International HR and Payroll services provider, SD Worx, is partnering with financial wellbeing provider Wagestream, to help businesses build workplaces that are more inclusive, fair and rewarding for their people – with a set of fair financial services built around pay.
Wagestream is a financial wellbeing platform founded with social impact funds. Offered through hundreds of employers, more than two million people can now 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 the Wagestream app.
Recent research shows that as the cost of living rises, most (70%) of workers are now worrying more about money – with 76% citing declining mental health as a result. The recent State of Financial Wellbeing index also found that employers have rushed to fill the gap left by traditional financial institutions: 93% now have or plan to have a financial wellbeing policy in place, up from 51% in 2021. By partnering with Wagestream, SD Worx will expand its pay proposition for clients -giving them access to the world’s most widely-used financial wellbeing platform.
“What employees are expecting from employers is constantly evolving, and it’s the same when it comes to financial flexibility. Money concerns can be a huge factor impacting employee wellbeing – especially in the current financial climate – and that’s why as a business we must ensure we’re offering our customers even more solutions that can benefit their teams,” commented Stephen Ousley, Head of Portfolio at SD Worx.
“We’re partnering with Wagestream as it’s an exciting company that aligns with our own values at SD Worx. We support the company’s social ambition of truly putting people in control of their pay, and we want to help our customers empower their workforces when it comes to financial education and wellbeing,” commented Stephen Knapman, Head of Partnerships at SD Worx.
The solution also facilitates ‘pay on demand’, where employees can draw a percentage of their wage earnt at any point during a pay cycle, rather than waiting for an isolated pay day.
Wagestream was founded with a social charter: every service it provides must measurably improve financial wellbeing. Three quarters (77%) of people feel less stressed and 72% of people feel more in control of their money, once they have access to Wagestream – leading to a happier, healthier, more productive workforce, and improved recruitment and retention for their employers.
Max Lintott, General Manager at Wagestream adds “Under-served, overlooked workers are worrying more about money, while powering the economy and keeping our essential services running.
Partnering with SD Worx, a leading provider of people solutions means we can reach more of those workers with the support and services they need and deserve – through caring employers who we know want to help. The data also shows those employers will benefit too with faster recruitment, a reduction in turnover and an increase in productivity.”
To find out more about the SD Worx offering, visit: www.sdworx.co.uk
About SD Worx
In today’s new world of fluid work, people want to be inspired by what they do and have the freedom to focus on what matters. Organisations need a dynamic, motivated workforce empowered by smart technology. As a leading European provider of integrated HR solutions, SD Worx turns HR into a source of value for their customers’ business and the people that work for them. SD Worx delivers HR solutions across the entire employee lifecycle, from paying employees to attracting, employing, rewarding and developing the talent who make businesses succeed. SD Worx powers performance through four core capabilities: software, outsourcing, consultancy and data-driven insights.
More than 82,000 small and large organisations across the globe place their trust in SD Worx and its +75 years’ worth of experience. SD Worx offers its HR solutions in 150 countries, calculates the salaries of approximately 5.2 million employees and ranks among the top five worldwide. The more than 7,000 employees operate in Belgium (HQ), Austria, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Mauritius, Netherlands, Norway, Poland, Romania, Spain, Sweden, Switzerland and the UK. In 2021, SD Worx achieved a consolidated revenue of EUR 858 million.
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Wagestream is bringing better financial wellbeing to workers, by giving them access to fair financial services through their employer.
Offered through caring employers like Bupa, Greene King, Pizza Hut, Next and the NHS, two million people can use Wagestream to choose when they get paid, 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.
Wagestream was founded with impact funds and a social charter: every service it provides must measurably improve financial wellbeing. More than 70% of people using Wagestream feel more in control of their money – leading to a happier, healthier workforce and improved recruitment, retention and productivity for their employers.