Off the back of the successful launch of Zellis HCM Cloud, Zellis is pleased to announce a partnership with Wagestream, a financial wellbeing suite that gives employees power over when and how they get paid.
Wagestream believes that every worker in the world has the right to have power over their pay – to track, plan, access and save their pay at a cadence that works for them. As part of the partnership, Zellis will offer the growing Wagestream suite of tools to its customers.
Customers offering Wagestream through Zellis HCM Cloud give their employees access to a consumer-grade smartphone app, which gives them visibility over their expected earnings and – using Open Banking – insight into their relative financial position for the month. The Safestream feature allows them to save amounts that they are genuinely able to save, building a stable foundation for future financial health.
Employees can also access their pay on any day of the month using the company’s flagship Earned Wage Access (EWA) product. This is not a loan or an advance but is part of their earned pay so far that month – they can typically gain instant access to up to 40% of their earned pay for a small transaction fee of £1.75, regardless of the amount. Many Wagestream users use this feature as a lifeline in the event of an emergency.
The integration between Wagestream and Zellis is seamless. Any time an employee streams their earned wages using Wagestream, this information is communicated to Zellis HCM Cloud’s payroll solution, which enables a deduction to be made from the employee’s pay. This means there is no impact on the normal payroll process or company cash flow.
The partnership comes at a critical time for UK employees: the global coronavirus pandemic is putting unprecedented strain on personal resources. Pre-pandemic, more than three quarters (78%) of employees said money worries affected them at work, with significant knock-on effects to productivity and absenteeism. This figure has likely spiked in the last year.
Iain Collinson, Director, Partner Management at Zellis, said:
“Having just launched Zellis HCM Cloud to huge excitement, we’re following up with an innovative partnership that helps us deliver on our goal of enhancing the way employees work, and delivering the experiences they want. We look forward to enabling Wagestream for our valued customers via the new Zellis Marketplace.”
Peter Briffett, Wagestream CEO, said:
“Zellis is at the forefront of enabling next-generation HCM software and we’re delighted to be able to offer their clients Earned Wage Access to give all their employees power over pay. The impact that positive financial health has on society is immense and when we help people improve their financial wellbeing, we empower them to improve their lives for the better.”