Somerset Care has launched a new income-streaming app that allows staff members to access their pay when they need it.
The company went live with the Wagestream app last month after seeing that income streaming helped recruit and retain workers, and improved the financial well-being of its employees.
Wagestream will allow the provider’s 3,000 members of staff to draw down, or ‘income stream’, a percentage of their wage as they earn it, rather than waiting until the end of the month.
Gary Ridewood, CEO of Somerset Care, said: “Learning that 55% of households cannot fund an unexpected expense of £250 struck a chord with me, especially knowing that these vulnerable people are being preyed on by payday loan companies.
“Wagestream gives employees access to their own pay when they need it to avoid extortionate interest fees. It also offers our staff impartial financial education and support, and helps them get into a saving habit that improves their overall financial wellbeing.
“Somerset Care is focused on improving the mental wellbeing of its staff and Wagestream helps support this goal by boosting employees’ financial wellbeing. It also gives us an advantage over our rivals in staff retention, as Somerset Care is currently the only care provider offering an income-streaming solution.
Staff members using Wagestream can stream percentage of their earnings any day of the month for a flat fee of £1.75 per transaction.
There are no loans involved, meaning no interest is charged — just access to earnings, Somerset Care said.
For firms who offer shift work, Wagestream said it makes it easier to fill rotas, because income streaming restores the direct connection between work and pay.
Wagestream data shows that workers enrolled in the service choose to work 22% more hours on average.
Peter Briffett, CEO and co-founder of Wagestream, commented: “Wagestream provides an extra incentive to staff to help fill shifts, and both the employer and employee start to see additional hours as mutually beneficial.
“We’ve even found that staff start asking for more shifts at firms who were previously struggling to fill them, such is the power of re-establishing an instantaneous link between work and wages.
“Somerset Care is at the forefront of a move by employers to look after their employees’ financial well-being, and giving staff access to Wagestream will soon be the norm in the healthcare industry.”