UK’s first ‘Get Paid as you Go’ service now available to over 1,400 businesses in partnership with HFX workforce management
HFX, the market leading provider of Cloud SaaS Workforce Management Solutions, has announced a partnership with Wagestream, the UK’s first FCA-authorised ‘Get Paid as you Go’ service, reestablishing the link between pay and reward.
HFX customers will now have access to Wagestream as an integrated solution to provide their employees with a flexible income. In simple terms, Wagestream provides payroll based on real hours worked and wages can be payable at any time, as agreed by the employer. This payday formula eliminates financial stress caused by the outdated payday cycle and improves staff retention and productivity in the process.
The flexible income service – which can be implemented by companies without impacting cash-flow, payroll or timekeeping processes – integrates with HFX’s existing range of solutions for managing staff working hours, shifts and rosters to meet legislation and ensure employee wellbeing.
Wagestream will put workers back in control of their earned income, meaning they can withdraw up to 40% of the pay they have earned up to that point, at any time during the month. Employees around the UK who are enrolled in the Wagestream platform work an average 22% more shifts per month and organisations experience a 40% increase in staff retention rates. 38% of enrolled employees have also used Wagestream to avoid taking out a payday loan.
Nicola Smart, COO of HFX said: “HFX has been leading and innovating in Workforce Management systems for over 40 years and our collaboration with Wagestream perfectly complements HFX’s focus on playing a key role in the New World of Work, combining efficient workforce management with wellbeing and staff benefits. By deploying our solutions, companies can benefit from improved productivity, more motivated staff and higher retention as well as cost savings and improved profits.”
Peter Briffett, CEO and co-founder of Wagestream added: “With over 40,000 workers already benefiting from Wagestream, results show that a flexible income has a profound impact on employee wellbeing and productivity. By tackling the outdated payday cycle and the predatory lenders and credit providers it supports, we’re putting people back in control of their income and on the path to a healthier financial life. We look forward to opening that up to another 1,400 organisations around the UK, in partnership with HFX – and getting one step closer to making work, work better for everyone.”