Clipper Logistics has announced that it has rolled out a financial wellbeing policy built around flexible pay in order to remove the locked pay cycle as of today (19 October).
Based in Leeds, UK, the logistics solutions business that employs more than 9,000 team members across more than 50 distribution centres, has partnered with charity-backed financial wellbeing provider Wagestream, for a range of services aimed at reducing employees’ financial stress, building financial resilience and improving their overall wellbeing.
As part of its broader wellbeing at work programme, all members of staff will have access to a Wagestream app that provides financial education, budgeting and savings. More than half a million workers also have access to this through employers including Bupa, Pizza Hut, Holiday Inn, Halfords, David Lloyd, Virgin Care and the NHS.
The app is built around a flexible pay cycle, which is also known as earned wage access (EWA). This is where employers offer staff flexible access to income already earned and owed throughout the month and replaces the extended, locked pay cycle concept that was invented in the 1960s.
According to Clipper, it has introduced this policy following a Wagestream study earlier this year on the impact of removing locked pay cycles for the first time, with findings highlighting that 77% of employees with responsible EWA saw a decrease in their stress.
Nicholas Beadle, HR operations director at Clipper Logistics, explained that giving people a fair chance and empowering them to fulfil their potential has been a core element to Clipper’s continued growth, from the various Clipper apprenticeship schemes, to its multi-award winning Fresh Start Programme.
“That’s why we’re partnering with Wagestream and rolling 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 first logistics organisation taking this step and hope to see our industry peers follow suit in the future,” he said.