Changing how nurses get paid: An overlooked tool in employee retention

As the U.S. experiences a crisis in nursing employment, IntelyCare offers per diem nurses a compelling solution.

IntelyCare engages workers through smart technology that enables work-life integration. One feature is flexibility in pay, notably DailyPay, the leading on-demand pay provider, giving workers access to their money as soon as it is earned.

During a workshop sponsored by DailyPay at Becker's Hospital Review's 12th Annual Meeting, IntelyCare's Senior Vice President of Marketing Ken Yanhs and DailyPay's Chief Innovation and Marketing Officer Jeanniey Walden discussed benefits of flexible pay to nurses and employers.

Four key takeaways:

1. A modern, technology-enabled employee value proposition supports workers and builds loyalty. Employers like IntelyCare, which are looking to attract and retain workers in an environment of employee mobility, are trying to provide the "right employee value proposition that meaningfully engages the workforce during each stage of their career," Mr. Yanhs said. This tech-enabled approach to work-life integration uses workers' preferences to keep them motivated and aims to "make someone's life as frictionless as possible," Mr. Yanhs said. Taking a holistic view goes beyond providing flexible work hours; it extends to helping address sources of friction like transportation by, for example, offering an Uber or Lyft when needed.

2. How and when pay is provided is an overlooked tool to engage employees. IntelyCare learned that workers wanted to be paid daily or weekly to better meet their needs. "Flexible pay was never something that we had considered before," Mr. Yanhs said, but DailyPay presents a tool to build loyalty. "People who are using DailyPay are more likely to stay with us."

IntelyCare's experience is that DailyPay reduces employees' financial worries differently than offering more money. DailyPay "eliminates 97 percent of the need for payday loans," according to Ms. Walden, as workers are able to meet their core necessities: 27 percent use DailyPay for bills, 14 percent for transit and 13 percent for food. The additional payment frequency along with financial transparency assists employees on the path to improved financial wellness and results in fewer calls to the employer asking about what or when they will be paid.

3. Use online reviews and social media to better understand workers. Many employers fail to understand their workers' financial friction points when thinking about the employee value proposition, but public information is readily available. Google reviews, Glassdoor ratings, dedicated Facebook groups and Reddit all provide rich sources of insights into employees' pain points. In sifting through this information, IntelyCare can see that DailyPay is a driver of positive reviews.

4. Using micro data helps employers demonstrate commitment to employees. Especially in times of economic uncertainty, engagement with employees is vital. With widely dispersed workforces, employers need to innovate in how they communicate with and support employees. Strategic use of micro data allows an employer to engage more specifically and locally, understanding an employee's career path and offering customized benefits. Meeting employees where they are and helping solve problems makes employees feel cared for. IntelyCare leverages micro data to craft education "nurture campaigns" delivering customized messages, such as around the benefits of W-2 employment for gig workers.

In an environment where consumers are more loyal to products than their jobs and employers need to deploy new strategies to meet the workforce where they are, flexible pay offers an innovative tool.

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