Asda has rolled out an app to help staff cope with the cost of living crisis.
The supermarket has teamed up with financial services firm Wagestream to enable staff to see how much they have earned throughout the pay period and access up to 50% of their earned pay in advance. Staff can also use the app to access their real-time bank balance and outgoings.
Asda said it wanted to give staff greater visibility and budgeting control over their finances.
The app also allows staff to set money aside automatically as a ‘rainy day pot’.
In February, Asda announced a pay increase for store staff, taking the national hourly rate from £10.10 to £11.00 from April and £11.11 from July.
It is the latest supermarket to announce special measures to help staff struggling with their finances. In November, Tesco announced it was is offering staff advances to stave off the need for payday loans.
“We understand that from time to time our colleagues may need a bit more financial help, something which would be made worse by the current cost of living crisis,” said Hayley Tatum, Asda chief people and corporate affairs officer.
“We are always looking at ways we can help and giving our colleagues flexible access to their pay, alongside a range of support and guidance through the Wagestream App, could prove vital in giving them financial peace of mind as well as their mental wellbeing.”
Emily Trant, head of impact and inclusion at Wagestream, said: “The most recent State of Financial Wellbeing index found that record numbers of workers are willing to move jobs if offered better financial support.
“As one of the UK’s biggest flexible pay employers, with a whole range of tools and services to support financial wellbeing, Asda will improve the lives of existing team members and strengthen its position as a retail employer of choice.”
No comments yet