The need for building financial wellbeing with Toolstation
Toolstation’s 500th Store Opening and Commitment to Financial Wellbeing
Toolstation recently celebrated the opening of its 500th store in New Malden, marking a significant milestone in its mission to support employees and customers alike. In this interview, Sheri Martin, the HR and Customer Contact Centre Director at Toolstation, discusses not only the excitement surrounding this new location but also the company’s proactive approach to employee financial wellbeing.
“This is our 500th store opening today in New Malden. We’re expecting a really exciting day with loads of suppliers. It's a great way to celebrate our 500th store.”
Having joined Toolstation in 2019, Sheri visited multiple store locations, listening to employees about what helps them perform at their best. One recurring theme was the need for financial stability. Sheri identified that while the company had already provided mental health support, financial stress was a key driver of mental health challenges for many employees.
“We put a whole load of support in around mental health, but we’d not put anything in to address what’s driving some of those mental health challenges—one of which was finances.”
To address this, Toolstation partnered with Wagestream, a wellbeing platform that allows employees to access their earned wages whenever needed rather than waiting for payday. For many, this service has been transformative.
“When Wagestream came about and said we can do all of this for you really, really quickly and really, really easily... all of the communications, materials, and engagement were handled by Wagestream. It made our work really limited,”
Employees shared how the ability to draw on earned wages helped them manage unexpected expenses, such as groceries or emergencies, without relying on costly payday loans. This flexibility has reduced financial stress, making budgeting easier and fostering a positive work environment. Managers, too, noted the benefits, as it enables them to support new hires who may face financial gaps before their first payday.
“I had to get hold of this quite quickly, and I didn’t have the money. I used Wagestream, and it was so beneficial—it was in there within a couple of seconds. I felt so much more relaxed and fine with what was going on.”
Toolstation’s partnership with Wagestream extends beyond wage access; it also includes financial education and workplace savings tools, empowering employees to manage their money more effectively. Sheri explains that Wagestream manages the logistics, communications, and training, making implementation straightforward for Toolstation’s HR team. This support has proven invaluable, especially during the challenges of the pandemic, helping employees feel financially secure and supported.
“For a lot of people, it’s like a release of stress. It’s financial backup, but it’s also a reward because you know you’ve earned that money.”
By embedding financial wellbeing into their culture, Toolstation not only supports their employees but also strengthens overall job satisfaction, contributing to lower turnover and a happier workforce. This initiative exemplifies Toolstation’s commitment to its people, creating a supportive environment that encourages both personal and professional growth.
