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Sponsored by WORKFORCE DEVELOPMENT


Benefi ts of Employee Financial Wellness Add Up


Mark Woodka, CEO, OnShift I


n nearly every conversation I have with senior living executives, I learn some- thing new about the ways they are ad-


dressing their workforce issues. With skyrock- eting turnover rates and fi erce competition for talent, organizations are tackling these issues with innovative programs and modern strategies that put employee satisfaction, en- gagement, and retention front and center. Recently, I’m hearing more about the


fi nancial wellness of senior living employees and how their organizations are proactive- ly off ering ways to help. It makes a lot of sense, as unfortunately many employees often struggle to make ends meet. Nationwide, 90 million employees live paycheck to paycheck, with less than $400 in savings. 70% of em- ployees say they suff er from fi nancial stress. In an industry focused on taking care of


people, providers are reaching out to their employees in a myriad of ways to help them achieve fi nancial well-being. Here are three key strategies that help promote fi nancial health:


Get ahead with personal fi nancial services One of the great things about our profes- sion is that employers truly want to help their workers. Therefore, it’s of no surprise that many providers currently off er some form of fi nancial management services to their employees to educate them on bud- geting and saving. The key to off ering these consultative services is making sure that employees are aware that the services exist and that they take advantage of them. Much of that success comes down to con-


sistent communication. Kicking off a fi nancial services program with an announcement is a good start, but it cannot stop there. Many 401k providers have online educational tools available and some will conduct on-site edu-


30 SENIOR LIVING EXECUTIVE MARCH/APRIL 2018


cation sessions, so be sure to take advantage of what’s off ered. Provide program updates each week in staff huddles. Find infl uential employ- ee advocates to share the benefi ts they’ve expe- rienced with their peers. And, off er in-person services on a regular basis, as well as through online access, to help drive adoption.


Create an employee assistance program The personal hardships so many employees have encountered are heart wrenching. The death or illness of a family member, for ex- ample, is devastating. And to make matters worse, the costs associated with such diffi cul- ties can wreak havoc on personal fi nances. More and more, senior living organiza-


tions are revisiting or adopting employee care or assistance programs (EAP) to help employees when they are faced with personal hardships. One of the most eff ective ways to leverage these programs is to off er assistance through a third-party service. Post the name of the EAP provider and telephone number with examples of the types of issues they can help with in the employee break room so it’s visible to all. Supervisors and managers should remind staff about the program so it’s top of mind when issues arise. Whether the service is offered by a


third-party or managed internally, be certain that employees are able to maintain their confi dentiality.


Off er real-time access to wages One of


the most innovative ways I’m see-


ing senior living providers address fi nancial wellness is off ering more timely access to earned wages. This is not necessarily daily pay; rather, providers are helping employees deal with fi nancial stress by off ering access to a portion of their earned income, be- tween paychecks, when they need it most.


Offering more timely access to al-


ready-earned income helps employees better manage unplanned expenses. What’s more, they can avoid horrific fees from payday loans or cash advances. This is a wake-up call for senior living


providers. Today’s workers are accustomed to real-time access for just about everything. Why should payday be the exception? Instant or more real-time pay is a big issue


for employers throughout the nation. Many high-profi le companies including McDon- ald’s and Walmart off er their employees the ability to access a portion of their earned in- come without having to wait for the standard two-week payday. Mobile fi nancial wellness apps, like OnShift Wallet, are available for these services, making it easy for both em- ployees and employers, with no additional cost or liability for the employer. In today’s highly competitive market,


providers who off er innovative approaches to fi nancial wellness not only demonstrate that they care for their employees, but also gain a competitive edge in attracting and retaining them.


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