$50 Million in Early Wages Accessed in 2020 with OnShift Wallet
OnShift demonstrates support for employee financial wellness with series of milestone achievements
CLEVELAND, March 03, 2021 (GLOBE NEWSWIRE) — OnShift®, a leader in human capital management software for post-acute care and senior living, today announced it has achieved a series of significant milestones with its financial wellness solution, OnShift Wallet powered by Payactiv, including nearly $50 million in early wages accessed by healthcare employees in 2020. In addition, OnShift Wallet’s new Amazon Cash option and a first-of-its-kind debt-free assurance approval reinforce OnShift’s unwavering support for healthcare employees throughout the pandemic.
OnShift Wallet provides real-time access to earned wages between paychecks, giving senior care employees financial peace of mind by avoiding late fees or high-interest payday loans to cover bills or unplanned expenses. Payactiv, OnShift’s financial wellness partner for OnShift Wallet, recently became the first and only Earned Wage Access (EWA) provider to gain approval from the Consumer Financial Protection Bureau (CFPB) as its EWA program does not impose a debt on users. The CFPB approval validates Payactiv’s approach and confirms that EWA can be provided without accessing credit.
In addition, OnShift Wallet recently introduced Amazon Cash, which allows employees to automatically apply their earned wages to shop on Amazon without the need for a debit or credit card. Amazon Cash is a fast and convenient option, especially for those employees without a bank account.
“The effects of COVID-19 continue to financially impact caregivers and hourly workers, many of whom are already living paycheck to paycheck. The nearly $50 million accessed in 2020 shows the critical need for financial flexibility,” said Mark Woodka, Chief Executive Officer of OnShift. “As senior care employees continue to battle COVID-19 and care for our most vulnerable population, the last thing they should have to worry about is not being able to cover bills and basic necessities. We are proud that OnShift Wallet is providing debt-free assistance to those who need it most.”
Currently, nearly 400,000 employees have access to OnShift Wallet through their employers. After an employee completes a transaction, they are asked to complete a survey to provide more insight into the transaction. 2020 survey results revealed1:
- 90% intend to spend the funds on bills, groceries, rent and unexpected expenses
- 71% avoided paying bank overdraft fees, late payments, payday loans or other fees
- 89% would recommend their workplace to a friend
- 93% would recommend OnShift Wallet to a friend or colleagues
Additional Resources
- Learn more about OnShift Wallet
- Payactiv’s CFPB-Approval Webinar On-Demand
- Senior Care Survey Report: Workforce 360
About OnShift, Inc.
OnShift’s next-generation human capital management platform fundamentally transforms the relationship between healthcare organizations and their employees. Our innovative approach to recruitment, hiring, workforce management and engagement fosters a culture where people want to work. That’s why thousands of healthcare organizations rely on OnShift’s integrated suite of software and services to dramatically reduce turnover rates, decrease costs and improve the quality and continuity of care. For more information, visit www.onshift.com.
About Payactiv, Inc.
Payactiv’s mission is to bring security, dignity and savings to low-income workers through an award-winning holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages. Businesses that partner with Payactiv see significant cost reductions through increased recruitment, engagement and retention. Employees love Payactiv because it eliminates the expensive between-paychecks tolls of payday loans, bank overdrafts and late fees. Payactiv also offers a suite of financial services that include savings and budgeting tools, bill payment and financial health measurement. Payactiv has won best in class awards in both FinTech & HRTech and is the provider of Earned Wage Access to Walmart. For more information, visit www.payactiv.com.
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1 The surveys took place between January 1, 2020 and December 31, 2020.
Contact
Marti Bowman
Chief Marketing Officer
OnShift, Inc.
mbowman@onshift.com
216.920.5038