HFX partners with Wagestream to tackle ‘payday poverty’ cycle

UK’s first ‘Get Paid as you Go’ service now available to over 1,400 businesses in partnership with HFX workforce management

HFX, the market leading provider of Cloud SaaS Workforce Management Solutions, has announced a partnership with Wagestream, the UK’s first FCA-authorised ‘Get Paid as you Go’ service, reestablishing the link between pay and reward.

HFX customers will now have access to Wagestream as an integrated solution to provide their employees with a flexible income. In simple terms, Wagestream provides payroll based on real hours worked and wages can be payable at any time, as agreed by the employer. This payday formula eliminates financial stress caused by the outdated payday cycle and improves staff retention and productivity in the process.

The flexible income service - which can be implemented by companies without impacting cash-flow, payroll or timekeeping processes – integrates with HFX’s existing range of solutions for managing staff working hours, shifts and rosters to meet legislation and ensure employee wellbeing.

Wagestream will put workers back in control of their earned income, meaning they can withdraw up to 40% of the pay they have earned up to that point, at any time during the month. Employees around the UK who are enrolled in the Wagestream platform work an average 22% more shifts per month and organisations experience a 40% increase in staff retention rates. 38% of enrolled employees have also used Wagestream to avoid taking out a payday loan.

Nicola Smart, COO of HFX said: "HFX has been leading and innovating in Workforce Management systems for over 40 years and our collaboration with Wagestream perfectly complements HFX’s focus on playing a key role in the New World of Work, combining efficient workforce management with wellbeing and staff benefits. By deploying our solutions, companies can benefit from improved productivity, more motivated staff and higher retention as well as cost savings and improved profits.”

Peter Briffett, CEO and co-founder of Wagestream added: “With over 40,000 workers already benefiting from Wagestream, results show that a flexible income has a profound impact on employee wellbeing and productivity. By tackling the outdated payday cycle and the predatory lenders and credit providers it supports, we’re putting people back in control of their income and on the path to a healthier financial life. We look forward to opening that up to another 1,400 organisations around the UK, in partnership with HFX - and getting one step closer to making work, work better for everyone.”
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NOTES TO EDITORS

About Wagestream
Wagestream allows all employees, both salaried and hourly, to have complete control over when they get paid. It effectively ends the stress caused by monthly pay cycles and prevents millions of UK workers suffering overdraft charges, credit card debt, or worst case, entering cycles of poverty caused by payday loans.
Wagestream is a social impact, charity backed platform, that has proven and significant retention, productivity and recruitment benefits for employers.

Find out more here Wagestream

About HFX
HFX cloud suite includes Imperago™ Time and Attendance, Access Control, Workforce Design, Annualised Hours and EveryOneCloud Attendance Monitoring/Location Management.

HFX Imperago solutions provide seamless integration with major HR and payroll systems. Highly customisable, HFX Imperago solutions can be configured to meet exact requirements and can support unlimited numbers of work patterns. HFX is the leading provider of flextime™ in the UK. Used by over 1400 customers across the UK, local authorities, other public sector bodies and commercial organisations benefiting from HFX solutions include: Home Office, Merck, Methodist Church, Dartmoor National Park, Adidas, Buhler Sortex Ltd, The Society of Motor Manufacturers & Traders (SMMT), Eaton Limited, MoD, National Farmers' Union, Hertsmere Borough Council, North Lanarkshire Council, Exeter City Council, Isle of Man Government, MoJ, Met Police, Flintshire County Council, Office for National Statistics, UK Intellectual Property Office, NHS Business Services Authority, Science and Technology Facilities Council.

For more information please visit: HFX

Editors Contacts
Andreina West/Mary Phillips - PR Artistry
+44 (0) 1491 845553
andreina@pra-ltd.co.uk