Health food retail chain Holland and Barrett is giving its 5,000 staff instant access to their pay to support their financial wellbeing during the Covid-19 (Coronavirus) pandemic.
The organisation, which has partnered with incoming streaming platform Wagestream, will give employees the flexibility to access as little, or as much, of their salary as they need without having to wait until pay day, subject to a flat fee of £1.75 per withdrawal.
The service, Earned Wage Access, is aimed at reducing the financial worry that employees may be going through due to unexpected expenses and decreases the risk of employees having to rely on credit or fall into debt.
Holland and Barrett employees will also have access to a range of financial education tools on via app, educating staff on how to look after their money through a series of webinars.
Tricia Foster, head of pay and benefits at Holland and Barrett, said: “We believe in the importance of making wellbeing accessible to all, and this includes focusing on the impact of financial stability on our employees’ mental health.
“Earned Wage Access is relatively new and hugely exciting for us and all our employees. It was easy to implement and gives our staff so much more protection from the financial pain of meeting unexpected expenses.
“We hope that Wagestream will give our employees 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.”