In an industry where the growth of your business is primarily bottlenecked by the number of caregivers employed by your company, employee retention is a fundamental factor in the long-term health of your organization. In fact, according to the 2023 HCP Benchmarking Report, 75.5% of agencies had to turn down cases during 2022 due to staffing shortages. One of the often-overlooked factors of employee satisfaction, and therefore employee retention, is pay confidence.
But what exactly is pay confidence? At its core, it simply means that employees are being paid accurately, transparently, and consistently, leaving no room for doubt that when they show up for work each week, they will be paid for their time and service.
Pay confidence directly contributes to the overall engagement and motivation of caregivers. After all, if you don’t feel as though you’re being paid fairly and accurately, you may look for a company that values your time and skillset. Maintaining pay confidence is critical for fostering a positive work environment, retaining your star caregivers, and delivering the highest quality service you can to your clients.
The first step in building pay confidence within your business is taking a look at your pay stubs. Your employees rely on their paychecks and therefore need to understand exactly how they work and where their hard-earned money is going if not directly into their pockets. A detailed pay stub breaking down every aspect of caregiver income, such as hourly rate, hours worked, overtime paid, and bonuses as well as the taxes and other deductions taken out of their paycheck, is critical. This transparency ensures that caregivers can verify the accuracy of their pay and is a simple, yet effective, way to begin building trust in your company’s pay practices.
Another factor in pay confidence is the accessibility of pay stubs. As great as custom pay stubs are, if your caregivers have no easy way of accessing them, you’re wasting your time! The best way to achieve this is using a payroll software that includes employee self service (ESS) portals for all your employees. These should be accessible through both the web and mobile applications so employees of all backgrounds can easily access and view their pay stub history.
On top of simply being able to view pay stubs, an additional way you can increase pay accessibility to your caregivers is by providing early access to earned wages. According to DailyPay, an industry-leading provider of early access to earned wages, 81% of DailyPay users stopped using payday loans after their employer began offering DailyPay. The ability for caregivers to receive their earned wages when needed, without needing to contact their payroll admin, provides a level of financial security that will keep them at your organization long term.
When it comes to pay confidence, consistency is key. The best way to achieve consistency? Automation. Payroll automation is more than just a way to ensure that your caregivers are paid on time each and every week (although that’s a pretty important part of pay confidence as well). Payroll automation also helps admins by minimizing errors, saving time, and giving all employees the exact same payroll experience every pay period. When employees can rely on their paycheck arriving on time and in the correct amount, it reduces financial stress and promotes engagement.
Total Pay Confidence
By combining pay transparency, accessibility, and automation, you can create a work environment for your employees where they are motivated, satisfied, and confident in their pay. When employees trust that they’re being compensated fairly, they’re more likely to stay with their employer, leading to reduced turnover and higher quality of care for clients.
Unfortunately, pay confidence is much easier to type out on a blog post than it is to actually implement effectively. Fortunately, Viventium is here to help. Our payroll software makes pay transparency easy by giving admins the ability to create custom pay stubs showcasing every detail of an employee's compensation. When it comes to accessibility, we provide all employees with access to an intuitive, easy-to-understand Employee Self Service portal, allowing them to login from their computer or mobile device and instantly have access to the entirety of their payroll information. And of course, we have a fully stocked suite of payroll automation tools, giving your payroll admins the ability to save time, reduce errors, and elevate the payroll experience for admins and employees alike.
Pay confidence is important, but it doesn’t need to be a challenge. This is just another way that Viventium is in it with you.
By filling out this form, you submit your information to Viventium, who will use it to communicate with you regarding updates and other services.