Astro- Case Study

How Astro Slashed Turnover by 59% with Bridgeover’s Financial Wellness Program

Astro, a prominent retail chain with 33 locations across 8 East Coast states, faced significant challenges with employee turnover, particularly among hourly workers. By implementing Bridgeover’s financial wellness program, Astro achieved a remarkable 59% reduction in turnover among participating employees over 12 months.

This case study explores the challenges, implementation process, and impressive results of this innovative approach to employee retention.

Company Background:

Astro is a mid-sized retail chain with 33 locations across 8 East Coast states. Known for its commitment to customer service and community engagement, Astro has been a staple in East Coast communities since 2008. The company prides itself on fostering a supportive work environment but recognized that financial stress was undermining its efforts to retain valuable employees.

The Challenge:

Prior to implementing the Bridgeover financial wellness program, Astro faced:

An annual high turnover rate of 110% among hourly workers
Estimated costs of $2500-$3000 per turnover incident
Decreased productivity and customer satisfaction due to constant staff changes
Low employee morale stemming from financial stress and limited access to credit or funding sources

“We realized that our employees’ financial struggles were not just a personal issue, but a significant business problem,” says Steve Schottenfeld, Astro’s CEO.

The Solution: Bridgeover Financial Wellness Program

After evaluating several options, Astro partnered with Bridgeover to implement a comprehensive financial wellness program. The program includes:

Access to cash advances without interest or hidden fees
Personalized AI-powered repayments and monitoring tools
Financial education resources

By providing the employees access to cash advances and flexible repayment, Astro helped employees avoid costly overdraft fees and other financial hardships and created a more stable and engaged workforce.

“Bridgeover stood out because of its holistic approach and user-friendly app,” explains Steve. “We wanted a solution that would not only provide short-term relief but also promote long-term financial health.”

Results and Impact:

After 12 months (July 2023 to June 2024), the results were impressive:

of employees adopted the program

of participants took at least one cash advance

decrease in turnover among program participants compared to non-participants

return on investment (ROI) on the cost of the program

Additional benefits included:

Reduced absenteeism and increased productivity
Enhanced employer brand and easier recruitment
Improved employee morale and job satisfaction

Lessons Learned and Best Practices:

Targeted Approach: Tailor the program to specific employee needs

Leadership Commitment: Ensure strong support from top management

Effective Communication: Regularly promote the program and its benefits

The key to success was treating financial wellness as a core part of our employee value proposition, not just an add-on benefit.

Steve Schottenfeld

CEO of Astro

Conclusion:

The implementation of the Bridgeover Financial Wellness Program has transformed Astro’s approach to employee retention. By addressing the root cause of financial stress, Astro has not only reduced turnover but also fostered a more engaged, productive, and loyal workforce. This case study demonstrates the power of innovative, employee-centric financial wellness solutions in addressing critical business challenges.

Support your employees and boost retention

Get Started with Bridgeover Today!

Book a Demo

Bridgeover is an AI-powered financial wellness platform that partners with employers to support their employees’ financial health. We provide employees access to interest and fee-free emergency funds up to $400, flexible repayment options, and resources for long-term financial stability.