FAQs Archive - Hastee Pay

CIPD Manchester

Coming off the back of a great Employee Benefit (EB) Live we were really buzzing to see how our free employee benefit would be received at the CIPD event in Manchester.

We were not disappointed….Thankfully!

The event space was stunning, and the audience were engaged. Being a relatively new company, this was our first exhibition in Manchester so it was exciting to be on the road with the team and presenting Hastee Pay to what is arguably the largest forum for HR professionals in Europe.

The general theme of the event was financial wellbeing – which is great as it means it is 100% on the radar. Much like EB Live, many of the HR professionals were cautiously optimistic about our offering.

An interesting observation from the team was that many of these HR professionals were unsure what financial wellbeing meant to them and their workforce, but admitted that ‘Financial Wellbeing is on the agenda for next year”. So they know it’s important, but there is a lack of education on what it means and how important it is. Hence why we produced our Workplace Wellbeing Study, to try and demystify some of the themes around financial wellbeing.

Unlike other financial wellbeing products out there, Hastee Pay is a “non-lending” solution and the word is out that this is a popular way to go to help alleviate worker reliance on payday loans and high cost credit, BEFORE they get in to debt.

There has been a growing amount of HR professionals approaching us (which is nice) saying “I’ve heard about this recently, tell me more” which as anyone in a new market knows, is great news.

It means we’re being disruptive and changing the way employers are thinking about paying their workforce and in turn making a positive impact on their staff.

There is still a long road ahead and we (as an industry) must focus on educating people on the benefits of this type of pay solution.

Liam and Matt – Client Engagement Managers

5 nominations!

This week see’s the sixth Payments Awards at the Grosvenor Marriot Hotel, with companies across the payments spectrum jostling for the prestigious awards and prime industry recognition.

 

 

Hastee Pay is delighted to be nominated for five awards and joins Saxo Bank as the most nominated company from the 2016 awards.

We’re honoured to be alongside huge industry players such as HSBC, Nat West, Starling Bank, Mint, Iwoca and Worldpay.  We’re proud to be revolutionising how people get paid as well as increasing workers’ financial wellbeing by empowering them to pay themselves any day and remove the reliance on the traditional monthly pay cycle.

Our nominations are for:

Personal Finance App of the Year;

Best Mobile Payments Solution,

Lending Initiative of the Year,

Payments Start-up of the Year, and

Most Disruptive Payments Technology.

Whilst the Payments Awards is our industry version of the Oscars, there are no media predictions of who will win.

Watch this space….

Link between financial and mental health

Back in August we released the findings of our Workplace Wellbeing Study and as it was received so well, opening many employers’ eyes to the financial struggles of the modern day workforce, I thought I’d share a few highlights of the independent study that really made people sit up and listen:

 

  • Of the 1,000+ workers interviewed, financial stress impacts their sleep (38%), social life (29%), relationships (29%) and importantly their health (23%)
  • Nearly three-quarters of 18 to 34-year-olds have experienced mental health or well-being issues linked to money
  • 52% of managers see value in providing employees with an on-demand payment app
  • 32% of people have not been able to make it into work as a result of not having enough funds to pay for their commute due to an unexpected cost
  • Financial stress has impacted 21% of the workforce – this rises to 30% for people in higher level roles
  • 25% of workers state that they have suffered from a lack of concentration at work due to their finances
  • 54% of earners say frequency of pay has an impact on their lifestyle choices

 

You can’t get through a day without the subject of mental health popping up in your social feed, in conversations or on whatever news outlet you consume – mental health is a huge issue, but thankfully the stigma is slowly being removed and people are getting more comfortable speaking about it. There is still a long way to go.

 

Whilst recently trailing through the NHS website to reassure myself that my daughters latest rash was just because she had drawn on herself with a pen that she is allergic to and not anything more sinister, i came across this really helpful article on coping with money worries.

 

We are fully aware that we have a big responsibility, given the space in which we exist, to provide clear and objective information on how financial stress impacts on mental and physical health and how we see Hastee Pay being a contributor to the easing of these stresses and reducing the big payday spikes that can cause the problems.

