Facilities management firm, TC Faccilities Management (TCFM) has launched Wagestream, through its partnership with Innovise to enable colleagues to instantly access up to 50 per cent of their pay as it is earned.
Providing genuine financial wellbeing support, and a lifeline to help deal with unexpected expenses and relieve financial stress, Wagestream allows colleagues to access, or ‘income stream’, a percentage of their earned wages any day of the month for a small fee of £1.75 per transfer. There are no loans involved and therefore no interest is charged.
Since the Covid-19 pandemic began, TCFM teams have delivered over 200 deep cleans and met ad hoc client requirements across all sectors, with 12,000 additional hours worked each week to support retail and distribution clients’ businesses critical operations.
Wagestream has extended its service during the coronavirus crisis to cover furlough pay from the Government. The company’s solution designed for the Coronavirus Job Retention Scheme means it will pay furloughed workers 50 per cent of their accrued ‘furloughed pay’ on demand.
Wagestream has also responded to the pandemic by introducing a fast-track on-boarding process for new clients, which means any employer can launch the service for its staff in 24 hours, as opposed to three weeks. The company produces webinars for users that teach them how to look after their money and has built an online resource hub that identifies what information and entitlements are relevant to them.
Wagestream partners with Innovise exclusively in this sector and is leading a growing trend in workplace financial services, and has built technology to allow the employer to be the provider of a new wave of fair financial products that boost the financial resilience of staff and also protect them from predatory lenders.
Tony Reed, CEO of TCFM, said: “I am proud to be part of a business that really cares about its colleagues. We share a company motto that is ‘TCFM – big enough to serve, small enough to care’ and, in caring, I believe that one of the biggest things we can do to support our people at this unprecedented time, is to allow them access to their money as and when they earn it.
“As an employer of 5,000 colleagues, TCFM has a responsibility to help our colleagues with their financial wellbeing and this is something I am passionate about. The comfort in knowing our colleagues will be able to plan their finances throughout the month, day by day, is a huge step forward, and partnering with Wagestream could make the difference between paying a bill on time or putting food on the table that night.
“We’ve seen how Wagestream can boost colleagues’ wellbeing at other companies who are already using it, so we are excited to be able to launch this for our colleagues.”
Peter Briffett, CEO and Co-Founder of Wagestream, commented: “Income streaming is transforming the relationship between workers and employers in a fundamental, mutually beneficial way. It’s great to welcome TCFM on board through our partnership with Innovise and Timegate, and to help build the financial resilience of their staff.
“Providing access to accrued pay on demand creates an atmosphere of mutual respect between staff and their employer, and it impacts an organisation in an extremely positive way.
“TCFM couldn’t have launched at a more crucial time, with the coronavirus pandemic placing huge stress on the household finances of millions of people.”