NHS Trust gives workers access to portion of earned income before pay day to help alleviate financial stress
To offer its 5,500 NHS staff greater financial liquidity and wellbeing, South London and Maudsley NHS Foundation Trust arms workers with instant access to pay
South London and Maudsley NHS Foundation Trust has enrolled Earnings on Demand platform, Hastee, to revolutionise the way its NHS workers are paid, offering them the ability to track and access a portion of their earned pay as soon as they have earned it.
South London and Maudsley NHS Foundation Trust provides the widest range of NHS mental health services in the UK, and its 5,500 staff support a local population of nearly two million people. With wellbeing at the heart of its mission, the Trust recognises the importance of financial support and wanted to give back to its staff by offering them control over when they get paid.
Integrated with the Trust’s payroll system at no cost, Hastee’s technology gives the Trust’s workers the ability to withdraw up to fifty per cent of their earned gross pay to their nominated bank account, on the day they earn it. Thanks to this benefit, staff can now access their money whenever they need it, in advance of the monthly pay cycle – whether to help during these unprecedented times or in day-to-day life such as shopping or bill payments – giving staff liquidity and preventing the need to rely on high-cost credit.
Mary Foulkes, Director of Human Resources and Organisational Development at the Trust said: “We understand these are difficult and unprecedented times and many families are struggling to make ends meet financially. The ability to access your monthly pay early that Hastee offers has been a welcome relief for some of our staff. We hope the initiative will help reduce some financial stress at a time when many of our staff are facing increased pressures at work and home.”
James Herbert, CEO and Founder of Hastee, comments: “Financial flexibility is crucial, and in recent times, it’s only become more so. Hastee’s mission is to provide workers with the financial freedom they need to meet today’s challenges. Our most recent Workplace Wellbeing Study found that nearly three quarters (74%) of employees had suffered personal finance-related stress. By rolling out Hastee, South London and Maudsley NHS Foundation Trust has given their staff financial freedom – relieving them of this burden.”
Hastee users can receive their first withdrawal every month, up to £100, free of fees and further withdrawals are subject to a fee of 2.5 per cent. However, to support workers through the current climate, Hastee is waiving all fees for the NHS and other critical services until the end of September.