A recent article from BenefitsPro advised employers to keep a close eye on employees’ wellbeing as we continue to weather COVID-19. Not just physical, but also emotional and financial. The author warned that “financial stress, now aggravated by COVID-19, is the leading cause of lost productivity, unplanned absences, lower job performance and greater distractions among employees.”
Worker distraction and understaffed shifts are things any business likes to avoid. However, in the healthcare field, where stakes are much higher, not having enough people on the floor — or having people who are unable to focus — can have serious consequences. As a healthcare leader, CoxHealth understands that its workers are particularly stressed right now. It also knows that patients need quality care and peace of mind more than ever before. That’s why we’re proud to announce that CoxHealth has partnered with us to offer its workforce relief from financial stress with employer-sponsored earned wage access, also known as EWA or on-demand pay.
There’s no shortage of research that shows how detrimental employee financial stress can be — not just on the lives of employees themselves, but also on their employers. As recently as April this year, the American Journal of Managed Care found that 88% of workers reported feeling moderate or even extreme stress over the past few months. Of that rather large stressed population, 62% said they were unfocused and less productive.
In a high-stakes field like healthcare, where workers are already experiencing unprecedented levels of stress, it’s critical to do everything possible to support employees. CoxHealth’s addition of Even’s employer-sponsored on-demand pay platform as an employee benefit lets healthcare workers leave stress about finances behind, so they can stay focused on what matters most: staying healthy themselves, and providing great care to patients.
A strong focus on employees is nothing new for CoxHealth. As an employer, it already goes well above and beyond what most companies offer in terms of benefits. CoxHealth employees have access to tuition reimbursement, continued education, and even subsidized child care and adoption assistance. To support working families during COVID-19, CoxHealth also built a remote learning center for the students of employees.
“Regardless of when you get paid, you can’t reduce long-term financial stress without the ability to budget effectively and grow your savings.”
CoxHealth cares deeply about its employees’ quality of life and its leaders were quick to recognize that during COVID-19, employee stress was rising. Workers everywhere are grappling with new realities when it comes to childcare, family life, impacts to household income, and fears about their own health. CoxHealth’s leadership saw a new way to support workers, specifically around financial stress: Offering employer-sponsored on-demand pay that not only helps employees in moments of financial need, but also helps them build long‑term financial stability.
As a leading healthcare company, CoxHealth’s executives have a strong understanding of how stress impacts both mental and physical wellbeing. Because of the well-established link between personal finances and stress, Cox already had a number of programs in place geared towards employee finances. But as Andy Hedgpeth, vice president of Human Resources at CoxHealth pointed out, they “wanted to find something more lasting and impactful, which is why we started to explore on-demand pay.”
To Hedgpeth, Even stood out from other on-demand pay providers because of its “overwhelmingly positive reviews” in the app store, as well as features that go beyond EWA to give employees visibility into earnings and ways to build savings. “That was important to us, because regardless of when you get paid, you can’t reduce long-term financial stress without the ability to budget effectively and grow your savings.”
We couldn’t be prouder to partner with CoxHealth, a company that’s been recognized as one of Forbes’ “America’s Top Employers” for both 2019 and 2020, and has a longstanding reputation as an Employer of Choice in Missouri. Like Even, CoxHealth is driven by a greater mission to understand what workers truly need, and to go beyond treating surface-level symptoms to find, understand, and address underlying causes.
From improving patient outcomes to addressing employee stress, CoxHealth knew it couldn’t rely on earned wage access alone. That’s why its leaders chose a holistic approach combining EWA with useful features to budget, plan, and build savings — the core of Even’s employer-sponsored on-demand pay platform. To learn more about CoxHealth's decision to offer Even to its workforce, visit the press release.