Earned wage access for employee recruitment and retention

With today’s staffing shortages, employees are a private duty agency’s most valuable resource. Smart providers look for creative ways to increase satisfaction, boost productivity, and attract top talent. On-demand pay is one way agencies are setting themselves apart.

Integrated into MatrixCare’s Home Care/Private Duty Agency Management System via API, TapCheck is an earned wage access (EWA) vendor that can pull a caregiver’s completed hours worked as of a specific date in the pay period to calculate a percentage of advance pay the caregiver can request. They also integrate with the agency’s payroll vendor and reconcile the advance to the caregiver’s total pay when the pay period closes.

Agencies do not pay a fee for this on-demand pay service. Instead, the caregiver pays a per-transaction fee to TapCheck — allowing these employees to be more productive by feeling valued and giving agencies a no-cost way to enhance team performance. Workers get access to their earned wages whenever they want, and their employers get a risk-free program added to their benefits package that increases employee loyalty and productivity without adding expense to their bottom line.

According to HomeCare Pulse 2022 Benchmarking Study⁴, access to earned wages is a competitive benefit offering to recruit and retain employees.

What can a TapCheck integration bring to your agency? Here are three big benefits of on-demand pay:

1. Less turnover

For providers across all healthcare settings, staffing shortages create significant challenges. Agencies must consider ways to retain the employees they already have.

On-demand pay reduces employee turnover by 50%¹ on average. 89% of employees would be willing to work a longer period of time for an employer who offers EWA, and 79% of employees reported they are willing to switch to an employer who provides EWA.¹ 

2. Lower recruitment costs

By decreasing turnover through employee perks like on-demand pay, agencies will experience serious benefits to their bottom lines. Improved employee retention results in lower recruitment and training expenses and saves $4,700 per position².

3. Higher productivity

What happens when employees are given the freedom of EWA? They feel valued and work harder. Early access to wages increases employee productivity by 49% on average¹ and saves $1,685 per employee on loss of productivity and absenteeism³.

Go on-demand for a smarter way to pay

On-demand pay can improve financial wellness and boost productivity — a win-win for agencies and their employees. It’s free for businesses, low cost for their staff and requires no credit checks.

With Tapcheck, it’s easy to give employees early, instant access to their earnings:

• Works with MatrixCare’s Home Care/Private Duty Agency Management System
• Available at no cost to employers
• Employees pay only a small flat fee per transaction
• No credit checks or approvals
• Funds are available based on hours worked

Put more financial freedom within every employee’s reach. Schedule a demo to see how your agency can tap into the business benefits of MatrixCare and TapCheck today.

Sources:

1. Earned Wage Access Report, Visa Insights, 2019
2. The Real Cost of Recruitment, SHRM, 2022
3. Absenteeism Costs Employers Billions of Dollars Every Year, CDC, 2020
4. HomeCare Pulse 2022 Benchmarking Study, page 76