Long-Term Care and Senior Living Employers Increase Retention by Reducing Employees’ Financial Stress
Aug. 28, 2017 CLEVELAND -- In the ongoing evolution of its cloud-based software suite to solve workforce challenges in healthcare, OnShift® today announced a new mobile app to help employees improve work-life balance. OnShift Wallet powered by PayActiv gives long-term care and senior living providers the ability to ease employees’ financial stress through timely access to their earned but unpaid wages.
- With OnShift Wallet, employees can better manage unplanned expenses between paychecks while avoiding costly late fees and high-interest loans.
- Employers offering OnShift Wallet gain a competitive edge for attracting talent and retaining employees by demonstrating a commitment to the well-being of their employees.
- OnShift Wallet is made possible through OnShift’s partnership with PayActiv, a leader in employee financial wellness software.
- OnShift Wallet - how it works:
- Employees can access up to 50% of their already earned but unpaid wages—with a $500 maximum per pay period.
- Employees can access their funds anytime; the only cost is $3 (up to two transactions) for a weekly pay period or $5 (up to three transactions) for a bi-weekly pay period.
- There is no cost for employers to offer OnShift Wallet to their employees.
- At no risk to the employer, OnShift Wallet funds the transferred wages to the employee between paychecks and automatically deducts that amount from the employee’s bank account on the scheduled payday.
- This service is the first of many that OnShift will offer within OnShift Wallet to continue to improve the lives of senior care employees and help increase work-life balance.
- The OnShift Wallet mobile app is available on iTunes and Google Play.
- OnShift Wallet extends OnShift’s cloud-based suite of solutions that help senior care providers develop a consistent and engaged workforce through employee-centric scheduling, ongoing feedback and communication, and staff rewards.
Supporting Quotes “One of three wildly important goals at New Perspective Senior Living is demonstrating to our team members how much we appreciate and care for them. We see OnShift Wallet powered by PayActiv as a valuable addition to our recruitment and retention program,” explained Chris Hyatt, Partner & COO, New Perspective Senior Living. “With low unemployment and high turnover in most markets, we believe offering solutions like this can only help us in the relentless pursuit of attracting new team members and ultimately increasing overall retention.”
“Many senior care employees are living paycheck-to-paycheck and are stressed out when it comes to personal finances. Studies have shown that financial worries can have a negative impact on employee performance,” said Mark Woodka, CEO, OnShift. “OnShift Wallet helps relieve some of that stress by offering employees a convenient and easy way to access money they’ve earned, which is extremely helpful during unexpected financial emergencies. OnShift Wallet reinforces OnShift’s commitment to improving the lives of employees in senior care and helping providers attract, engage and retain employees.”
“PayActiv’s goal is to give millions of people innovative technologies to avoid predatory loan options with timely access to their earned income,” said Sohail Aslam, CTO and Co-Founder, PayActiv. “We are excited to partner with OnShift to bring this solution to the senior care market and to offer providers’ employees financial peace of mind.”
- 44% of Americans are under financial stress with less than $400 in liquid savings.[i]
- Four out of five employees say personal financial issues affect their job performance, leading to an increase in stress, an inability to focus and absenteeism and tardiness.[ii]
- 55% of employees worry about how they will pay for their next unexpected expense.[iii]
- The senior care industry faces a 50% turnover rate for direct care staff.[iv]
- 77% of millennials are likely to be attracted to another company that cares more about their financial well-being.[v]
About OnShift, Inc. OnShift delivers cloud-based human capital management software and proactive services to solve everyday workforce challenges in healthcare. Our suite of products for hiring, scheduling and employee engagement drives quality care, lower costs and higher performance by empowering providers to staff consistently and efficiently. Intuitive design, predictive analytics and customer success management are why thousands of post-acute care and senior living organizations rely on OnShift. For more information visit www.onshift.com.
About PayActiv PayActiv is an award winning, socially responsible, financial wellness platform for employees to get timely access to their earned but unpaid wages. Businesses that partner with PayActiv get instant credit in the mind of their employees and see significant cost reductions through increased engagement and retention. Employees love PayActiv because it eliminates the horrific between paycheck financing fees of payday loans, bank overdrafts and title loans. Besides instant and timely access to funds, PayActiv offers a suite of services that include better banking products, savings and budgeting tools, bill payment and financial health measurement. PayActiv is backed by prominent Silicon Valley investors and won best in class awards in both FinTech and HRTech categories in 2016. Visit www.payactiv.com to learn more.
[i],[iii] Employee Financial Wellness Survey 2016 results, PwC, 2016.
[ii] Employees’ Financial Issues Affect Their Job Performance, Society for Human Resource Management, 2016.
[iv] American Health Care Association 2012 Staffing Report, American Health Care Association (AHCA), 2012.
[v] Report on the Economic Well-Being of U.S. Households in 2016, Federal Reserve Board, 2017.