The number of job adverts promoting income streaming as a key recruitment tool has skyrocketed 2,200% in the past year, research by income streaming provider Wagestream reveals today.
Wagestream analysed tens of thousands of job adverts on a popular jobs site1 to calculate what proportion of open positions mentioned income streaming or an income streaming provider.
The analysis reveals the figure has grown from 25 to 575 in just one year.
Income streaming is still a relatively young industry and Wagestream was only founded in 2018. The company allows staff to choose when they get paid, and ‘income stream’ a percentage of their earned wages any day of the month for a flat £1.75 fee, without impacting employers’ cash flow. There is no credit or loan involved and therefore no interest is charged.
Wagestream already counts some of the country’s most well-known brands as clients, including Roadchef, Bupa, Honest Burgers, Prezzo, Stonegate Pubs, Rentokil Initial and Coco di Mama.
The company believes the surge in HR professionals promoting income streaming as an employee benefit is evidence of the fact that employers are taking their role in improving the financial strength of their staff much more seriously.
The Covid-19 crisis has also been driving a wave of interest in income streaming, as employers realise they can help workers access their money when they need it to meet unexpected expenses thrown up by the pandemic. The company pivoted part of its offering to be able to serve those workers furloughed under the Government’s Coronavirus Job Retention Scheme. The service means furloughed workers can access 50% of their accrued ‘furloughed pay’ on demand.
The company has also responded to the pandemic by making its income streaming service free to the NHS and its staff, as well as introducing a fast-track on-boarding process for new clients, which means any employer can launch the service for its staff in 24 hours, as opposed to three weeks.
Income streaming can reduce the financial stress associated with unexpected expenses thrown up by the coronavirus lockdown, with tens of millions of people nationwide facing mortgage payments, rent and utility bills alongside the very real prospect of job losses within households. This will be putting the finances of many households under intense pressure, creating an immediate need to release funds to workers.
Peter Briffett, CEO and Co-Founder of Wagestream, commented:
“Income streaming is one of the most powerful financial resilience tools for recruiters now so it’s only natural that it is promoted as a benefit in a big way.
“In the past two weeks alone we’ve gone live with Honest Burgers and Prezzo, huge brands who want to boost the financial wellness of their staff.
“The idea that people should have access to money they’ve already earned to avoid getting into debt is not a radical one, and employers are seizing the opportunity to put clear water between them and their competitors. We expect to see income streaming win increasing prominence in recruitment campaigns as this trend continues.”