 

Mind, the mental health charity, have advice that states, amongst other factors, that getting organised is one of the key elements to a healthier relationship with your finances. Hastee Pay allows you to do just that, allowing you to smooth your income throughout the month, spending what you need to and removing the big peaks and troughs that can be so stressful.

 

Honesty alert – Hastee Pay or solutions like ours, are not the silver bullet to financial tranquillity, don’t believe anyone who tells you otherwise. If you earn £20k a year, but spend £25k, there is always going to be a deficit. However, good financial education coupled with help and advice from bodies like the NHS and fantastic charities like MIND on how to manage your money, all contribute to a solution that reduces financial stress.

 

We believe Hastee Pay is part of this solution to help workers have a better relationship with their finances and smooth their income across the month.

 

Words by Jamie – Marketing Director

Only a Pavement Away

Today we are announcing our partnership with Only A Pavement Way (OAPA), a recently-launched charity acting to help homeless and vulnerable people struggling to get into work overcome hurdles of finding employment.

Launched at the Houses of Parliament on 10th October, OAPA was founded by representatives from the hospitality industry. Its principal aim is to act as a conduit to help those struggling to get into work overcome hurdles by finding jobs within the hospitality, pub and restaurant industry, giving everyone the opportunity to establish meaningful careers. Initially focusing on helping the homeless to find jobs in the hospitality industry, the charity has extended its reach to ex-service personnel, ex-offenders and those with learning difficulties.

Every person who finds employment through OAPA will get 12 months unlimited, free use of Hastee Pay, giving them immediate access to their earned pay from day one to help empower them financially and reduce their financial stress as they establish themselves in their new jobs.

Additionally, to celebrate the launch of OAPA, Hastee Pay will donate 50% of all the proceeds for a period of three months from the operators and partners of OAPA who sign up to Hastee Pay before Christmas 2018.

We’re incredibly proud to support OAPA in its crucial mission helping the most vulnerable in society access their right to work and get back on their feet financially.

Immediate access to earnings will be so empowering for those coming from difficult situations who simply want to earn a living but would otherwise struggle to reach their first payday.

Words By James, CEO

Full release here:

OAPA PR Release FINAL

Employee Benefits Live

The Hastee Pay tech, sales and leadership team were out in force at EB Live last week. We had some fun.

For me, it felt like the lights are really starting to turn on for prospects and partners alike. I’m paraphrasing, but I heard words to the effect of: “I get it. This whole disrupting payday thing seems to be here to stay” a lot.

 

 

What I found most refreshing, though, was the extent to which exchanges were thoughtful, open-minded and guided by a healthy scepticism. It might sound obvious but the red thread was employee wellbeing and conversations rarely deviated.

And it led to some revelations about personal finance horror stories. Horrors that Hastee Pay would have helped avoid.

And then there’s the diversity. Positivity came from all backgrounds – public and private sector organisations; 2 employees to 10,000+ employees; young workforces to older; high earners and low earners. And that’s exciting – because it’s an indication of the market continuing to expand and the applicability of what we do, more relevant by the day. We’re learning with clients and prospects. And that’s cool.

Final thought: the ExCel is a bloody mile away. I never cease to be amazed by people’s willingness to schlep it across to the docklands!!

We’re based in London but we’re not London-centric so we’ll be at similar events to EB Live up and down the country over the coming weeks and months.

We looking forward to more debates, laughs and learning! Till next time

Words by Johnny – Business Development Director

We’re on the DIT Trade Mission to San Fran

 

BREAKING NEWS.

We are delighted to announce we have been selected to showcase our expertise by joining the Department of International Trade UK Fintech Trade Mission to San Francisco this November.

We are looking forward to meeting with US regulators, VCs, industry players and gain insight to doing business overseas and continue our global expansion.

It is great to be recognised by the UK Government for the work we are doing at Hastee Pay. It is vital that we enable people to access their earned pay so they do not have to use expensive forms of credit at times of financial need. We are keen to learn and meet with industry players in San Francisco and expand our revolution of how people are paid.

We’ll be in San Francisco from November 12th -16th – will be sure to send a postcard or two.

