Introducing OnShift Wallet to Ease Employee Financial Stress
August 28, 2017 | Mark Woodka
While the long-term care and senior living market has seen its ups and downs over the past few years, one thing has remained consistent: the massive need for qualified workers to care for our nation’s seniors.
I continue to see providers struggle to attract and retain workers. Recognizing the growing need for workforce development, more and more executives are attacking their workforce strategies and implementing innovative ways to appeal to candidates and engage them once they are hired.
Many senior care organizations are becoming employee-centric. I can relate to this. For me, the most important priority as CEO of OnShift is taking care of my employees. Nothing gives me greater purpose and satisfaction than helping team members learn, innovate and thrive. Our focus on employees is what makes our business successful and the culture at OnShift so rewarding.
Well-known business leader and innovator Sir Richard Branson said it best, “If you take care of your employees, they will take care of the clients.” Sir Richard is right.
These very reasons are why I’m delighted to share with you the latest news from OnShift. Taking a page from Sir Richard’s playbook, I’d like to introduce a new mobile app, OnShift Wallet powered by PayActiv. OnShift Wallet helps employees better manage unplanned expenses by providing access to their earned but unpaid wages -- between paychecks.
So many senior care workers are living paycheck to paycheck. OnShift Wallet can help them when they’re stressed out over finances, which is challenging both personally and professionally. Research shows that financially stressed employees are less productive at work.
For employers, OnShift Wallet offers a way to retain their staff and differentiate themselves from the competition to attract new hires. In fact, 70% of employees are likely to be attracted to a company that cares more about their financial well-being.
Here’s how OnShift Wallet works:
Employees can transfer up to 50% of their earned but unpaid wages to their bank account via direct deposit (max $500)
Employees can access their funds anytime; the only cost is $1 program fee on the day of the transaction (The $1 covers all transactions until midnight PT. Fees are capped at $3 for weekly and $5 for biweekly pay periods).
Give employees access to The OnShift® Wallet Visa™ Prepaid Card for an easy direct deposit option & bonus benefits to skip the $1 program fee (The employee must activate the The OnShift® Wallet Visa™ Prepaid Card and use it for their direct deposit method with their organization. There must be one direct deposit. Successful verification is required.)
There is 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 next paycheck via payroll deduction on the scheduled payday.
OnShift Wallet is available at no cost to employers.
We think it's a very valuable solution. But don’t just take my word for it. Here’s what one of our customers has to say about OnShift Wallet.
“We see OnShift Wallet powered by PayActiv as a valuable addition to our recruitment and retention program. 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.”
-- Chris Hyatt, Partner & COO, New Perspective Senior Living.
Many employees working in senior care are some of the most compassionate people I’ve ever met, especially frontline associates. Caring for residents is not an easy job. Anything that we can do to help make their lives easier should be a priority. That’s why we believe services like OnShift Wallet can be a game changer for senior care providers. After all, taking care of employees will be reflected in how they care for patients and residents, just like Sir Richard said.
Mark Woodka is CEO of OnShift and has over 25 years of experience in enterprise software sales and marketing, having worked for startup organizations as well as Fortune 500 companies. He often leverages his extensive background in technology-enabled process improvements speaking at industry conferences as well as authoring articles on long-term care trends and issues.