Source: SD Worx
International HR and Payroll services provider, SD Worx, is partnering with financial wellbeing provider Wagestream, to help businesses build workplaces that are more inclusive, fair and rewarding for their people – with a set of fair financial services built around pay.
Wagestream is a financial wellbeing platform founded with social impact funds. Offered through hundreds of employers, more than two million people can now choose their own pay cycle, manage their budgeting, save for a rainy day, chat to a personal money coach, and get fairer deals on financial products - all in the Wagestream app.
Recent research shows that as the cost of living rises, most (70%) of workers are now worrying more about money - with 76% citing declining mental health as a result. The recent State of Financial Wellbeing index also found that employers have rushed to fill the gap left by traditional financial institutions: 93% now have or plan to have a financial wellbeing policy in place, up from 51% in 2021. By partnering with Wagestream, SD Worx will expand its pay proposition for clients - giving them access to the world’s most widely-used financial wellbeing platform.
“What employees are expecting from employers is constantly evolving, and it’s the same when it comes to financial flexibility. Money concerns can be a huge factor impacting employee wellbeing - especially in the current financial climate - and that’s why as a business we must ensure we’re offering our customers even more solutions that can benefit their teams,” commented Stephen Ousley, Head of Portfolio at SD Worx.
“We’re partnering with Wagestream as it’s an exciting company that aligns with our own values at SD Worx. We support the company’s social ambition of truly putting people in control of their pay, and we want to help our customers empower their workforces when it comes to financial education and wellbeing,” commented Stephen Knapman, Head of Partnerships at SD Worx.
The solution also facilitates ‘pay on demand’, where employees can draw a percentage of their wage earnt at any point during a pay cycle, rather than waiting for an isolated pay day.
Wagestream was founded with a social charter: every service it provides must measurably improve financial wellbeing. Three quarters (77%) of people feel less stressed and 72% of people feel more in control of their money, once they have access to Wagestream - leading to a happier, healthier, more productive workforce, and improved recruitment and retention for their employers.
Max Lintott, General Manager at Wagestream adds “Under-served, overlooked workers are worrying more about money, while powering the economy and keeping our essential services running.
Partnering with SD Worx, a leading provider of people solutions means we can reach more of those workers with the support and services they need and deserve - through caring employers who we know want to help. The data also shows those employers will benefit too with faster recruitment, a reduction in turnover and an increase in productivity."