introduction of Advanto.
Automotive headlight manufacturer Koito, which also introduced Advanto this year, has had a similar experience. According to Lenka Nowaková from Koito's recruitment department, they used to pay wage advances in cash, and only to employees who met certain conditions - for example, working an overtime shift.
"Our expectation was mainly to eliminate cash operations at the payroll office and to make wage advances available to a wider circle of employees. We succeeded in that. Currently, a larger number of employees from various departments of the company use the service. In many cases, repeated withdrawals are used, and the service really does respond flexibly to employees' needs," says Nowaková.
"Our mission is for payday loans, or generally disadvantageous and dangerous loans, to disappear from the market," adds Fortelný.
