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A Tenured Leader in a Tight Industry
Eli Collier has been running a HomeWell franchise for several years and she’s always dealt with the industry-wide struggle to find and keep top talent. But since the pandemic, it’s felt even harder to keep staff at her facilities. With an estimated quarter-million workers yet to return to the industry, the battle for caregivers is only getting more pronounced – nearly every senior care business is struggling to hire enough people.
Eli turned to earned wage access with Tapcheck a few years ago and hasn’t looked back. It’s become an arrow in her hiring quiver, a retention tool, and a performance booster for her employees. It’s been an integral part of her business success and key to overall performance.
A Benefit That Helps Employees First
Eli mentioned the first-hand impacts she’s seen EWA make on her staff. Whether it’s keeping the gas tank full or being able to run out for medicine for a sick kid, having cash available is a gamechanger for workers living paycheck-to-paycheck.
Having EWA also reduces the administrative burden on back-office teams. An EWA provider like Tapcheck can make sure staff have access to cash as they need, thereby avoiding the awkward request for an advance and the extra work to execute one.
Useful Tool to Mention in Hiring
The senior care industry was hit particularly hard after the COVID-19 pandemic, as thousands of workers left for other sectors with few stepping in to replace them. That’s left franchise owners like Eli to get creative on how to entice, and ultimately hire, skilled caregivers.
Putting EWA on the top of a job listing is an easy way to show commitment to employee financial wellness and advertise a benefit that’s likely to make an immediate impact in an employee’s life.
Keeping Staff Because of EWA
Just as hiring is a persistent challenge in the home health care industry, retaining top employees is a serious priority. Eli noted that regular turnover for the industry is nearly 80% annually, meaning most folks that teams fought to hire won’t even make it to a year.
For Eli and team, they’ve been able to cut turnover down to just 30% year-over-year – a feat that would have many home health agencies begging for the secret sauce. Is it all EWA? Of course not, says Eli. But it’s a tool in the belt, so to speak, and a way to dedicate resources to employees and foster long term investment.
No-Cost, in Either Time or Money
Nothing in life is free. Even no-cost solutions threaten to gobble up resources in terms of time and people-power needed to bring them to life. Finding a solution that not only provides value to employees but also doesn’t bury staff in admin work isn’t the easiest task.
For Eli and her team, EWA by Tapcheck threaded the needle. Cost-free to employers, Tapcheck was never going to add a line item to the budget. But even the administrative tasks needed to get the benefit up and running were merely a blip on the radar.
Breakdown
Earned wage access, when implemented correctly, can be a low-effort, high-impact benefit for businesses looking to stand out in hiring, retention, and employee engagement.
Especially in industries like home health care, anything that can help keep staff in-seat and engaged will pique the interest of a business leader. And if it’s cost-free and easy to roll out? Waiting to get started makes less sense every day.
