$ 50 million in first salaries accessible in 2020 with the OnShift portfolio
OnShift Demonstrates Support for Employee Financial Well-Being with Series of Landmark Achievements
CLEVELAND, March 03, 2021 (GLOBE NEWSWIRE) – OnShift®, a leader in human capital management software for post-acute care and the lives of seniors, today announced it has reached a series of milestones with its financial wellness solution, OnShift Wallet powered by Payactiv, which includes nearly $ 50 million in first salaries that healthcare workers have access to in 2020. In addition, OnShift Wallet’s new Amazon Cash option and an endorsement One-of-a-kind debt-free insurance reinforces OnShift’s steadfast support for healthcare workers throughout the pandemic.
OnShift Wallet provides real-time access to wages earned between paychecks, giving senior care employees financial peace of mind by avoiding late fees or high interest payday loans to cover bills or unforeseen expenses. Payactiv, OnShift’s financial wellness partner for OnShift Wallet, recently became the first and only Earned Wage Access Provider (EWA) to gain approval from the Consumer Financial Protection Bureau (CFPB) because its program EWA does not impose debt on users. The CFPB approval validates the Payactiv approach and confirms that EWA can be provided without access to credit.
Additionally, 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 quick and convenient option, especially for employees without a bank account.
“The effects of COVID-19 continue to have a financial impact on 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, CEO of OnShift. “As senior care workers continue to fight 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’re proud that OnShift Wallet provides debt-free support to those who need it most.
Currently, nearly 400,000 employees have access to OnShift Wallet through their employers. Once an employee has completed a transaction, they are prompted to complete a survey to provide more information about the transaction. The results of the 2020 survey unveiled1:
90% intend to spend the funds on bills, groceries, rent and unexpected expenses
71% avoided paying 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
About OnShift, Inc.
OnShift’s next-generation human capital management platform is fundamentally transforming the relationship between healthcare organizations and their employees. Our innovative approach to recruiting, 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, lower costs, and improve quality and continuity of care. For more information, visit www.onshift.com.
About Payactiv, Inc.
Payactiv’s mission is to bring safety, 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. Companies that partner with Payactiv see significant cost reductions through increased recruitment, engagement and retention. Employees love Payactiv because it eliminates the costly fees between payday loan paychecks, bank overdrafts and late fees. Payactiv also offers a suite of financial services including savings and budgeting tools, bill paying, and financial health measurement. Payactiv has won the Best in Class award in FinTech and HRTech and is Walmart’s Earned Payroll Service Provider. For more information, visit www.payactiv.com.
1 The surveys took place between January 1, 2020 and December 31, 2020.