Continuing Life® Marks Two Years of Empowering Employees with DailyPay, Transforming Financial Well-Being in Retirement Communities
Continuing Life®, a well-established provider of retirement communities in California, is celebrating its two-year partnership with DailyPay, a leading provider of earned wage access (EWA) services. This milestone not only underscores the growing importance of financial wellness in the workplace but also highlights how progressive benefits are playing a pivotal role in employee retention, satisfaction, and overall business success.
Lori Elfus, Director of Human Resources at Continuing Life, noted that the company was excited to enhance its already robust benefits package by integrating DailyPay, giving employees early access to their earned wages. Elfus emphasized that employees have shared how this benefit offers them peace of mind, knowing they can access their pay whenever necessary. This reflects a broader shift in the retirement community sector, where providing financial flexibility is increasingly seen as a key factor in boosting employee satisfaction and retention.
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Recently recognized by Fortune Magazine as #12 on its 2024 list of Best Workplaces in Aging Services™, Continuing Life® has long been committed to creating a supportive, rewarding environment for its team members. With a focus on training, support, and retention, the organization understands that happy, engaged employees are better equipped to serve their residents and deliver high-quality care. The collaboration with DailyPay is a strategic initiative designed to enhance employee satisfaction by providing greater financial flexibility and control over earnings.
The Rise of Earned Wage Access: A Game Changer for Employees
Earned Wage Access (EWA) is a rapidly growing trend in the modern workplace, especially as employees seek more control over their finances. With traditional pay cycles—typically bi-weekly or monthly—many workers face financial strain in the interim, often relying on expensive payday loans or credit options to bridge the gap. EWA, however, allows employees to access the wages they’ve already earned at any time before the official payday, helping them manage cash flow more effectively.
By partnering with DailyPay, Continuing Life® has integrated this revolutionary benefit into its employee compensation model. DailyPay provides real-time access to earned wages, meaning employees can access their pay whenever they need it, without having to wait for the traditional payday. Whether it’s covering unexpected bills, managing monthly expenses, or saving for the future, this flexibility empowers employees to make decisions that best suit their financial needs.
A Win for Employee Retention and Satisfaction
In industries like healthcare and senior living, employee retention is an ongoing challenge. The sector often faces high turnover rates, particularly among frontline staff who play an essential role in providing care to residents. In this context, offering competitive benefits is crucial for attracting and retaining talent. With DailyPay, Continuing Life® is setting itself apart as an employer of choice, offering an innovative benefit that directly addresses the financial concerns many workers face.
The ability to access earned wages immediately can reduce financial stress, which in turn can improve job satisfaction, decrease turnover, and increase overall employee well-being. Financial stress is a major contributor to absenteeism and burnout, particularly in high-demand industries like retirement and healthcare services. By giving employees more control over their finances, Continuing Life® not only supports its staff but also improves operational efficiency and morale across its communities.
A Competitive Edge in the Evolving Benefits Landscape
As the labor market becomes more competitive, offering unique and forward-thinking benefits has become essential for employers seeking to differentiate themselves. The introduction of DailyPay reflects Continuing Life®’s commitment to staying ahead of trends in employee benefits, particularly in the context of the evolving payments industry.
The EWA space has seen exponential growth in recent years, driven by increasing demand for financial flexibility, especially among younger workers and hourly employees. According to a 2023 report by the National Bureau of Economic Research, more than 80% of hourly workers would benefit from the ability to access their earned wages before payday. This is particularly true for workers in industries with irregular income or unpredictable schedules, such as healthcare, hospitality, and retail. By embracing this new model, Continuing Life® positions itself as an innovative leader in the employee benefits space, providing workers with the tools they need to succeed financially both inside and outside of the workplace.
Currently, Continuing Life operates six Continuing Care Retirement Communities (CCRCs) throughout California, offering a range of services including Residential Living, Assisted Living, Memory Care, and long-term care in Skilled Nursing Centers. In addition to these services for residents, Continuing Life is committed to supporting its employees with a comprehensive benefits package. This includes medical, dental, and vision insurance, life insurance, tuition assistance, a 401(k) plan with company matching, Paid Time Off, and various opportunities for talent development and career growth.
The Financial Wellness Revolution
Incorporating EWA into an employee benefits package is part of a broader movement toward financial wellness in the workplace. According to a recent survey by the Employee Benefit Research Institute, 72% of workers reported that their employers offering financial wellness programs would improve their job satisfaction and retention. EWA services like DailyPay offer immediate relief for workers facing financial strain, but they also promote long-term financial wellness by encouraging smarter spending, saving, and investing.
As a provider of retirement community services, Continuing Life® recognizes the importance of both its employees’ and residents’ financial well-being. The organization is not only focused on providing exceptional care to residents but is equally invested in creating a thriving, financially secure workforce.
By integrating financial wellness tools like DailyPay, Continuing Life® is building a sustainable and resilient employee experience that enhances both business outcomes and community satisfaction.
Looking Ahead: Continued Innovation in Employee Benefits
The success of Continuing Life®’s partnership with DailyPay over the past two years highlights the growing value of earned wage access in improving employee experiences. As more organizations begin to recognize the benefits of EWA, it is likely that the demand for flexible, employee-centric benefits will continue to rise. Continuing Life® is well-positioned to lead the way, showcasing the power of financial wellness initiatives in improving both employee engagement and operational success.
With the workforce increasingly seeking greater financial flexibility, Continuing Life®’s investment in DailyPay reflects its commitment to providing a work environment where employees feel valued, supported, and empowered to take control of their financial futures. As the workplace evolves, organizations like Continuing Life® will continue to set new standards for how employee benefits can drive long-term satisfaction, retention, and success.
By providing employees with tools like DailyPay, Continuing Life® not only ensures growth and success for the users but also contributes to a broader shift in how companies think about financial wellness and the workplace of the future.
