Partnership with PayActiv reinvents financial wellness for employees and sets a precedent for employers across the nation
Nazareth Home was recently featured in a short film produced by PayActiv called, “It’s About Time,” showcasing the importance of timely access to earned wages and the opportunity to promote financial wellness for the American workforce. PayActiv, a holistic financial wellness platform, offers a payroll solution to businesses to ease the financial stress of employees between paychecks. The success of the program at Nazareth Home sets a precedent for other employers across the country.
In 2016, Nazareth Home began an innovative partnership with PayActiv to give employees immediate access to earned funds from their paycheck, helping to relieve any between-paycheck financial stress while providing them personal empowerment. Nazareth Home credits PayActiv with changing the way it supports employees and their financial wellness.
“When Nazareth Home acquired the Clifton Campus, many of the nursing positions were filled with good people who were working for a staffing agency. We wanted them to become our employees,” said Mary Haynes, president and CEO of Nazareth Home. “As I spoke with them, however, I learned they didn’t want to switch because the staffing agency paid them at the end of each day, and they needed that to make ends meet.”
The documentary, “It’s About Time,” looks at pay timing and its correlation with epidemic financial stress being experienced by millions of working Americans. Living paycheck to paycheck is the reality for many people. Those who find themselves in that situation face a tough choice — go without, put the expense on their credit cards or opt for expensive, high-risk loans.
Haynes said utilizing the PayActiv platform was an innovative solution to the problem. “Having worked in long-term care for many years, I was acutely aware of the financial situations team members deal with, and the fact that many were seeking out payday loans, spending their money and never breaking even.”
“The PayActiv financial wellness payroll application used by Nazareth Home is personal, independent and does not make team members “go to” anyone to use their “worked but unpaid” income. Employees use a phone application or an ATM just like using their bank account,” said Sohail Aslam, Co-founder and CTO of PayActiv. “The ability to use earned money on their own timetable is a game changer for employees and their families. People are saving money by not seeking risky loans, along with benefitting from the independence and privacy of meeting needs on their own terms.”
“Finding a solution for our hard-working heroes was important to us. The affiliation with PayActiv has empowered our team and aids in recruitment and retention of staff,” Haynes said. “It’s one of the most valuable strategies we have implemented in years.”
In addition, Haynes added, “The PayActiv solution continues to provide personal value to Nazareth Home, as well as our employees and their families. It brings financial security, dignity and increased savings to our workforce, and we are honored to be featured in a documentary that is shedding light on this important issue.”
To view the film, visit itsabouttimethefilm.com. For each person that shares the video on their social channels, PayActiv will contribute $5 towards a financial wellness fund to help paycheck-to-paycheck workers.