Building financial resilience for Fuller’s staff
Fuller’s, the premium pubs and hotels business, has teamed up with Wagestream to help build team members financial resilience and provide the ability to draw up to 30% of their earned wages in advance with income streaming. The service will be available to all 5,000 team members in over 200 Fuller’s Managed Pubs and Hotels and those working in the company’s supporting functions.
Plans to introduce the system were already in place prior to the coronavirus lockdown, but with finance becoming an even bigger issue for furloughed team members, Fuller’s decided to press ahead and get the system in place. Income streaming gives workers early access to a percentage of their accrued pay on any day of the month – regardless of whether or not the employee is furloughed.
Financial Resilience with Income Streaming
Income streaming will reduce the financial anxiety associated with unexpected expenses caused by the coronavirus crisis, with tens of millions of people nationwide facing mortgage payments, rent and utility bills alongside the very real prospect of job losses within households. This will be putting the finances of many households under intense pressure, creating an immediate need to release funds to workers.
Wagestream works with businesses across the leisure, pub, bar and restaurant sector and we’ve been responding to the COVID-19 outbreak by making our income streaming service free to the NHS and its staff. We’ve also introduced a fast-track on-boarding process for new clients, which means any employer can launch the service for its staff in 24 hours, as opposed to three weeks.
Wagestream also produces webinars for users that teach employees how to increase financial resilience and has built an online resource hub that identifies what information and entitlements are relevant to them.
Dawn Browne, People & Talent Director at Fuller, Smith & Turner, said:
“Our people are at the heart of our business and looking after them is our top priority. With all pubs temporarily closed, these are worrying times for our team members. We already signpost help and advice around mental health, but we know that finances are one of the biggest causes of anxiety at any time.
“We had already planned to roll out Wagestream as there are times when our team members need to access some of their money in advance of pay day – but in light of the additional pressures of being furloughed, we decided to go ahead and get the roll out complete.
“It’s not just the early access to wages that is appealing to Fuller’s though. We are big believers in giving our team members the personal tools they need to manage their finances and Wagestream offers access to tips and guides for improving your financial health too. It’s an exciting partnership and one that I know will be well received.”
Peter Briffett, CEO and Co-Founder of Wagestream, commented:
“We’ve seen a huge amount of interest in our financial wellness solutions during the pandemic as companies look for ways to reduce the financial stress of staff during what is a very challenging time.
“Even when a member of staff has been furloughed, household finances can come under pressure from a partner or spouse losing their job and people may be facing a raft of unforeseen expenses at the moment.
“Fuller’s employees are going to be the fuel that helps the company bounce back when restrictions are lifted and it’s great to see one of Britain’s most historic firms doing everything it can to look after them during this crisis.”
To help your staff build their financial resilience with Wagestream, get in touch.