Today, staff retention is one of the biggest operational headaches for healthcare organizations. But the solution doesn’t need to involve a complicated new bonus structure or perks that cost thousands. Instead, a single, measurable investment in your team’s financial wellness has been shown to strengthen retention.

Financial wellness benefits, like earned wage access (EWA), were seen as a ‘nice to have’ for far too long. EWA gives your team the ability to tap into their earned wages right after a shift so they don’t need to wait until payday to access the money they need immediately. The reality is that this isn’t a soft perk, but a measurable retention strategy with tangible ROI. Every time a caregiver is stressed waiting for payday or struggling to manage household financial obligations, that directly translates into lost focus, absenteeism, and ultimately, costly turnover for your facility.

The math is simple: when you reduce an employee’s financial strain, you improve their morale and dedication. Let’s dive into the quantifiable return on investment that a modern workplace benefit like earned wage access delivers directly to your bottom line.

The Numbers Behind the ROI

We’ve established that financial wellness is a strategic asset, but let’s cut through the theory and look at the ledger. Here’s the data that shows why addressing financial stress with an employee benefit like EWA is the most profitable staffing decision you can make right now:

• Financially stressed workers, which account for 60% of full-time employees, are 2x more likely to look for another job. 49% have difficulty meeting monthly household expenses on time, while 28% run out of money between paychecks. (PwC survey)
• Recruitment expenses per nurse vacancy can range from $10,000 to $88,000.
• It takes an average of 62 to 103 days to recruit an experienced RN, depending on the specialty.

As you can see, EWA both empowers your staff and provides a measurable return on investment. The cost of doing nothing far outweighs the cost of offering support.

How Keeper Delivers Strong ROI

Now that you’ve seen the proof that investing in financial wellness pays off, let’s get specific about how Keeper’s EWA platform both saves your organization money and delivers additional ROI.

• Zero employer cost: Offer this high-value benefit without affecting your budget.
• Improved shift coverage and reliability: Caregivers are incentivized to improve their attendance when they have access to wages right after a shift.
• Higher employee satisfaction and engagement: A happy, supported team sticks around, drastically lowering your turnover expenses.

We’ve built Keeper to be easy to integrate in your Payroll and Time & Attendance platforms, getting many organizations live within just two weeks. We handle everything behind the scenes and even provide activation and engagement support to onboard employees so that it’s a frictionless experience for your business.

Want to learn more about this high-value benefit? Request a demo to see the powerful impact Keeper can have on your organization.