Founder(s): Stephen Holliday
Description: Level makes pay go further by empowering workers to instantly access, save and budget from their earned wages. Thousands of staff across the UK are benefitting from a holistic suite of solutions to help manage their money better.
Level makes pay go further by empowering workers to instantly access, save and budget from their earned wages. Thousands of staff across the UK are benefitting from a holistic suite of solutions to help manage their money better.
Financial wellbeing is struggling to find its place. Indeed, the very definition is up for debate. As a consequence, it can be something of a headache for HR teams.
Compare this with other areas of staff wellbeing. Many companies offer incentives to support their employees’ physical health, such as cycle to work schemes or discounted gym memberships. These are practical steps that help drive positive behavioural changes. More companies are now prioritising mental health support too.
But when it comes to financial wellbeing, which is the one area of health and wellness that employers are directly linked to through salary, employers are slow to act.
All businesses rightly believe in financial wellbeing and want to support their employees in managing their money better. But, too often, we see organisations adopt a tick-box approach by putting a few self-help articles on their website, or in a newsletter, on their intranet or HR hub, offering advice on how to manage money better. A quick, self-serve solution.
We started Level in 2018 to provide real, tangible solutions to this problem. Our platform helps staff in three clear ways: advanced salary payments, salary-linked savings and budgeting tools.
Earned wage access
When unexpected payments arise, earned wage access allows staff to access their earned salary before payday, which helps to avoid getting into debt. It’s also a way to break down monthly pay into weekly pay packets to better manage money. We provide the technology for employers to facilitate that without impacting their own cashflow or changing payroll systems.
Saving money is difficult. Reducing the friction between payday and putting money away makes all of the difference. With salary-linked savings, not only can employers remove that friction entirely, taking money straight out of a paycheck and into a savings account, but with Level, they’re able to provide some of the highest interest rates on the market to their staff, maximising the amount they’re able to save.
To become financially ‘well’, a sound knowledge of budgeting, saving and managing money is required. With a wealth of information on the platform and budgeting tools available, employers are able to provide a more holistic financial wellbeing solution.
Level has worked with large employers such as FTSE-250-listed Capita, Walkers and Dentons to help them to provide such a service to employers. The platform is regulated by the FCA and covered by the government FSCS guarantee. We’re also ISO27001 and CyberEssentials certified.
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