Staffing issues are top of mind for many senior living executives who are working to recruit and retain a strong team. A new offering could improve retention by enabling workers to access wages they’ve earned before payday arrives.
Cleveland, Ohio-based cloud-based human capital management software company OnShift recently introduced OnShift Wallet, a mobile app that gives senior housing employees access to earned but unpaid wages between paychecks.
“There’s a huge segment of the caregiver population that doesn’t have $400 in their savings account for emergencies,” OnShift CEO Mark Woodka told Senior Housing News. “If a car breaks down or child care services are unavailable one day, they may have to go to a lender and pay a high interest rate, write a check and pay the fee when it bounces or miss work for a day and give up that income. The option to access money they’ve earned already helps them deal with financial emergencies.”
How it works
OnShift markets the OnShift Wallet app as a tool that providers can offer to attract new employees and retain current staff by showing them that their financial well-being is important to the company.
Specifically, the app, which powered by San Jose, California-based technology company PayActiv, allows employees to transfer up to 50% of their earned but unpaid wages to their bank account, with a cap of $500 per pay period. There is a $5 fee to access these wages ahead of payday.
When the scheduled payday does arrive, the amount of money pre-transferred will be deducted from the employee’s bank account.
The app comes at no cost to employers and is available on iTunes and Google Play.
‘Engenders loyalty, encourages retention’
Millennials will make up 70% of hires in the health care industry this year, Woodka told SHN. One of the things they look for in a job is an employer that shows its team appreciation and recognition, which is exactly what OnShift Wallet is designed to do.
“As an employer, offering this service suggests that you care about the financial wellbeing of your employees,” Woodka said. “It engenders loyalty and encourages retention.”
Chris Hyatt, COO of New Perspective Living, agrees from the provider standpoint that convenient technology and employer appreciation are important to the upcoming workforce.
“Most millennials are tech savvy and thrive in environments that offer choice and immediacy,” Hyatt said. “This solution provides conveniences that cater to millennials with the click of a button.”
New Perspective Senior Living, a provider that operates independent living, assisted living and memory care communities in Minnesota, Wisconsin, North Dakota and Illinois, partners with OnShift and will provide OnShift Wallet to its team members.
“While we all know there is no one solution to the workforce challenges we face, we do know team members want choice and a culture of caring,” Hyatt said. “Rent reports show that over 71% of workers report financial stress. This benefit will offer piece of mind when critical bills or unplanned events come due.”
Written by Elizabeth Jakaitis