It might be a surprise to learn that financial wellbeing at work is a common concern: according to Experian only one in two households with occupants aged 35 or under can afford an ad-hoc bill of £250.
In addition, an ONS Wealth and Assets Survey found that 38% of adults in the UK had run out of money before the end of the pay cycle. So, it was good to hear from Archie Chappel, Head of Healthcare at Wagestream which is aiming to change that. At this year’s annual People Summit we heard him talk about InstantPay – an app that empowers workers in health and care to take control of their own wages and help provide.
Archie talked us through examples of organisations that have used InstantPay to transform their staff’s financial wellbeing at work. Bupa, Bolton, and Frimley Health, all had different reasons for implementing InstantPay and are using it in different ways.
However, they have all seen a reduction in turnover and increased bank fill percentages as the new benefit allows them to compete with agencies. Esther Nevill-Jones, Regional Workforce Planning Specialist at Bupa, told us it was a huge morale boost for staff to be able to log in and see what they have earned for each shift and stream their earned wages whenever they need.
It’s likely that many people watching online and in the audience could have thought of a time when being able to access wages a little earlier would have been a big help. For me, it would mean never worrying about how to pay the bill when my partner’s old car needs to go into the garage for yet another round of repairs. For others, it might just be a last-minute gift for a nearly forgotten birthday.
At Frimley Health Robert Shuttleworth, Head of Workforce Intelligence, says it’s not just low-earning staff who are using InstantPay. A range of staff across all pay ranges are using it because everyone is impacted by unexpected expenses.
Today, flexible work is increasing but flexible pay is lagging. InstantPay could become a tool that bridges the gap between staff members’ money running out before the end of the month, and the admin burden on the organisation from a weekly payroll.
Could InstantPay be the smart move for your organization? Click here to find out more.