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The healthcare industry faces persistent challenges around attracting and retaining top talent, timeclock compliance, shift coverage, and a deeply burned-out labor pool. It’s not a surprise that 57% of healthcare workers in the U.S feel stressed about the state of their current finances.
To effectively rebound and strengthen this vital workforce, healthcare employers must now, more than ever, prioritize comprehensive employee wellness.
Read on to learn about some of the current challenges that are affecting healthcare employers, and how On-Demand Pay may help alleviate these challenges by providing employees with better work-life support.
Attract & Keep the Healthcare Talent You Deserve
In today’s competitive healthcare landscape, attracting and retaining top professionals requires offering truly valued benefits. On-Demand Pay from DailyPay is one of the most valued benefits available to today’s employees. In fact. DailyPay is the #1 most-adopted voluntary financial wellness benefit and the #2 most-adopted of all voluntary employee benefits, behind only healthcare.1 Among workers who had been job searching, a significant 56% paused or slowed their efforts since they started using DailyPay. Remarkably, 46% directly attribute this change in behavior to DailyPay.2 Providing such a tangible benefit can be the decisive factor in securing and retaining the skilled professionals critical to healthcare delivery.The Surprising Key to Effortless Timekeeping
Effective timeclock compliance is paramount in healthcare, where accurate shift tracking directly impacts patient care, payroll, and regulatory adherence. Flexible access to earned pay significantly boosts this compliance. When employees can see and access their pay in real-time, it creates a direct incentive for accurate timekeeping, reducing manual errors and improving overall operational integrity.Supercharge Shift Coverage & Ignite Productivity
Beyond just pay, flexible access to earned pay transforms healthcare operations. 94% of companies offering an On-Demand Pay solution believe it has a positive impact on workforce productivity.3 This flexibility also reduces errors, crucial for accurate payroll in complex healthcare scheduling. This financial empowerment fosters a more accountable workforce, streamlining administrative tasks and ensuring precise records for both staff and compliance auditors. Furthermore, it significantly increases employee engagement, with 55% of DailyPay users saying that they pick up extra shifts monthly4, helping to alleviate staffing pressures and optimize coverage.Heal Your Team, Heal Your Hospital: Ending the Burnout Epidemic
Improved employee financial wellness leads to reduced stress. When employees are burdened by financial worries, they can’t bring their best selves to work. 100% of healthcare companies with an On-Demand Pay solution indicated financial wellness has a positive impact on productivity.5 By offering financial wellness solutions, you invest in your team’s overall wellbeing and create a more supportive work environment.Transform the Employee Experience for Unmatched Patient Care
To address these challenges, healthcare employers should consider focusing on how they can improve the overall employee experience, leading to greater patient care. Healthcare employers can differentiate themselves by caring for their employees the way they care for their patients. Healthcare employers should give employees what they’re looking for when it comes to wellness benefits, workplace flexibility and more support for financial wellness. This increased wellness support can help healthcare employers maintain a productive and engaged workforce, which translates to happier employees and patients. Learn how DailyPay can help.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.
1 DailyPay Tops List as #1 Adopted Financial Wellness Benefit:DailyPay, 2020
2 DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023:DailyPay, 2020
3 Hanover Research Study: Companies with EWA Solutions, September 2023:DailyPay, 2020
4 DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023:DailyPay, 2020
5 Hanover Research Study: Companies with EWA Solutions, September 2023:DailyPay, 2020