 

Words by James – CEO

James on Nick Ferrari @LBC Radio

With Wonga going in to administration, LBC’s Nick Ferrari spoke to James on life after Pay Day loans.

To listen to the full interview click below:

Workplace Wellbeing Study 2018

Financial wellbeing – a real insight.

We recently conducted our own unique research into workers’ dependence on high-cost credit options. The study exposed amongst many things, that those in steady employment are struggling to balance their incomings and outgoings, which paints a worrying picture.

Some of the highlights were:

 

  • Of the 1,000+ workers interviewed, financial stress impacts their sleep (38%), social life (29%), relationships (29%) and importantly their health (23%)
  • Nearly three-quarters of 18 to 34-year-olds have experienced mental health or well-being issues linked to money
  • 52% of managers see value in providing employees with an on-demand payment app
  • 32% of people have not been able to make it into work as a result of not having enough funds to pay for their commute due to an unexpected cost
  • Financial stress has impacted 21% of the workforce – this rises to 30% for people in higher level roles
  • 25% of workers state that they have suffered from a lack of concentration at work due to their finances
  • 54% of earners say frequency of pay has an impact on their lifestyle choices

 

To read the full details on financial wellbeing in the workplace please click below.

The Workplace Wellbeing Study – Hastee Pay 2018

Disrupting Pay Cycle

Forward-thinking employers must explore alternative payment models to stay relevant in the wake of evolving demands from the modern workforce

Employers are continually challenged to go the extra mile in providing workplace perks. This helps businesses compete by attracting, retaining and motivating talent to maintain healthy levels of productivity in the workforce. Remote working schemes and free food and drink are increasingly common workplace benefits, but are these enough to satisfy the younger generations who will soon make up the majority of the workforce? Employers must fulfil their duty of care, but with millennials and now centennials known to be increasingly expecting workplace initiatives that are flexible, transparent, fast and mobile, employers could find that their duty of care has to extend to covering employee wellbeing beyond working hours. This is true of all work environments including within the growing gig economy.

The implementation of carefully-formulated wellbeing strategies in UK workplaces was recently reported to have grown by 20% within the past year, according to REBA’s 2017 Employee Wellbeing Research, and that trend looks likely to continue to grow throughout the coming years.

But why should employers care, and how far should the duty of care extend? Some might argue that providing paid employment with fair workplace policies and a comfortable working environment should be enough to keep workforces satisfied. Ultimately it comes down to how much the employer wants to keep up with the evolution of workplace trends and see the correlation to help them attract, retain and motivate the best talent and demonstrate greater levels of productivity.

While some employers will be content with simply following the best practice trends as they emerge, others will want to be seen as the leaders at the forefront, driving new trends in employee wellbeing and employee satisfaction. For those that wish to be known  as the leaders of the charge, it will be crucial to recognise the most pertinent daily struggles of their employees and explore proactive and practical ways to help provide some form of relief.

Following the money

By extending their duty of care to cover the financial wellbeing of the workforce, employers can increase their appeal to new talent, retain existing personnel and ensure the best possible engagement from their workforce. Research from debt charity Step Change shows that financial troubles have a significant impact on mental health with 5,000 users of the charity’s online debt counselling service over one year showing signs of anxiety or depression.

The charity’s research also uncovered more worrying findings, showing a steep 34 percent rise in the number of under-25’s seeking help with high cost credit in the last two years.  With experts at Manpower Group predicting that by 2020 millennials (now aged 21-35) and Gen Z (aged 20 and younger) will make up more than half of the entire workforce, the financial wellbeing of employees has never been a more important factor.

Disrupting the payroll cycle

Money is undisputedly the number one concern and driver on the minds of most employees. A study done by the American Psychological Association shows that 61 percent of respondents face poor mental health due to financial stress. Whilst free drinks and a nice working environment can improve our work life experience (and a little PR), for most people money is understandably the reason to get out of bed in the morning.

