Online book retailer World of Books has given its people real-time access to pay alongside a suite of financial resilience tools to help them through the current pandemic and promote longer term financial wellbeing support.
The online retailer and re-commerce technology company, with bases in Worthing, Coventry and transport hubs across the UK, has partnered with Wagestream to boost and support the financial health of its people and this includes the ability to access their earned wages any day of the month, instantly.
The company originally researched a way of providing financial support for some of their people who were moving from weekly to monthly pay but believe that the benefits of Wagestream could not only make it easier for those changing pay dates, but would offer a valuable long term support to everyone across the business in these challenging times.
CSR is a major focus for World of Books and it is a certified B Corporation, which means it has a legal obligation to weigh its decisions against the impact they have on suppliers, their people, customers, the environment and the community. They work to support a number of the UN’s Sustainable Development Goals and this year have donated over 72,000 books to good causes, pledging to donate 1 million more.
The launch of Wagestream compliments the firm’s established wellbeing and benefits, which includes mental health first aiders for staff in need of support.
Using Wagestream, people will now be able to track and access a percentage of their earned pay whenever they want to if they face unexpected expenses. They will also be able to save with Safestream — a micro-savings tool that allows them to proactively put aside small, regular sums straight from their pay cheque. And a hub of financial education tools provided in conjunction with The Money Advice Service will help them become more confident with their money.
More than 400,000 UK workers currently have access to Wagestream with clients including household names like Bupa, Rentokil, Brewdog, Zizzi and Roadchef, SA Greene King, Fuller’s and Honest Burgers — as well as nine NHS Trusts.
Wagestream’s own research shows that 77% of their users felt less stressed, 38% had avoided going into their overdraft and 43% said they had avoided using a payday loan.
Carol Atkins, head of HR at World of Books, said: “Like the rest of the country, our people have had an incredibly trying year, juggling commitments at work and home, with all the added financial pressures that the series of lockdowns can bring.
“We already provide our people with mental health support through our employee assistance programme and our trained mental health first aiders. But this year has really hit home for everybody that finances can have a big impact on wellbeing – so we were determined to go even further and with support that gives our people more financial control. We found the tools offered by Wagestream provided the right solutions and the right time.
“Our people are already enjoying the service that Wagestream offers in accessing their wages in real-time. The feedback has been incredibly positive and I’m encouraged at the number of people who are also using the savings facility.”
Peter Briffett, CEO and co-founder of Wagestream, commented: “World of Books is a great example of a company that goes the extra mile in looking after their people, the environment and the community. It’s a privilege to be included in a social responsibility armoury that already boasts some very forward-thinking employee assistance measures and a deep commitment to charitable giving and the UN’s Sustainable Development Goals.”