03 July 2020: Lincolnshire Partnership NHS Foundation Trust and Camden and Islington NHS Foundation Trust launch a new initiative to support the financial wellbeing of their workforce.
The InstantPay app, which is powered by Allocate’s partner – Wagestream, allows people to directly access part of their wages as they’re earned, at the touch of the button. It’s proven to lessen money worries with 68% of users saying they feel more in control of their money(1), which makes for happier staff and improved patient care.
Consistent care delivery
Recent studies have highlighted that money worries are impacting more than 77% of employees at work(2), and for many, it’s not a matter that can be put to one side until the end of a shift. Financial concerns are likely to impact the decision making process for employees and can increase both short and long-term absences by 19% (3).
By providing easy access to wages in real-time, organisations can empower their staff to take control of their finances, leading to fewer at work concerns, higher productivity and a greater consistency of care delivery.
Championing staff mental health
From time-to-time we all experience unplanned financial surprises. Yet more than a third (34%) of UK employees say they are unprepared for unexpected financial costs(3).
Organisations looking to support their people through a financial wellbeing programme like InstantPay can help to protect the mental health of their workforce and increase the recruitment and retention of staff.
It’s also expected to help the avoidance of loans and provides access to independent financial advice, so that employees can get the support they need, when they need it most.
Helen Hempstock, Head of Operational HR at Lincolnshire Partnership NHS Foundation Trust, said:
“We can see that income streaming is going to be a key part of many employers’ toolkits in the future. Giving staff access to their pay when they need it felt like a big step when we first started looking at it but it’s not that revolutionary, and yet, it can make such a difference to the anxiety levels of those facing financial challenges.
“We anticipate seeing a significant uptake in this programme from our staff and look forward to actively promoting how this could support the wellbeing of the people that we work with. It’s also expected to have a direct impact on staff retention levels and the success of our recruitment in the future.”
Nick Wilson, CEO at Allocate Software, said:
“Our partnership with Wagestream will not only enable us to ease some of the financial pressures that affect many of the healthcare workforce, but will also create an opportunity for Healthcare organisations to offer an employee proposition which really supports their staff, helping both with recruitment and retention. All at a time when the dedication, care and support of this critical group of colleagues is needed most.
“The InstantPay app is already seeing significant progress in relieving stress, reducing money distractions and enabling greater control over personal finances. I am really excited about extending this support to many more of our customers over the coming months with this powerful solution to help them to deliver exceptional employee experiences.”
Simon Biles, Head of New Product at Allocate Software, said:
“Allocate is thrilled to be working alongside both Lincolnshire Partnership NHS Foundation Trust and Camden and Islington NHS Foundation Trust as they launch our first InstantPay solution for their employees, powered by our Allocate Connect partner – Wagestream.
“There has been a significant amount of focus on employee financial wellbeing programmes across the NHS in addition to the wider industries and its fantastic to see this focus starting to be realised by leading organisations such as our new partner Trusts.
“The app provides real financial flexibility to the employees, which has been proven to have a positive impact on an persons mental and physical wellbeing. We care about the helping people deliver the best healthcare and are really excited about seeing the positive impact that this solution has on the lives of our essential NHS workers.”
To find out more about our financial wellbeing programme – InstantPay, and how UK healthcare organisations can get free access until the 31st August 2020, please visit http://www.allocatesoftware.com/instantpay.
Source:
- Survey results of 1000 Wagestream users (2020)
- People Management peoplemanagement.co.uk/news/articles/most-employees-affected-money-worries-at-work
- Close Brothers Financial Wellbeing Index
