Care home management software provider CoolCare has partnered with FlexEarn’s on-demand pay service.
The partnership is aimed at helping care homes attract and retain workers by enabling them to offer on-demand pay, which allows workers to withdraw a portion of their salary which has been earned but not yet paid.
The free integration with CoolCare allows workers with the FlexEarn app to view their wages accrued from completed shifts and withdraw a portion to their bank account immediately. There is no extra charge for employers to use FlexEarn’s service, and employees pay a flat fee per withdrawal of £1.50, which some employers may choose to fund themselves. Setup is easy and can be done in as little as half an hour.
The extra transparency and flexibility provided will allow care home workers to budget and manage expenses more easily at a time when the cost-of-living crisis is affecting households across the UK. There are currently 165,000 social care vacancies in the UK. On-demand pay is therefore an easy way for care home providers to offer a benefit for their staff which is proven to attract and retain workers. A recent survey reported a 73 per cent increase in retention at care homes which offer on-demand pay.
Jonathan David, founder and CEO of FlexEarn, said: “In CoolCare, we have found a partner with a deep understanding of care home businesses. FlexEarn’s speciality in the sector allows us to create a uniquely seamless integration between the two products. At a time when the care sector is facing increased pressure as we head into winter, we hope this offering can provide some assistance to businesses and their employees. The care sector has embraced on-demand pay like no other, and we look forward to harnessing our partnership with CoolCare to continue to shore up the financial resilience of care workers."
CoolCare MD Fiona Hale added: “CoolCare’s offering is all about making things easier for care homes – and that extends to their employees too. Our integration with FlexEarn comes at a critical time for the care sector. Care staff are dedicated to what they do but, as the cost-of-living crisis bites, the mid-month squeeze is playing an even greater role in their career decisions. On demand pay offers a novel way to run payroll to help overcome this, alleviating some of the financial stresses playing on staff members’ minds. This, in turn, drives recruitment and retention improvements for our care home customers by showing their greater understanding of staff needs and creating a more positive employee experience.”