DailyPay Announces Partnership with Fundamental Senior Care
Technology Payments Solution Reduces Employee Turnover by Improving Employee Financial Health in the Healthcare Industry
NEW YORK (November 6, 2017) – DailyPay, a financial solutions company that reduces employee turnover through instant access to income, today announced a national partnership with Fundamental Client Facilities, a long-term senior care company operating in 112 locations across the country with over 11,000 employees. Fundamental has partnered with DailyPay to relieve financial burdens that arise from delays between paychecks. Through this partnership, Fundamental employees can now receive their earned but unpaid income whenever they need it, even on weekends and holidays. DailyPay’s healthcare partners have seen, on average, 33% active adoption.
Fundamental’s mission to create a dignified and meaningful environment for seniors, surrounded by familiar caregivers, has been undermined by industry-standard attrition. To raise the bar on the services they provide, they need to attract and retain qualified talent.
One of the biggest issues for the healthcare sector is staffing. Baby boomers are aging, and the percentage of the population that needs some form of care is growing. With the 30-year low in unemployment, the number of people willing to take these jobs is shrinking. Working in healthcare is a fast-paced, stressful, and often thankless endeavor. The last thing healthcare workers need is additional stress from their finances, which is itself the leading cause of attrition. This is where DailyPay comes in, helping employees mitigate financial hardships with access to earned income before scheduled paydays.
DailyPay offers Fundamental caregivers an intuitive platform for accessing their earned but unpaid income. After completing a shift, the net amount earned is added to a Pay Balance from which employees can withdraw up to 100% and receive their money instantly. Fees plague wage earners more than anyone. With DailyPay, Fundamental caregivers can avoid late fees, overdraft fees, and high-interest payday loans on sudden expenses.
DailyPay has been able to build the capability to deal with sector-specific nuances such as caregivers jumping between different locations and pay cycles, as well as helping them to solve the problem of needing to cut checks for off-cycle payments.
“When employees feel financially secure at their jobs, they hang onto those jobs longer,” said Jason Lee, Chief Executive Offer of DailyPay. “Our new partnership gives us the opportunity to give thousands of workers a tool for avoiding financial stress. The DailyPay Movement will translate to longer tenures and better care for all of Fundamentals clients.”
DailyPay works with mid-cap and enterprise companies in a host of industries, including cleaning, retail, healthcare and services.
For more information, please visit dailypay.com.
DailyPay’s mission is to give employees their first step toward financial security. DailyPay is the pioneer in providing employees real-time access to earned income across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.
Fundamental Client Facilities, operating in multiple states nationwide, are dedicated to implementing fundamental changes in long-term care to create a culture of aging that is life affirming, dignified and meaningful. It is their goal to enhance the environment where seniors can live their lives in a meaningful way, surrounded by familiar caregivers who are committed to providing the highest quality care.
For more information about Fundamental, visit fundltc.com.