Halfords offers flexible pay cycle as part of financial wellbeing push
Halfords is to offer its staff flexible pay as part of a financial wellbeing programme being rolled out to its 10,000 employees.
The move follows the company’s establishment of a ‘Here to Help’ fund in 2020 which provided emergency financial support to staff when Covid-19 lockdowns led to uncertainty and financial stress.
Through the new scheme, staff will now have access to charity-backed platform Wagestream, which provides financial budgeting, savings and education through an app that is built around a flexible pay cycle. The move is part of the retailer’s work to introduce a range of services that build colleagues’ financial resilience and improve their overall wellbeing.
The initiative means Halfords has become one of the first large employers to offer flexible pay. Some charities and campaigners have described locked monthly pay as a hidden ‘debt trap’ for working adults and have called on employers to roll out Earned Wage Access which involves staff being offered flexible access to wages already earned and owed throughout the month.
Wendy Taylor, chief people officer at Halfords, said: “Supporting, developing and empowering our people has always been central to our success, as a company. Our colleagues’ resilience has meant that Halfords could not only operate as an essential retailer during the pandemic, but is ready to go from strength to strength as the UK opens back up.
“That’s why we’re partnering with Wagestream to roll out a financial wellbeing programme that’s backed by leading charities and proven by data to improve quality of life. We’re proud to be the UK’s first listed retailer taking this step and excited to see the positive impact it will have on all our colleagues.”
Wagestream is part-owned by a range of financial charities and impact funds including Joseph Rowntree Foundation, Big Society Capital, Social Tech Trust, Barrow Cadbury Trust and the Fair By Design Fund.
