When a nurse, caregiver, or other healthcare professional is worried about how they’re going to pay for a surprise car repair or an unexpected bill, that stress can spill into their work. Financial stress is a major reason for burnout in healthcare, and it leads to higher turnover rates, which strains already understaffed teams. Burnout can also reduce focus and empathy—crucial qualities for providing excellent patient care.
If financial stress is a root cause of burnout, what can you as the employer do? There’s a simple but powerful solution that doesn’t require you to pay upfront or ongoing costs: earned wage access through Keeper. This employee benefit, also known as same-day pay, allows employees to withdraw their earned wages before payday, giving them the money they need when they need it. This article will explore how the EWA benefit reduces financial strain, boosts employee morale, and leads to better job performance and improved retention.
The Link Between Pay Access and Morale
Stoic employees may be hiding it well, but more than likely, most of your hourly workforce is feeling financial strain. It’s in the numbers: Research shows that 93% of hourly workers are stressed by their finances, and 71% say it negatively impacts their mental or physical health. And with more than 60% of Americans living paycheck to paycheck, it’s nearly impossible not to bring the weight of that stress to work with you.
As their employer, you’re inevitably connected to their financial struggles, and by extension, their morale and performance. But your hands aren’t tied, and you actually don’t need to spend a lot of (or any) money to ameliorate these issues and show your workers that you care about their well-being.
How Keeper Delivers Morale Gains
When healthcare workers have the ability to tap into their pay when they need it, it gives them a sense of financial control and stability. This isn’t a loan or an advance; it’s them accessing their own money that they’ve already worked for. Groceries for the week? No problem. Unexpected parking ticket? Paid. This financial security translates into reduced stress, better morale, and ultimately, a more focused, attentive, and compassionate workforce.
What’s the best way to deliver a valuable financial wellness benefit to your team without adding a massive administrative burden? Keeper. Our system integrates with existing payroll and time & attendance platforms to make onboarding seamless, and it’s all completed at no direct or indirect cost to your business—ever.
By providing your staff with instant access to the money they’ve already earned, you’re not just offering a valuable benefit; you’re investing in their financial health, their morale, and ultimately, the quality of care your patients receive.
Want a no-cost way to boost morale? Request a demo to see how Keeper helps you retain your best caregivers.
