Projections Reveal OnShift Wallet Early-Wage Access Is On Pace To Exceed $30 Million in 2019
Cleveland, OH – July 15, 2019 – OnShift®, a leader in human capital management software for post-acute care and senior living, announced that in the first six months of 2019, employees using OnShift Wallet, powered by PayActiv, have surpassed $7 million in early access to their earned income.* With OnShift Wallet, employees can alleviate financial stress and avoid costly loans to better manage expenses, by accessing a portion of their earned wages between paychecks. OnShift is on pace to exceed $30 million in accessed funds by the end of 2019.
Many hourly workers live paycheck-to-paycheck and when an unexpected expense occurs, it can cause devastating setbacks. From surprise car repairs to medical bills, getting paid faster gives employees stronger financial security, while employers gain an edge for attracting and retaining talent by showing staff members they care about their financial well-being.
After every employee transaction with OnShift Wallet, users complete a survey to provide greater insight into their timely access to earned wages.** 2019 survey results revealed:
- 90% intend to spend the funds on bills, groceries, rent and unexpected expenses
- 75% avoided paying bank overdraft fees, late payments, payday loans or other fees
- 88% would recommend their workplace to a friend
- 94% would recommend OnShift Wallet to a friend or colleague
“OnShift Wallet has changed the way we think about employee financial wellness,” said Kim Warnecke, Chief People Officer at Health Care Navigator. “Our employees have immediate access to their earnings, giving them the ability to avoid costly payday loans, late fees and bank overdraft charges. And now that employees can see the funds available to them within the OnShift app, we have seen a 63% increase in the amount of shifts being voluntarily picked-up - helping us reduce or avoid overtime and/or agency use. It’s a true win-win.”
“When we think about the timing of payday, the needs of employees are changing. Waiting two weeks between paychecks, particularly for hourly workers, just doesn’t cut it anymore,” said Mark Woodka, Chief Executive Officer of OnShift. “We have heard story after story about how OnShift Wallet is changing the lives of caregivers. From ensuring an employee can provide a holiday dinner to helping with basic necessities after Hurricane Michael hit in Florida, it’s clear that OnShift Wallet is providing financial assistance when employees need it most.”
OnShift continues to invest in employee financial wellness. Earlier this year, OnShift released the OnShift Wallet Visa® Prepaid Card. With the new card, employers gained an additional, convenient way to offer earned but unpaid wages to employees as well as a direct deposit option for earned wages to those without a bank account. In addition, OnShift Wallet is now part of a new all-in-one mobile dashboard, providing caregivers with quick and easy access to all of their scheduling, engagement and financial needs.
- 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]
OnShift Employee Financial Wellness
Why & How To Help Employees Achieve Financial Wellness
Top Perks In Senior Care: Why Employee Financial Wellness Is Taking Center Stage
The Many Ways OnShift Wallet Impacts The Lives Of Caregivers
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.
*OnShift users accessed $7 million between January 1, 2019 and July 5, 2019.
**The surveys took place between January 1, 2019 and July 5, 2019. Survey submissions varied between 4,788 and 12,666 responses per question.
[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.