Wagestream
Platform: SaaS, Mobile app
Wagestream is the only financial wellbeing platform founded with charities, designed for frontline workers and built around their pay.
It is committed to offering products that demonstrably improve financial wellbeing for the workforce as shown by its B corporation status.
Wagestream's suite of fairer, flexible financial tools services is helping employers to improve retention, reduce staff turnover and create environments where employees can thrive. Over 2 million employees now use Wagestream to choose their own pay cycle, manage their budgeting, save for a rainy day, chat to a personal money coach and get fairer deals on financial products.
Wagestream has the highest adoption rate of any financial wellbeing app: amongst employees given access to the technology 60%, on average, will enrol and frequently engage with its suite of user-friendly tools and services. This reaches 80% in some larger enterprises.
Headcount Suitability
200+ employees
(UK & Global)
Budget
POA - differs for EWA, financial coaching and if the employer is funding the stream.
Upgrades and support are included in the licence fee.
Purchase Options
• SaaS
Contract length is typically 12 months.
Integrations available
• API
• CSV Imports
• SFTP
• Browser upload
Payroll Options
• Integrated module
• Integrated module with bureau services
• Partnerships with third party payroll providers*
*Approved payroll integrations include:
Access, ADP, Allocate InstantPay, Ciphr, Advanced, Deputy, Moorepay, MHR, Oracle, HCM, Peoplesoft, SAP Success Factors, SD Worx and Zellis.
Wagestream can integrate with any payroll and time & attendance providers as well as those listed above.
Modules Available
• Payroll
• Other
Upgrades and Support
Upgrades are carried out fortnightly for Wagestream app users through the App Store and Google Play Store.
Support is provided via telephone, email portal and in person, with a dedicated Client Success team and a 24/7 customer support team for its app users (employees).
International Functionality
• Multi language
• Multi currency
• Security roles based on location
• Config per location
UK, USA and Canada, Australia, New Zealand and Spain.
Time to Implement
Key challenges Wagestream can solve
Offered through caring employers like Bupa, Burger King, Co-op, Pizza Hut, Next, Greene King and the NHS, it makes work more inclusive, fair and rewarding for two million people – by giving them access to fair financial services built around their pay.
Workers use Wagestream to choose their own pay cycle, manage their budgeting, save for a rainy day, chat to a personal money coach, and get fairer deals on financial products – all in one app, with no change to payroll.
Wagestream is driven by a social charter – every service it provides must measurably improve financial wellbeing. Over 70% of people using Wagestream feel more in control of their money, leading to a happier, healthier, more productive workforce.
Wagestream can deliver up to:
faster recruitment so you can better attract top talent
less turnover, so you keep your talent for longer
reduction in financial stress, leading to happier and more productive employees
Key Features
The Wagestream app has four key pillars - Track, Coach, Stream, Save.
Track
The 'Track' feature gives people live visibility over their pay and spending in one place. By making it easy to match up incomings and outgoings, employees are better placed to align their pay cycle with major expenses and can avoid problems like bounced payment fees, going into their overdraft or borrowing from family and friends.
Coach
The 'Coach' feature gives people a certified financial coach in real-time on their phone. By providing access to expert, personalised, impartial guidance on everything to do with money, people feel empowered to save towards their goals (using Wagestream's in-app Save feature) and can learn how to apply for state benefits or reduce bills.
Stream
The 'Stream' feature gives people the flexibility to access their wages as they earn them. This brings two key benefits: giving people control over their own pay cycle significantly reduces money worries day-to-day; and giving people the choice to get paid when they've earned it can often mean they avoid resorting to high-cost credit in between pay cycles.
Save
The ‘Save’ feature gives people an easy way to automatically save from their bank wages each month into a savings pot. Savings can be accessed instantly and contributions can be boosted by prize-linked draws and incentives.
Product Partners
In order to support positive financial pathways, Wagestream offers an ecosystem of tools and features within the Wagestream app which helps improve two core ‘inputs’: services provision and services access.
Wagestream aims to only offer financial products through partners which are ‘fair’ and operates a Product Partner Code of Practice, learn more.
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