Sodexo Engage, which claims to be the “leading” employee engagement expert is teaming up with Wagestream, adding the charity-backed financial wellbeing app to its employee benefits platform.
Via the collaboration, Sodexo Engage customers will be able to provide their people access to Wagestrean through its update financial wellbeing hub.
More than one million people are now accessing the Wagestream app via employers such as Halfords, Bupa, Greene King and the NHS.
Established with charities and designed for frontline workers, the app offers a range of fair financial services built around their pay – workers are able to use it to track their shifts and pay every day, choose their own pay cycle, build up savings, set money or financial goals and speak to a personal financial coach, and get competitive deals on financial products.
In addition to dealing with a cost of living crisis, research reveals that just 52% of workers feel supported with their money at work, and about a quarter (24%) of the workforce bring financial/money stress to the office on a daily basis.
Sodexo Engage’s financial wellbeing hub comes at a critical time for solid financial health.
The collaboration should give workers an easy way to build up financial resilience, with Sodexo Engage’s financial wellbeing hub offering access to a range of worker benefits.
This reportedly includes a prepaid cashback card which offers as much as 15% cashback at over 55 different retailers, helping your funds go further, along with access to the “most-used” financial wellbeing app.
By providing access to this financial wellbeing hub, workers are able to help boost financial knowledge, empower employees to take greater control of their finances and enhance financial wellbeing.
The use of the financial wellbeing platforms is now proven in assisting workers with saving money – in fact Sodexo Engage found that workers may save £1,679 per year via the use of employer provided schemes, like cashback.
Such offerings may positively impact overall wellbeing. More than three quarters (77%) of workers using Wagestream feel less stressed, and around 72% report an enhanced quality of life.
As noted in the update, Wagestream assists companies with solving their greatest people challenges: those providing it as a benefit hire 27% faster, lower turnover by 16% and see a 26% gain in productivity.
Graham James, Director at Sodexo Engage, stated:
“The ongoing cost of living crisis has underlined the importance of having strong financial health. Financial wellbeing can have a huge impact on individual employees and their productivity at work can suffer if financial worries are causing a level of stress and concern.
James added:
“At Sodexo Engage we’ve been working hard to help people cut costs, get their wages to go further and look after their money, and this new partnership with Wagestream is the next step. By providing employees with access to the right guidance and tools, they can be in a great position to get on top of their financial health. For employers this means less stress and better wellbeing amongst their workforce, which in turn can increase productivity. It’s a win-win situation.”
Max Lintott, General Manager – UK at Wagestream, remarked:
“We share the same goal as the Sodexo Engage team: create a better experience for people at work. For us, that means making work more inclusive, fair and rewarding, by giving underserved workers a set of financial wellbeing tools which mean they can build a happy, healthy life around their income. We’re excited to be partnering with Sodexo on that mission, and hope their clients will quickly see the people and business benefits of prioritising financial wellbeing.”