Motorway service area operator Roadchef has launched a benefit allowing its 3,300 UK employees to access their wages throughout the month, in an effort to reduce reliance on overdrafts and payday loans.
The new benefit, provided by Wagestream, offers staff the opportunity to use a mobile app to access and withdraw up to 40% of their monthly pay prior to their official payday, for a flat fee of £1.75. The platform aims to help staff cope with unexpected expenses without having to resort to high-interest options, and also provides access to financial education.
Roadchef, which operates 30 service areas in 21 locations across the UK, originally trialed the flexible pay benefit at three sites in Chester, Clacket Lane and Northampton, starting in March 2019. Following the success of this trial period, the initiative has been rolled out for all remaining employees as of September 2019.
Laura Bunn, director of HR and development at Roadchef, said: “Wagestream has already made a huge impact on our employees who took part in our initial trial, which meant we had no hesitation in making the platform available to team members across the company.
“The introduction of Wagestream comes as part of a wider employee welfare strategy at Roadchef, including a new platform which offers access to discounts and benefits that are designed to help employees save money on everyday purchases, as well as mental health first aid.”
The organisation has introduced the benefit in an effort to reduce stress and increase employees’ financial health.
Mark Fox, chief executive officer at Roadchef, added: “Our aim is to make Britain’s roads safer and happier, and we can only do so by ensuring our employees are fully supported in order to continue providing excellent service to every one of our customers.
“By developing our partnership with Wagestream, we hope to add an additional safety net for those who might need it, ensuring no one in our [organisation] has to worry about short-term financial issues.”