Allocate partners with Wagestream to introduce income streaming solution to NHS
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 partnered with Wagestream to launch 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.
For more information on how Allocate InstantPay can help your trust, get in touch.