Increase productivity with income streaming for the best Christmas yet
Well, Merry Christmas everyone. ?
It’s November and the competition for your hard earned cash is already well under way. Most major stores have already opened up their Christmas grottos where you can spend your money on literally anything covered red and gold glitter.
One person genuinely received this last year . . .
What’s the most ridiculous thing you got for Christmas I’ll start pic.twitter.com/rkYGp5lM7E— used car dealership inflatable (@BPtheGasStation) December 25, 2018
Whilst we shouldn’t forget to have a good time around Christmas, it’s important to remember that for many Christmas can come at quite a cost. 33% of the British Public said that they plan to use a form of credit to pay for Christmas this year and that means many people will be paying for Christmas well into 2020 (Mirror). What’s more, many employers have taken the approach of paying staff early to help with the Christmas spend, and whilst in the short term this helps ease borrowing, it means that many will have to wait up to 42 days, a 6 weekend month, until their next pay day.
5 million people regularly worry about money in the run up to Christmas and 48% of people said that their money worries are affecting them at work. Implementing a solution now is the only way to help ease some of the financial burden and help your staff to keep their minds on the job in those crucial months before the New Year.
Well thanks for telling me but it’s too late now
Actually it’s not. It’s never too late to invest in the future of your people and business.
A survey found that 11% of Brits start their shopping as early as September but the majority of the UK don’t start until the far more reasonable time of November (Centre for Retail Research). It’s definitely not too late for employers to start supporting staff financial wellbeing in time for Christmas.
For many sectors, Christmas can often be the busiest time of year, especially for those within the Hospitality and Retail sector and the NHS. There was an 11% increase in Christmas vacancies in Hospitality in 2018 compared with the previous year (FORA) and two thirds of employers are worried about the level of customer service going into the season (Deloitte). Any investment now, big or small, that employers can make in easing financial stress for staff will have enormous benefits and help to increase service levels in the most crucial time of year for these sectors.
How can Wagestream help in time for Christmas?
Wagestream provides employees with access to a percentage of their wages as they’re earned to help them avoid high-cost short-term credit, reduce financial stress and to create a strong link between work and reward.
It means that for those looking to borrow over Christmas they no longer have to. With a possible 42 days wait until January payday, workers can get access to what they’ve already earned to help ease the strain of the extra long pay cycle.
For industries who rely on shift based workers over the Christmas period, access to such a service has already shown a significant increase in hours worked. By creating a stronger link between pay and work, staff can better feel the benefits of working more hours over Christmas as they’ll not have to wait the potential 42 days until January payday to reap the rewards.
Wagestream can be up and running in less than 4 weeks with no impact to existing systems and cash flow meaning you can have an impact on your employees financial wellbeing well in time for Christmas and optimise your business ahead of the busy period.
What’s more, Wagestream is not just for Christmas and by implementing now you’ll be providing your employees with better finances for the future and creating a more productive, loyal workforce that lasts. As well as being able to stream their earned wages they can also track in real time how much they’ve earned, stream wages directly into a prize linked savings account and learn valuable money lessons, all through our easy to use app.
Get Wagestream today and give you and your employees the gift that keeps on giving.
Get in touch to be up and running in under 4 weeks.