Sodexo Engage, the leading employee engagement expert is partnering with Wagestream, adding the charity-backed financial wellbeing app to its employee benefits platform.
Through the partnership, Sodexo Engage clients will be able to offer their people access to Wagestrean via its new financial wellbeing hub.
Over one million people can already access the Wagestream app through employers like Halfords, Bupa, Greene King and the NHS. Founded with charities and designed for frontline workers, the app provides a range of fair financial services built around their pay - workers can use it to track their shifts and pay each day, choose their own pay cycle, build up savings, set money goals and chat to a personal financial coach, and get fairer deals on financial products.
In addition to facing a cost of living crisis, research shows that only 52% of employees actually feel supported with their money at work, and around a quarter (24%) of the workforce bring money stress to the office every day. Sodexo Engage’s new financial wellbeing hub comes at a vital time for good financial health.
The new partnership will give employers a simple way to help build financial resilience, with Sodexo Engage’s financial wellbeing hub providing access to a range of employee benefits. This includes a prepaid cashback card which provides up to 15% cashback at more than 55 retailers, helping money go further, alongside access to the world’s most-used financial wellbeing app. By offering access to this new financial wellbeing hub, employers can help boost financial knowledge, empower employees to take control of their finances and bolster financial wellbeing.
The use of the financial wellbeing platform is proven in helping employees to save money - in fact Sodexo Engage found that employees could save £1,679 per year through the use of employer provided schemes, such as cashback. Such offerings can also positively impact overall wellbeing. Over three quarters (77%) of workers using Wagestream feel less stressed, and 72% report an improved quality of life. As a result, Wagestream helps businesses solve their greatest people challenges: those offering it as a benefit hire 27% faster, reduce turnover by 16% and see a 26% boost in productivity.
Graham James, Director at Sodexo Engage, said: “The ongoing cost of living crisis has underlined the importance of having strong financial health. Financial wellbeing can have a huge impact on individual employees and their productivity at work can suffer if financial worries are causing a level of stress and concern.
“At Sodexo Engage we’ve been working hard to help people cut costs, get their wages to go further and look after their money, and this new partnership with Wagestream is the next step. By providing employees with access to the right guidance and tools, they can be in a great position to get on top of their financial health. For employers this means less stress and better wellbeing amongst their workforce, which in turn can increase productivity. It’s a win-win situation.”
Max Lintott, General Manager - UK at Wagestream, added: “We share the same goal as the Sodexo Engage team: create a better experience for people at work. For us, that means making work more inclusive, fair and rewarding, by giving underserved workers a set of financial wellbeing tools which mean they can build a happy, healthy life around their income. We’re excited to be partnering with Sodexo on that mission, and hope their clients will quickly see the people and business benefits of prioritising financial wellbeing.”