Why did Next need Stream?
Recent engagement surveys revealed financial wellbeing as a key area where employees felt the pressure most. This insight inspired Next to create a comprehensive financial wellbeing policy in collaboration with Stream.
By integrating academic research into this policy, they took a strategic approach that enables the alignment of various financial support elements into one cohesive framework.
What challenges did Stream solve?
Next's financial wellbeing programme, anchored by Stream, offers a diverse suite of tools designed to address everyday financial challenges. These include:
- Saving Solutions: Helping employees build financial resilience.
- Flexible Pay: Providing flexibility to access wages when needed.
- Coaching and Budgeting Support: Empowering individuals to make informed financial decisions.
- Benefits Checker: Identifying eligibility for additional support.
Together, the system spans everything from daily essentials like budgeting and shopping to unexpected expenses that call for flexibility and financial peace of mind.
What measurable outcomes were achieved?
The impact of the financial wellbeing programme has been significant:
What was the business impact?
The flexibility offered by the programme has created a profound positive impact. Andrew Jurd, Head of HR for Retail, shared:
" It's about support for day to day things. It's about getting your shopping. It's about budgeting and financing. It's about being able to draw down on money when you need it. Flexibility."
Through this initiative, Next has demonstrated its dedication to fostering financial stability and providing tools to help employees thrive. The comprehensive approach not only benefits individual employees but also contributes to a supportive and engaged workplace culture.
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