Employees using OnShift Wallet have transferred more than $7 million via OnShift Wallet, the company announced.
The system, powered through PayActiv, allows employees earlier access to earned income before their payday. OnShift expects to exceed $30 million in accessed funds by the end of 2019.
The goal is to allow hourly workers the ability to be paid faster, especially when emergencies occur, the company said.
According to a recent OnShift survey wallet users said:
- 90% intend to spend the funds on bills, groceries, rent and unexpected expenses
- 75% avoided paying bank overdraft fees, late payments, payday loans or other fees
- 88% would recommend their workplace to a friend
- 94% would recommend OnShift Wallet to a friend or colleague
“OnShift Wallet has changed the way we think about employee financial wellness,” said Kim Warnecke, Chief People Officer at Health Care Navigator. “Our employees have immediate access to their earnings, giving them the ability to avoid costly payday loans, late fees and bank overdraft charges. And now that employees can see the funds available to them within the OnShift app, we have seen a 63 percent increase in the amount of shifts being voluntarily picked-up — helping us reduce or avoid overtime and/or agency use. It’s a true win-win.”
OnShift recently released the OnShift Wallet Visa® Prepaid Card, allowing further access to earned but unpaid wages.