Healthcare workers across the industry have had a daunting couple of years working through the pandemic.
Staffing shortages and employee burnout have pushed healthcare employees to their limits.
In the last five years, the average hospital turned over 100.5% of its workforce, according to the 2022 NSI National Healthcare Retention & RN Staffing Report.
Hospital systems, home care companies and others in the industry should consider more ways to help ease employees through these hardships and empower them with greater financial wellness tools to support their well-being.
Increase Employee Satisfaction With On-Demand Pay
On-demand pay supports employees with access to their earned wages, giving them greater control over their finances. By offering on-demand pay, healthcare companies may be able to increase employee happiness and engagement, possibly leading to reduced turnover and higher-quality patient care.
Healthcare companies strive to provide excellent patient care. However, staffing shortages due to high turnover rates can be detrimental to quality care and customer service.2 The average hospital lost $5.2–9 million in bedside RN turnover costs in 2021, according to the 2022 NSI National Healthcare Retention & RN Staffing Report.3
When a workforce is short staffed and experiencing burnout, employees are less likely to be fully engaged in their work.
Advantages of On-Demand Pay in Healthcare
On-demand pay makes a noticeable impact on employees’ financial well-being.
47% of users say DailyPay has helped them avoid taking out a payday loan, according to a June 2022 DailyPay user survey.
A Number of Healthcare Employers Trust DailyPay
The benefits of on-demand pay are clear. That’s why these noteworthy healthcare facilities trust DailyPay to deliver on-demand pay to their employees.
DailyPay Integrates with Payroll and Attendance Systems
Partnering with DailyPay requires no additional work to implement and administer an on-demand pay program. Integrations are seamless and painless.
Resources for Hospitals and Healthcare
Have Questions? We Have Answers.
How can DailyPay help us stand out as an employer in the healthcare industry?
DailyPay can help you stand out among your competition in the healthcare industry. Employers who offer DailyPay typically see nearly double the amount of job applications per job posting.
How can DailyPay help us fill shifts?
DailyPay clients fill positions 53% faster when they advertise DailyPay and 46% of employees are more motivated to pick up extra shifts or work longer hours. Offering DailyPay encourages engagement and productivity.
How can DailyPay help with time clock compliance in the healthcare industry?
To be able to use DailyPay and make transfers, users need to correctly clock their hours. DailyPay has seen that employees who use our products are much more diligent about inputting hours. This means that your payroll team will spend less time processing costly off-cycle payments.
How many employees does my company need to have to offer DailyPay?
Currently, DailyPay is only available to companies with 500 or more employees.
How can healthcare retention be improved?
Improve healthcare employee retention by improving workplace engagement. Increased employee engagement can help to attract top talent in a competitive landscape and keep current employees happy, minimizing the risk of staff considering other job opportunities. Learn more.
What causes high turnover rates in healthcare?
- Common issues that lead to high turnover in healthcare may include a lack of workplace engagement, employee burnout, symptoms of stress, anxiety, depression and sleep disturbances experienced during the pandemic.
- A tight labor market and stiff competition for talent also leads to higher turnover rates.
What recruitment strategies are most effective in healthcare?
In today’s tight labor market, hospitals must differentiate themselves to attract and retain top talent. Empowering employees with access to their earned pay before regularly scheduled pay cycles can help attract and retain top talent.
All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial advice or other professional advice by DailyPay. No fiduciary obligation or duty exists, or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.
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