What Is The Reason For The Rise In Daily Pay Benefits For Senior Citizens?
As per the United Nations, the world population is ageing at an accelerated rate. So much so that, people aged 60 years or more are expected to rise by 56% globally. The effect would be found in India as well – a country with over 10 billion people.
Consequently, the demand for the long term and short term care facilities for the senior citizens will also grow in tandem with the ageing population. However, the present market has projected a grim scenario where the decrease in the number of caregivers has created complex challenges for the healthcare industry.
This is also the reason why senior citizens’ health care facilities must devise unique and creative solutions to recruit and retain high-quality residency care providers who can not only sustain this impact but also boost profitability. This is where daily paying services for elderly citizens gain prominence.
It’s a two-pronged problem.
- – A healthcare industry that is plagued by turnover
The national turnover rate across all industries in India is not more than 10%. Considering the elderly care sector, the turnover rates can be as high as more than 70% to 80%. As shocking as it might seem but the high rate of employee attrition is costly!
But why are the turnover rates so sky-high? Firstly, taking care of the aged individuals takes a considerable amount of physical and emotional toll on the caregivers. Caregivers are always on their feet throughout the day which can cause a symptom known as compassion fatigue or feeling overburdened emotionally to take care of the geriatrics patients.
Another significant factor with an effect on attrition is the payroll. Most positions in India when it comes to senior living communities are minimum wage jobs. The extremely low parents and limited benefits culminate into dissatisfaction and eventually skyrocket high turnover.
- – Falling applicant pool
Additionally, keeping staff around comes at a higher expense. As the leading senior citizen care facilities in Kolkata and other major Indian cities are using innovative recruiting and retention techniques; the scenario is now slowly changing into the brighter side.
One such is the introduction of daily paying services for elderly living. This not only allows the caregivers access to instant wages on a daily or service-related basis but enjoys zero waiting period for payday.
There are also other advantages of daily pay solutions. It is pretty straightforward and the caregivers are also getting more competitive in providing more customised solutions. Along with that, they can now tackle their daily financial stress and do not have to wait for a week or a month to handle their personal finances.
This has soon proven results where daily pay benefited individuals are better in managing the finances and avoiding missed bill payments. It has also incurred better bank savings as they are now less thrown into the abyss of late loan repayments or bank fees. That being said, the daily paying services for senior citizens are fast becoming an effective and meaningful solution to improve employee retention rate.