Advinia introduces ‘income-streaming’ for staff
January 7, 2020
Advinia Health Care has become one of the first UK elderly care providers to introduce ‘income-streaming’ for its workforce.
The Wagestream app allows Advinia’s 4,500 staff members to draw down a proportion of their pay as they earn it rather than having to wait until the end of the month. This, says Advinia, reduces financial stress for employees and helps them avoid the need to use costly payday loans.
Advinia Health Care founder Dr Sanjeev Kanoria said the new scheme would be a huge help to its army of carers.
“The system will give our colleagues much more control over their day-to-day finances and remove unnecessary stress from their lives,” said Dr Kanoria.
“In 2020 people are demanding more and more of this type of financial flexibility and we want to be the first of the big social care providers to make this available to our colleagues.
“As a result, we’re confident that Wagestream will help with the recruitment and the retention of the best staff, which is good news for residents.”
There is a £1.75 transaction fee each time a staff member uses the service but no interest payments are involved in the system. Advinia also pays a monthly fee for each employee who enrols in the scheme.
Peter Briffett, chief executive and co-founder of Wagestream, said the system made it easier for care providers to fill rotas because income streaming restores the direct connection between work and pay.
“Our data shows that workers enrolled in the service choose to work 22% more hours on average,” said Mr Briffett.
“That’s because staff see an immediate financial benefit from completing a shift. This is the power of re-establishing a direct link between work and wages.
“I have no doubt that by investing in the financial wellness of their staff and adopting this technology, Advinia will be seen as a pioneer of the social care sector. The benefits of income streaming are undeniable, and it is only a question of time before it becomes the norm for all health and social care companies.”
About Advinia Health Care
Advinia Health Care operates 37 care homes providing the full spectrum of care services.
The senior management team has been involved in care since 1999 and was founded by Dr Sanjeev Kanoria in 1999 with his wife Sangita. Dr Kanoria is a liver surgeon and is also deputy chairman of Anadi bank, one of the largest banks in Austria. He is also building a 400-bed hospital in Mumbai.
The Kanoria family operates through the Kanoria Foundation and employs more than 40,000 people and covers areas such as telecommunications, health, and finance. The businesses create socio socio-economic value, build communities, and establish sustainable livelihoods, with a focus on pan-India grassroots development, healthcare, empowering disadvantaged local communities, geographies, and building infrastructure.