Halfords improves financial wellbeing
Automotive and cycling products retailer Halfords has announced a new partnership to improve the financial resilience and overall wellbeing of its workforce
Halfords workers will now have access to charity-backed platform Wagestream - which provides financial budgeting, savings and education through one app, built around a flexible pay cycle (also known as Earned Wage Access).
The new initiative means Halfords also becomes one of the first large employers to offer flexible pay, since a landmark study revealed the impact of different pay cycles for the first time.
Charities and campaigners behind the report said locked monthly pay has become a hidden ‘debt trap’ for working adults, calling on employers to roll out flexible pay (EWA) and financial wellbeing policies.
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.”