RLDatix Allocate InstantPay: How can we support staff with the cost-of-living crisis
Over the last year the cost of living has risen astronomically – gas and electricity are at an all time high up 128% and 64%[1] respectively compared to this time last year. Food costs are up 16 % compared to November 2022[2], while house prices have risen 10% and rents are rising at the fastest rate since records began in 2006[3]. These figures make for scary reading when you consider that 14 million adults in the UK (around 20%) have less than £100 in savings and 17% have nothing in savings at all[4].
At our recent People Summit we heard from many staff and wellbeing and HR professionals that the focus has moved away from physical health and wellbeing over the last year to financial well-being as the cost of living crisis starts to hit health and social care staff.
Alex Watson, HR Business Partner at Norfolk Community Health and Care said: “Financial wellbeing has become bigger than physical wellbeing over the last year”.
As more staff look for support with their finances, we have seen a 50% increase in the number of organisations reaching out to us to look at options for providing financial wellbeing products to their staff.
RLDatix Allocate InstantPay allows staff to instantly access pay flexibly allowing them to easily pay an unexpected bill or other unplanned expenses. Not only that, but it also allows staff who have worked additional shifts to access this pay instantly rather than waiting for monthly payroll – a great support considering that recent figures have shown that one in six adults in the UK are working extra hours due to the cost-of-living crisis[5]. Knowing you will be able to access your pay instantly after working an additional shift can also incentivise staff to work ‘hard- to-fill shifts’ via bank shifts rather than through an agency.
Data also shows that staff who are given tools to take control of their finances are less stressed which means improved performance, allowing staff to focus on patient care[6].
Alex Watson continued: “My top tip for any organisation is not to make financial assumptions. We tend to think because someone is on higher pay they have less financial worries than those who earn a smaller wage – this isn’t always true.
“We have found that by reframing our communications to focus on asking our staff if they have a worry about something, for instance childcare costs, rather than just signposting them to a solution – as many staff may not know what the solution is – has more impact. In the first 24 hours of making this change to our communications we saw over 400 unique views of the content on our intranet – we have 2,000 staff so that’s a large percentage. “
Nathan Reynolds, UK Managing Director at Allocate Workforce Solutions from RLDatix said: “Financial well-being matters. It should be a key component of health and social care organisations benefits, with many seeing it as a duty of care to their staff. While financial wellbeing is multi-faceted including everything from pay rates to pensions, InstantPay help with one aspect allowing organisations to empower their staff to access the money they have earnt. This is particularly valuable to staff working flexible shifts to earn extra through bank.”
Allocate InstantPay can be set up and used by employees in just one week and is accessible to all NHS Organisations.
References & Further Reading
- Office for National Statistics: Cost of living insights – Office for National Statistics (ons.gov.uk)
- Office for National Statistics: Cost of living latest insights – Office for National Statistics (ons.gov.uk)
- Office for National Statistics: Cost of living insights – Office for National Statistics (ons.gov.uk)
- Wagestream figures: Allocate People Summit November 2022
- Office of National Statistics: Cost of living insights – Office for National Statistics (ons.gov.uk)
- Wagestream: Financial stress and absenteeism: The hidden factor that’s costing the NHS more than just money – Wagestream
