Advinia Health Care has become the first of the UK’s top 10 elderly care providers to introduce Wagestream’s ‘income streaming’ app for its workforce.
The app allows Advinia’s 4,500 staff members to draw down a proportion of their pay as they earn it rather than having to wait until the end of the month, thereby reducing financial stress and helping avoid payday loans.
Advinia Health Care Founder, Sanjeev Kanoria, said: “We are proud to be introducing the Wagestream system as it will give our colleagues much more control over their day to day finances and remove unnecessary stress from their lives.
“In 2020 people are demanding more and more of this type of financial flexibility and we want to be the first of the big social care providers to make this available to our colleagues.
“As a result, we’re confident that Wagestream will help with the recruitment and the retention of the best staff, which is good news for residents.”
There are no interest payments involved in the Wagestream system, just a £1.75 transaction fee each time a staff member uses the service. Advinia also pays a monthly fee for each employee who enrols in the scheme.
Wagestream said its app makes it easier for care providers to fill rotas, because income streaming restores the direct connection between work and pay.
Peter Briffett, CEO and co-founder of Wagestream, said: “Our data shows that workers enrolled in the service choose to work 22% more hours on average.
“That’s because staff see an immediate financial benefit from completing a shift. This is the power of re-establishing a direct link between work and wages.
“I have no doubt that by investing in the financial wellness of their staff and adopting this technology, Advinia will be seen as a pioneer of the social care sector. The benefits of income streaming are undeniable, and it is only a question of time before it becomes the norm for all health and social care companies.”