In November 2019 ERS Medical launched Wagestream, the income streaming solution, designed to boost financial well-being amongst its workers. The solution which was rolled out to all 900 employees allows them to access up to 30% of their earned wages as they’re earned for a flat fee of £1.75 per transaction.
When asked their reasoning behind introducing such a solution? Katherine Lees Management Accountant at ERS Medical commented “We wanted to look at how we could create a better, more flexible approach to pay. With such a growing and diverse workforce all with different needs and different lifestyles, we wanted to look at something that people could opt-in or out of – that could be used to fit their individual needs, and Wagestream was a perfect fit.”
A month on, has this “new” way of accessing pay been popular?
Wagestream proved popular very quickly. Within the first month, 20% of employees had started using the app. And the feedback received was very positive with employees commenting
“The app came just at the right time to help with the Christmas spend and budgeting”
“Although I have not completed any money transfers yet, I have found the app an incentive to save, as I can see what I have earned.”
“My family car broke down and was a written off a week before payday. Wagestream allowed me to withdraw enough of my own money to put a deposit on a new car and then spread the cost out without having to get a loan or credit card. What a great idea!”
Not everyone has downloaded the app as the scheme is completely optional but general feedback indicates that the roll-out has been a definite success, with employees liking the fact that they can see how much they have earned throughout the current pay cycle and how much they can withdraw if the need arises.
ERS Medical provides employees with several other benefits on top of Wagestream’s ‘Income Streaming’ offering, including access to Health Assured an Employee assistance programme designed to help people overcome life’s mental and financial well-being challenges.