OnShift, a post-acute care and senior living staff scheduling software company in Cleveland, has developed a new mobile app that it says will help employees better manage their expenses.
The app, called OnShift Wallet, gives employees access to wages they’ve already earned — between paychecks — for unplanned expenses. Using the app “gives long-term care and senior living providers the ability to ease employees’ financial stress through timely access” to that money, the company said in a news release.
It was developed in partnership with PayActiv, an employee financial wellness software company.
In the release, OnShift said OnShift Wallet enables employees to “access up to 50% of their already earned but unpaid wages—with a $500 maximum per pay period.” Employees can instantly access their funds for a $5 fee. There is no cost for employers to offer OnShift Wallet to their employees. OnShift Wallet “funds the transferred wages to the employee between paychecks and automatically deducts that amount from the employee’s bank account on the scheduled payday,” the company said in the release.
The company said the app is part of a focus on helping senior care providers “develop a consistent and engaged workforce through employee-centric scheduling, ongoing feedback and communication, and staff rewards.”
OnShift Wallet is available on iTunes and Google Play.
“Many senior care employees are living paycheck-to-paycheck and are stressed out when it comes to personal finances. Studies have shown that financial worries can have a negative impact on employee performance,” said Mark Woodka, CEO of OnShift, in a statement. The app “helps relieve some of that stress,” he added.
In April 2016, OnShift raised $18 million in Series D financing to accelerate growth. The round was led by Health Velocity Capital. At the time, Marty Felsenthal, managing member of Health Velocity Capital, said the money would “allow OnShift to accelerate market penetration and rapidly scale the development of new and innovative SaaS (software as a service) products in human capital management.”
This story originally appeared on Crain’s Cleveland Business.