PRESS RELEASE
Allocate partners with Wagestream to introduce income streaming solution to help tackle rising employee stress levels within the NHS
Allocate InstantPay, powered by Wagestream, will enable NHS employees to instantly access part of their pay for completed shifts without needing to wait for monthly payday
London, 24th February 2020: Following the launch of this year’s NHS Staff Survey results, which revealed a continuing rise in workplace stress – 40% reported feeling unwell as a result of work related stress in 2020 compared to 39.8% 2019 – leading international provider of workforce and resource planning solutions, Allocate Software, has launched Allocate InstantPay. The solution aims to help support financial wellbeing for both substantive and bank staff to enable them to be paid their earnings when they choose without any changes being required to payroll.
Allocate InstantPay, which is powered by Wagestream, combines a market leading income streaming solution with Allocate’s expertise in workforce planning systems, to create a powerful solution for NHS Trusts across the UK. This new combined solution aims to address the demand amongst NHS employees for greater financial flexibility, helping to reduce staff stress levels while increasing retention and employee engagement. It also helps to fill hard-to-fill shifts by allowing staff to get paid rapidly for any extra shifts they’ve worked, and save NHS resources by reducing the reliance on agency staff and removing the need for payday loans, or pay advances which take time and are expensive to process.
NHS trusts now have the opportunity to access their earnings via the Allocate InstantPay platform – meaning they can access a proportion of their earned salary at any point in the month, when they need it the most. The interoperability of Allocate’s InstantPay platform means there is automatic linkage between its workforce deployment systems for both substantive and flexible workers.
Workplace stress has been steadily on the rise in the NHS since 2016 when it was reported at 36.8% compared to this year’s 40% and is one of the major reasons for staff sickness, which then in turn leads to increased challenges in providing patient care. Despite these figures however the report also showed that 69.7% of staff take an active interest in their health and wellbeing.
Nick Wilson, CEO of Allocate Software, said: “The pressure current pay cycles places on NHS employees at various points in the month can be a huge source of stress for workers. Allocate’s InstantPay solution delivers much needed control over employees’ cash flow alleviating their financial stress. The solution integrates seamlessly with payroll to give them access to a proportion of their wages as soon as they’ve been earned. The app also allows them to track shifts, start saving proactively and get financial education in real-time.
“Wagestream is an income streaming provider backed by some of the UK’s leading charities such as the Joseph Rowntree Foundation. They have a proven track record in supporting the welfare of individuals, reducing absenteeism and improving the employer-employee relationship. By combining the expert knowledge, expertise and workforce planning systems of Allocate with Wagestream’s income streaming and financial wellbeing software and expertise, we have created a powerful solution for NHS Trusts that will allow them to reduce employee stress levels, help fill harder-to-fill shifts, increase attraction and retention of employees and ultimately, lead to better patient care.”
Peter Briffett, CEO of Wagestream, added: “Our mission is to bring financial freedom to UK workers, and front line NHS employees are one of the most critical groups for us to reach. Our partnership with Allocate will give NHS Trusts the ability to provide life changing financial solutions to their colleagues, that are proven to alleviate financial stress, absenteeism and improve financial wellbeing.
Allocate InstantPay is now available to all Allocate customers with workforce management systems.
NHS Trusts already successfully using Wagestream include Frimley Health NHS Foundation Trust, Royal Surrey NHS Foundation Trust and Buckinghamshire Healthcare NHS Trust.
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Notes to editors
About Allocate Software
Allocate Software is a leading international provider of workforce and resource planning solutions, supporting the operational and administrative needs of healthcare, defence and maritime sectors.
In the health and care sector, Allocate is enabling the delivery of safe and effective care at optimal cost, by helping organisations to have the right people in the right place at the right time. With over 800 clients and over a million staff rostered daily, Allocate serves the largest public and private sector institutions around the world. Its Optima, Software-as-a-Service (SaaS), platform including HealthRoster and HealthMedics, optimises the complex staffing requirements of large health and care organisations. Alongside automating sophisticated scheduling and ensuring accurate pay for staff that have complex pay rules, it is unique in providing additional benefits to improve the safety of staffing given changing patient needs, the management of contingent workforce, and the engagement of staff through the dedicated app. Optima is used to plan the working lives of half million staff across all workforce groups including doctors, nurses, therapists, care staff, operational staff and administrators.
Allocate Software is headquartered in the United Kingdom, with 500 employees, including over 190 in research, development and product management functions. It provides services and support to its international customer base through regional offices in the UK, Sweden, France, Germany and Australia.
About Wagestream:
Wagestream is on a mission to bring better financial health to workers across the globe. By putting workplace data into the hands of workers, Wagestream’s financial wellness solutions allow employees to track, budget, save and stream their earnings, all in real time.
Wagestream unlocks the constraints of the monthly pay cycle, and eradicates the debt issues and financial stress many workers face between pay days, Wagestream was founded with a social purpose and it’s early charity investors include Fair by Design, Joseph Rowntree, Barrow Cadbury Trust, and Big Society Capital, social impact charities committed to improving the financial wellbeing of everyday people. Wagestream Ltd is registered with the Financial Conduct Authority as an EMD Agent (reference 902046) of PayrNet Limited, an Electronic Money Institution authorised by the Financial Conduct Authority (reference number: 900594).
Media enquiries
Allocate:
Clare Wall
[email protected]
Tel : 07974 161127
Andrea Hounsham
[email protected]
Tel : 07783 535928
Wagestream:
Ellie Heatrick and Joey Shaw
[email protected]
+44 207 229 4400
