Talking about finances is never easy, but OnShift is working hard to change how employees and employers think about financial wellness. Traditionally, an employee will work and receive their paycheck on a two-week cycle. And every two weeks, like clockwork, their paycheck appears to help them pay bills, cover expenses, enjoy entertainment and hopefully, save.
But, we’re in a paradigm shift right now when it comes to money. Instead of employees working and waiting for two-weeks, employees want access to their earned wages quicker. Apps like OnShift® Wallet give employees financial peace of mind with access to earned, but unpaid wages between paychecks. And it’s helping caregivers across the United States in many ways. Here are just a few snippets of the awesome feedback we're hearing from providers.
“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.”
"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.” - Kim Warnecke, Chief People Officer, Health Care Navigator
“OnShift Wallet for us, was a definitely a no-brainer to implement, because it was something that was no cost to the organization, but allowed our associates to take earned, but not yet paid income and have access to that immediately,” said Aaron Fenberg, Director of Human Resources at Singh Senior Living. “If they had a bill they needed to pay or an emergency that came up, they'd be able to have access to those funds immediately, instead of waiting two weeks until payday came along.”
We continue to hear stories pouring in about how OnShift Wallet has helped caregivers during times of financial hardship and when unexpected life events pop up. One community, greatly impacted by Hurricane Michael, said their employees were able to quickly access their earned wages, before payday, to help defray the additional costs that their employees might have incurred from credit cards or payday loans.
Another client talked about how, without the ability to access their funds early, they wouldn’t have been able to provide a holiday meal for their family. By accessing her funds early, she was able to quickly transfer her earnings to her bank account, pick up food for the family meal and to ensure her family could celebrate together.
Nakia Williams, Scheduling Coordinator at Singh Senior Living, recently shared a story of a time when her car broke down, just a little while before her shift. She was able to request money and use it to get her vehicle fixed, so she didn’t have to worry about calling off, borrowing money or using a payday loan. You can learn more about her story in our video below.
There is a big misconception that employees don’t know how to manage their money and early access their earned money early perpetuates this cycle of fund mismanagement. However, our research found the exact opposite. Employees want early access to their funds to help with daily living expenses to help break the vicious cycle of borrowed money. When caregivers access money early, we’ve found:
- 89.7% intend to spend the funds on bills, groceries, rent and unexpected expenses
- 75.1% avoided paying bank overdraft fees, late payments, payday loans or other fees
Warnecke puts it best: “People are not just borrowing money ahead of time for the heck of it. It’s because they need it – there’s a flat tire, there’s a utility bill that needs to be paid."
Be on the lookout for more stories on how OnShift Wallet continues to help our caregivers across the nation.