However, the rising epidemic of financial insecurity has led to a reliance on risky payday lenders, with one in every ten UK employees utilising payday loans every year and 70 percent of those relying on payday loans on a regular basis according to research by The Guardian and Pews. And that’s before you take into account overdraft fees and the even more worrying and costly alternatives. Employers that can offer a safer, easier and more ethical solution built around those principles will find it easier to recruit, retain and engage talent. By offering an alternative to payday loans, employers can encourage and reward productive behaviour, creating a positive multiplier effect for all parties to win; workers feel less stressed, resulting in greater productivity for employers. While many could be left scratching their heads over how this can be achieved, the answer is plain and simple. It’s time to disrupt the way people are paid.

While monthly payroll works for the employer, it doesn’t always serve the worker. Beyond the demanding expectations and requirement for instant gratification within younger generations, employers must acknowledge the financial burdens that can so quickly intensify, even for the steady earners. Research from The Times shows that, at a time when both consumer debt and the cost of living are high, and real wages and savings are down, 33 percent of middleclass families are struggling to pay the bills and couldn’t cope with an unexpected £500 bill.

Employers still wondering why any responsibility should fall on them should take note that 38 percent of workers would move to a company that prioritises financial wellbeing within its workforce according to research by Barclays. Those that employ full time workforces and those that rely on shift, variable, gig and seasonal workers could see huge benefits from offering workers quicker and easier access to their pay. It has also been shown that there is a direct link between effort and reward that benefits both employer and worker.

Removing the struggle of individuals waiting long periods for pay that they have already earned no longer has to rely on businesses changing their payroll cycles and risking cashflow dilemmas. With new HR technologies available, businesses can embrace giving workers instant access to the wages that they have already earned with zero impact on companies’ cashflow.

All of the evidence in favour of disrupting existing pay-cycles is there in plain sight but it’s down to employers to decide whether they want to adapt to the necessary demands of the modern workforce or sit back and watch as other businesses take strategic advantage and flourish through a stronger, happier and healthier workforce  I can’t help but suspect that within a few years, we’ll look back and laugh when reminiscing on monthly pay the same as we do with CDs, Blockbuster video rentals and landline phones.

Is ‘disruption’ a buzzword worthy of the buzz?

In the last decade we’ve seen numerous businesses appear from nowhere to challenge traditional conventions and as consumers we’ve welcomed them.

Uber has revolutionised travel in cities by simplifying booking or hailing a cab. Deliveroo took away the hassle of ordering a takeaway. Challenger banks are modernising the traditional banking system, and this probably wouldn’t be happening had PayPal not overhauled the way we pay and transfer funds.

Emerging technologies are set to reshape the way businesses operate too. Take payroll, for example. The traditional pay cycle simply doesn’t fit comfortably with the way we live in 2018. It’s an area that is ripe for disruption.

The wellbeing, attendance and retention of the worker is becoming increasingly important to businesses today. If businesses can take steps to alleviate pressures in their workers’ personal lives, they can leverage these workplace perks to reduce the spend on recruiting and staff turnover.

More than 50 percent of all organisations globally have difficulty retaining some of their most valued employee groups, according to a recent Willis Towers Watson study. Research by Kronos and Future Workplace finds that 87 percent of HR leaders consider improved retention a critical or high priority for the next five years.

So, what should businesses look for in disruptive technologies that are on offer? With so many innovative solutions emerging for businesses it’s difficult to know what’s worth investing in. Factors such as integration, scalability and compliance must be taken into consideration.

Open APIs & microservices are essential attributes in any disruptive technology. Avoiding monolithic blocks of code will reduce the time and cost spent getting the integration right, avoiding the technical debt traditionally accrued through work that must be redone repeatedly.

The ability to scale up easily is paramount, therefore a worthwhile technology must incorporate autoscaling – available through any technology built with microservices from AWS, Google or MS Azure.

While there are plenty of technologies emerging that are designed to help businesses be better at integration, security and scalability, it is essential that those technologies also deliver a return on investment, adding true value for both the organisation and the worker.

With Hastee Pay’s solution, businesses can embrace giving workers instant access to the wages that they have already earned with zero impact on companies’ cashflow.

Hastee Pay’s innovative technology is buzz worthy by disrupting how workers are paid forever.

Hastee Pay