Italian-inspired food and drink chain Coco di Mama is rolling out a flexible pay benefit that will allow all of its 270 employees, working across 23 cafes, to access their wages ahead of their scheduled paydays.
Coco di Mama has been trialling the flexible pay app, provided by Wagestream, since April 2019 and has already seen two-thirds (66%) of employees register for the benefit, with four out of five (81%) of those having used the service at least once, accessing a total of £169,000 in early wages.
The flexible pay benefit charges employees a flat fee of £1.75 per withdrawal, and allows staff to withdraw a percentage of their wages seven days a week.
For the first three months (April to June 2019) of trialling the service, Coco di Mama paid the first withdrawal fee each month for any employees who needed an early payday.
The organisation has introduced the flexible pay benefit as a method of improving its employees’ financial wellbeing, and to aid in the recruitment and retention of staff.
Alexandra Mitchell, HR manager at Coco di Mama, said: “Staff have been quick to embrace Wagestream and we’ve been amazed by the number of people who are already using the app to access their pay when they want it.
“Early indications are that Wagestream is helping our business by both increasing our ability to retain staff and improving our employees’ financial wellbeing with the advice, resources, and flexibility it offers.
“We encourage employees to be responsible with their money, and Wagestream’s tools help staff manage their finances, for example when faced with unexpected bills.”