Senior living and care employees using the OnShift Wallet app are on track this year to collectively access more than $30 million of their earned income in advance of being paid, the Cleveland-based cloud-based human capital management software company estimated Monday.
Through June 30, employees had accessed more than $7 million in funds in advance, OnShift said. Ninety percent of them intended to spend the money on bills, groceries, rent and unexpected expenses, according to a survey that employees complete when using the app.
Through OnShift Wallet, employers can grant workers access a certain percentage of their earned but unpaid wages, up to a certain dollar amount per pay period. Employees pay a small fee to obtain their funds immediately, and there is no extra cost for employers to offer the service. OnShift Wallet funds the transferred wages to an employee between paychecks and automatically deducts that amount from the employee’s bank account on the next scheduled payday.
The app is made possible through a partnership with employee financial wellness software company PayActiv.