How does Wagestream work?

In order to build the financial health of a workforce we have created a unique set of financial tools accessible to every single colleague in your business. These tools take each colleague on a journey towards financial resilience through our budgeting, streaming, learning and saving features.

As an employer, we understand that one size nearly never fits all, which is why we customise a full range of usage controls, alerts and reporting that you can access for your whole organisation and individual employees.

To get your organisation live on Wagestream we will take time to understand your unique needs, manage your implementation and take you through to launch and beyond – helping to show a measurable improvement in the financial wellbeing of your workforce.

1 st
Week

Identify needs

Identify needs

  • Every organisation and employee is different, so we start off by identifying the specific needs of you and your people.
2 nd
Week

Training & Communications

Training & Communications

  • Throughout the process, your Client Success Manager will be on hand to provide dedicated manager training for team leaders as well as admin training for the Employer Portal. Your Client Success Manager will work closely with you on a bespoke communications plan to ensure an impactful launch. Our recommended launch plan achieves an adoption rate of 54% after 3 months.
3 rd
Week

Launch & review

Launch & review

  • Our team create a personalised communication plan to make sure your have an impactful launch and that you get the most from your benefit.
4 th
Week
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Support

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Support

  • We’ll measure the effectiveness of your financial wellbeing strategy and help you with reporting.

We were up and running in 3 weeks.

A profile picture of Lucy Jarvis

Lucy Jarvis

David Lloyd HR Manager

“We were really energised after meeting with Wagestream and understanding their product – so much so that we asked if they could turn a launch around in 3 weeks! They absolutely delivered this, I have never known such a quick response time to queries from both the HR team and employees, along with fantastic levels of customer service. I would recommend working with Wagestream to anyone!”

How does the
stream feature work?

Each colleague will have access to up to 50% of their accrued wages throughout the month which they can access in the event of an unplanned expense (funded by Wagestream and provisioned through the app in a matter of seconds). The average transferred by current users is just £70 and has saved these colleagues from having to turn to payday loans as an alternative.

A lady showing her friends how the wagestream application works.

Cashflow journey

Wagestream has been designed so that there is no impact on your current payroll process, working seamlessly with 100% of UK payroll providers. Before each pay cycle, Wagestream funds a dedicated account at your company.

When an employee requests a transfer, the funds are drawn from that and the account topped up through your company’s normal payroll process. That’s why there is no change to your company’s valuable cash flow.

No reconciliation takes place before payroll processing. This enables us to be able to provide access to earned salary payments right up to the moment before colleagues are due to receive their salaries.

At the time of payroll (typically at the end of each month) we reconcile any colleague’s earned salary transactions against their full earnings for that month. We then deduct any transfers already made (less applicable transactions fees) and process the remaining balance to the colleagues current account.

work
Your company
Your company bank account
bank
Without Wagestream With Wagestream

Slide the Wagestream circle up

You can now move it back...

and watch what happens…

How easy is that?

Employee bank account
bank
user-2
Employee

Wagestream your way

work
Company
  • Plugs into workforce management software
  • Tailored rollout from 24/7 customer support team
  • No impact to HR or payroll systems
bank
Bank
  • Wagestream facilitates withdrawals
  • Payments reconciled monthly
Wagestream
  • Tracks employee earnings in real-time
  • Employer portal for oversight, control and reporting
  • Employee app for easy access
Employees
  • Available to every employee
  • Stream, track, save and financial education products
  • £1.75 flat-rate withdrawal fee

The Employer Guide to Financial Wellbeing

With 48% of people saying that money worries are a distraction at work, supporting the financial wellbeing of your workforce is not only good for your employees, it’s good for business.

Just like physical or mental wellbeing, financial wellbeing is a measure of your financial health and relationship with money.

Most of us simply want to feel a greater sense of financial security and have a bit more flexibility and control over our finances. That’s why we created Wagestream to give employees peace-of-mind that they’ll be okay when life just happens.

50%

Households don’t have enough money to pay for an unexpected bill of £300

16%

of people said their financial worries had led them to miss work

48%

of people are distracted in work because of money problems

The five pillars

to a successful financial wellbeing program

1
Must be available to 100% of staff

The 5.8 million people in the UK that are financially excluded from affordable credit options

are often the ones that need it the most. By offering a universally inclusive financial

wellbeing program, you can help to break the negative credit cycle of financial exclusion.

2
Must be available and accessible every day of the month

We know that payday lenders target the most vulnerable in the final days of the month, the period that can be the toughest financially. An effective financial wellbeing program must be available to everyone, every day of the month to stop them from turning to irresponsible lenders.

3
Must include independent financial education

Empowering employees to make the right decisions when it comes to their money can only be done through effective, independent financial education.

money
4
Doesn’t increase employee debt in any form

Encouraging debt shouldn’t be a part of a financial wellbeing strategy that is genuinely committed to improving the lives of employees. Loaning money won’t change behaviours or reduce financial stress.

5
Must promote good saving habits

How we feel about our money depends on the choices we make every day. Encouraging staff to make the right decisions and build good savings habits early on is the best way to help them feel better about their money, reduce workplace stress and get on well at work.

Meet Sarah

Sarah represents over half of the UK working population of 34 million.


She is a real user of Wagestream.

Let us tell you her story

This is Sarah

Low credit score
check-circle
Earnings
£28,667
Savings
£250
Household debt
£15,385
Rather than help, financial services take from Sarah:
£163 fee for £250 payday loan
£5 a day overdraft fees
70% APR high-cost credit card

The only financial institution she can trust is her employer who pays her.

Sarah’s employer wants to give their staff more support so they can work with less stress and give better customer service.

Retention rate
41%
staff turnover
Recruitment costs
£5,873
/employee
overview
Salary advance
£57,000
cost a year in chaps fees
Sarah’s employer struggles with issues of their own:
Overtime shifts hard to fill
Improve workplace culture
Reduce workplace stress
Financial wellness is on their agenda
That’s why we built Wagestream for Sarah and her employer
Sarah
work
Her employer
  • Sarah never has to go into overdraft or take a loan
  • Sarah is happier and less stressed
  • Sarah can afford unplanned expenses
  • Easier to recruit and retain staff
  • Better workplace culture. Improved productivity
  • No more salary advances. Ever
  • Measurable improvement in financial health

You’re in good company

We work with organisations across all industries and sectors who share in our mission for a healthy, happy and engaged workforce who are in control of their finances.

Tim Painter HR Director, Stonegate Pubs

“Getting early access to money you have already earned, that is to all intents and purposes yours, seems so simple but this is a real revolution in pay that is already making it easier to recruit and retain staff. Our employees have had an overwhelmingly positive reaction to the introduction of this service.”

50%
of people say Wagestream reduced financial stress
HR Manager, David Lloyd clubs

“We asked if they could turn a launch around in 3 weeks! They absolutely delivered this and not only did they ensure that they were set up from their side of things, but they also supported us to get our plan and communications together ready for launch. I have never known such a quick response time to queries from both the HR team and employees, along with fantastic levels of customer service. I would recommend working with the Wagestream Team to anyone!”

Claire Clarke HR Director, Casual Dining Group

“You can’t put a value on it if employees are coming to work with less stress when it comes to their finances. They’re going to be able to deliver excellent customer service and be happier in their environment.”

35%
say Wagestream stops them from taking a payday loan
43%
say Wagestream was used to cover an unexpected bill