By using the Wagestream platform, employers can enable staff to withdraw a percentage of their earned income throughout the month, rather than having to wait until payday to access it.
Allowing employees to access wages as they are earned permits them to cope with unexpected outlays. They will not have to turn to overdrafts, credit cards or high-interest loans.
Doing that makes jobs become more attractive, says Wagestream CEO and Co-Founder Peter Briffett.
“Income streaming provides a golden incentive to workers. Additionally, both the employer and the employee start to see additional hours as mutually beneficial.
“We have even found that staff start to ask for more shifts at companies that were previously struggling to fill them. That is the power of re-establishing an instantaneous link between work and wages.”
Wagestream was launched last year as the UK’s first income streaming provider. It is registered with the Financial Conduct Authority.
The company says that it “offers a service that empowers employees with financial flexibility. That tackles the negative impact of the outdated monthly pay cycle.”
Staff enrol with Wagestream and they can also access the platform’s ‘just in time’ financial education.
