Holland & Barrett has partnered with Wagestream, the Earned Wage Access (EWA) service, to give its employees access to their earnings on demand.
The health and wellness retailer is offering the service to its 5,000 UK colleagues to boost their financial resilience and “overall wellbeing”.
The Wagestream platform will give the firm’s colleagues instant access to a percentage of their earned pay any day of the month, with data showing that workers enrolled in the service chose to work 22% more hours on average.
Tricia Foster, head of Pay and Benefits at Holland & Barrett, said: “At Holland & Barrett, we believe in the importance of making wellness accessible to all, and this includes focussing on the impact of financial stability on our colleagues’ mental health.
“Earned Wage Access is relatively new and hugely exciting for us and all our colleagues. It was easy to implement and gives our colleagues so much more protection from the financial pain of meeting unexpected expenses.”
She added: “We hope that Wagestream will give our colleagues that additional support net that is so necessary during a challenging time for all, as well as drive recruitment across the business by showcasing our flexibility and support as a wellness employer.”
Peter Briffett, CEO and co-founder of Wagestream, said: “Access to accrued pay on demand is a basic employee benefit that all employers can offer without hurting the cash flow of the business, and we’re delighted to welcome Holland & Barrett.
“Earned Wage Access is set to be one of the most important innovations in the world of work in this decade. It unlocks financial freedoms for all staff.”
He added: “It’s vital we move the workforce away from a situation where they are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.”