We’re excited to announce we have launched Wagestream for our colleagues' financial wellbeing!
Making Space have partnered with Wagestream, to give our 1,000 colleagues access to a set of financial tools which make it easier to access, track, save and manage their wages throughout the month.
To prevent and reduce financial stress, Wagestream gives our colleagues the chance to access earned pay whenever they need to.
Our colleagues will benefit from EWA (Earned Wage Access) — helping them deal with unexpected expenses and financial strain, by accessing a percentage of their earned wages any day of the month for a flat £1.75 fee. There are no loans involved and no interest is charged.
We decided to launch the service because we are working to put wellbeing at the heart of every aspect of our operations, and that includes how we improve the day-to-day lives of our colleagues.
Wagestream is only the latest innovation our executive management team has brought in to support colleagues, other initiatives include introducing a RewardHub, flexible working, the ability to buy and sell annual leave and access to an Employee Assistance Programme (EAP).
Wagestream is an extension of our socially responsible policies, as earned wage access helps staff deal with unexpected expenses and prevent getting into debt.
Rachel Peacock, CEO of Making Space, said “Our vision is to put wellbeing at the heart of health and social care, and that starts with the wellbeing of our people. Through Wagestream we are now able to offer our staff incentives to save, flexibility around their earned pay and financial advice.
“Being able to give our colleagues a tool that can lead them to better financial wellbeing is something we are incredibly proud of”.
Phil Orton, Executive Director of HR at Making Space, added: “This is something we are delighted to be able to offer our staff, especially now during what has been such a challenging time for service delivery and household finances.
“Since launching Wagestream the feedback has been incredibly positive and it is becoming a tool we can’t imagine being without. Attracting the best people with the right values is a key aim of our people strategy and colleagues are already telling us how useful it is.”
As well as offering Earned Wage Access — Wagestream provides a full suite of financial resilience tools, allowing users to track their income, put money away with a micro-savings tool called Safestream and learn money skills with financial education delivered within the app in conjunction with The Money Advice Service. This includes webinars that teach our colleagues how to look after their money and an online resource hub that identifies what information and entitlements are relevant to them.
Wagestream’s own research also shows that 77% of their users felt less stressed, 38% had avoided going into their overdraft and 43% said they had avoided using a payday loan.
Peter Briffett, CEO and Co-Founder of Wagestream, said: “It’s fantastic that an organisation like Making Space, which works tirelessly to promote wellbeing, has chosen us through our partnership with MHR to help them achieve the same for their people.
“We know that Earned Wage Access is a powerful tool and we expect it to be one of the most important innovations for recruitment and retention in this decade.”
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