Adult health and social care charity Making Space has rolled out a new set of financial wellbeing benefits to its employees, including real-time access to earnings, in order to reduce financial stress.
The organisation has partnered with Wagestream, giving its 1,000 employees access to a set of financial tools which make it easier to access, track, save and manage their wages in real-time. With CIPD research this month highlighting a surge in organisations creating financial wellbeing policies, the charity joins the likes of Bupa, Brewdog, Toolstation, Fuller’s and more than 25 NHS Trusts, to have recently rolled out Wagestream – with almost half a million UK employees now able to access it.
Making Space has grown substantially over the past 30 years and now offers services that stretch right across the health and social care spectrum. It is working to put wellbeing at the heart of every aspect of its operations, including the ways it improves the day-to-day lives of its staff.
Wagestream is the latest innovation the executive team has brought in, as part of that push to support employees. Other initiatives include introducing a RewardHub, flexible working, the ability to buy and sell annual leave, and an Employee Assistance Programme (EAP) that ensures employees can access similar support to customers.
Rachel Peacock, CEO of Making Space, explained: “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”.
As part of the rollout, Making Space employees will benefit from EWA (Earned Wage Access), helping them deal with unexpected expenses and financial strain by accessing a percentage of their earned wages throughout the month, for a flat £1.75 fee. No loans are involved, no interest is charged, and the service is proven by data to reduce reliance on predatory lenders and other forms of credit.
Built around its market-leading EWA technology, 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 staff how to look after their money and an online resource hub that identifies what information and entitlements are relevant to them.
Research now shows that 77% of employees with access to Wagestream feel less stressed, 38% have avoided going into their overdraft and 43% have actively avoided having to use a payday loan.
Phil Orton, Executive Director of HR at Making Space, said: “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.”
Peter Briffett, CEO and Co-Founder of Wagestream, added: “Making Space works tirelessly to promote wellbeing, so we’re delighted they have chosen us, through our partnership with MHR, to help them achieve the same for their people. As the market-leading financial wellbeing platform built around Earned Wage Access, we know first-hand that EWA is a powerful tool and we expect it to be one of the most important innovations for recruitment and retention in this decade.”