A new mobile app that gives senior housing and care employees early access to their earned pay could lead to less stressed workers and improved recruiting and retention for operators, cloud-based human capital management software company OnShift says.
Through OnShift Wallet, employers can grant workers access to up to 50% of their earned but unpaid wages, up to $500 per pay period.
Employees will pay a $5 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 scheduled payday.
The app, available on iTunes and Google Play, is made possible through a partnership with employee financial wellness software company PayActiv.
Cleveland-based OnShift said it is the first of many services that it will offer within OnShift Wallet to continue to try to help senior care employees improve the balance between their personal and professional lives.
Chris Hyatt, partner and chief operating officer of New Perspective Senior Living, said he thinks the app will help his company meet a goal of conveying appreciation to employees.
“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,” he said.
OnShift CEO Mark Woodka said that reducing employee worries related to money issues could translate to better job performance.
“Studies have shown that financial worries can have a negative impact on employee performance,” he said. “OnShift Wallet helps relieve some of that stress by offering employees a convenient and easy way to access money they’ve earned, which is extremely helpful during unexpected financial emergencies.”