A retirement community operator is allowing employees to access their pay at any time as part of a wider financial wellness strategy.
In May, Seasons Retirement Communities is incorporating a new app into its payroll system, which allows employees to receive up to 50 per cent of their daily pay instantly. Jessica Poling, senior director of employee services at Seasons, says the program provides employees with the flexibility to address financial obligations on their own timelines without the stress of high-cost interest rates, credit card debt or high-cost alternatives like payday loan institutions.
“This is a contemporary solution that’s responsive to employees’ needs. We live in an on-demand world and we feel this flexibility is essential. The traditional two-week pay cycle doesn’t align with everyone’s personal financial obligations, so this provides a flexible solution and alleviates the stressors and potential consequences of finding alternate solutions to meet their financial needs.”
In addition to the app, provided by KOHO Financial Inc., Seasons is supporting employees’ financial wellness by providing access to financial services and resources through its employee assistance program and promoting its various retirement savings programs, including a defined contribution pension plan and a registered retirement savings plan.
With employers facing the challenges of an increasingly competitive labour market, Poling says providing instant access to pay is also helping Seasons’ with talent retention and attraction. “[It] provides choice and that’s what many job seekers are looking for. Employees also want to know how their employer is going to show up for them. It’s not a one-way street — we expect the very best care for our residents and we know we have to demonstrate that same care for our employees.”