THE WHAT? Holland & Barrett has launched a revolutionary pay roll perk. Employees of the health and well-being store will be able to access their earned pay whenever they require it, according to a report published by Essential Retail.
THE DETAILS Earned Wage Access, as the scheme is called, is being rolled out in partnership with tech company Wagestream. Workers will be able to download a dedicated app and draw earnt wages in real time.
“We believe in the importance of making wellness accessible to all, and this includes focusing on the impact of financial stability on our colleagues’ mental health,” Tricia Foster, Head of Pay and Benefits at Holland & Barrett told Essential Retail. “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.”
THE WHY? The UK-based retailer told Essential Retail that it was ushering in the new service to help bolster the financial resilience and overall wellbeing of its 5,000-strong UK employees. In practice, it means employees won’t need to rely on expensive credit options such as pay day loans in the event of an unplanned-for expense.