Axis Group launches Wagestream to support the financial resilience of its employees.
Axis Group has partnered with Wagestream – a fintech solution that allows Axis employees to track their income, instantly access their earned wages, save as well as giving them access to financial education.
Axis is committed to looking after its employees and as part of its People Strategy it is always seeking new ways to be the best employer within the sector. Axis’ commitment includes adopting modern ways of working; being open, honest and respectful; and creating a safe and supportive environment. It continuously reviews its employee benefits to ensure that it is providing the best and most appropriate package.
Remuneration is a key factor for employees, which is why Axis was one of the first in the sector to become a Living Wage Recognised Service Provider and why it partners with independent and expert companies to provide employees with financial management support.
Naomi Austen, Group HR D& Learning Director at Axis Group says the introduction of Wagestream is designed to help reduce financial stress for our employees: “With employees being paid on a monthly cycle, they can be exposed to financial risk which leads them to using costly financial products like overdrafts, credit cards or payday loans.
“We want employees to have better financial independence and to be able to avoid debt,” says Naomi. “It is important, now more than ever, that people are able to absorb any financial shocks to their household income. Wagestream allows our employees to control their finances and the access to their earned wages means they can pay themselves during the course of the month – and in response to their own unique schedule of financial outgoings. It also means that they can see ahead of time whether they want to take on more overtime shifts to fill a gap in income. This is all about financial planning and giving employees more autonomy to manage their financial affairs,” emphasises Naomi, “and the initial response from across the business has been positive.”
Axis Group has implemented Wagestream through an integration with Timegate, the workforce management software. Employees can now view accrued wages, which are approved and submitted by their Axis, and to access a portion of their earned income, instantly and at any time throughout the pay cycle.
Through the Wagestream app, employees can instantly ‘stream’ a percentage of their earned wages directly into their bank account at any point within the pay period. They can also proactively save money into a savings pot within the app which allows employees to save money directly from their salary. At the end of the pay period, the net salary which has not already been accessed will be paid as normal. The app also supports financial education with a section containing tips, tricks and short in-app courses to discover better ways for managing money.