In a sector challenged by high staff turnover, increasing agency costs and economic pressures, CoolCare recently teamed up with Wagestream to host a webinar focused on supporting care providers through financial wellbeing, which in turn can enhance recruitment, retention and overall operational performance.
The webinar, hosted by Iain Corrigan, Commercial Director at CoolCare, alongside Wagestream’s VP of Strategic Partnerships and Healthcare, Alex Ramamurthy – a prominent sector voice and former CEO of the Care Workers’ Charity, also explored how Wagestream’s financial wellbeing platform integrates with CoolCare’s time and attendance system.
Here’s how they empower care providers and their staff with the tools to manage wages and finances more effectively:
tackling financial stress in the care workforce
Alex opened the session with a heartfelt story about Jackie, a care worker who turned to the Care Workers’ Charity after suffering PTSD and financial hardship. Jackie’s experience, he explained, is unfortunately common:
“One in three (30%) care workers are financially excluded, meaning they can’t access even basic financial products. Many don’t have £300 in savings. This isn’t a nice-to-have issue – it’s an urgent need.”
With 57% of UK employees reporting worsened mental health due to money worries, Wagestream’s mission is to end financial stress for frontline workers. The platform aims to do this by giving staff real-time access to wages, budgeting tools, savings features and affordable credit – all within a single, user-friendly app.
benefits of wagestream for care providers
Wagestream differs from traditional financial tools as it is specifically designed for large workforces, deeply integrating with care management systems like CoolCare. The platform includes several key features, such as Earned Wage Access (EWA), which allows staff to access a portion of their wages as they earn them, helping them avoid payday loans or financial shortfalls. A savings tool that enables staff to set up high-interest savings accounts with as little as 1p, offering a 4.33% interest rate with full FSCS protection.
Smart budgeting features are built into the platform, helping employees better manage their finances through interactive payslips and financial coaching. Wagestream also provides discounts on retail and grocery purchases, enabling staff to stretch their wages further.
Alex added: “What’s particularly beneficial for care providers is that Wagestream’s platform comes at zero cost to employers. The system is fully automated through API integration with CoolCare’s time and attendance data, meaning there is no additional administrative burden for providers.”
easy Integration with coolcare
The partnership between CoolCare and Wagestream means care providers can implement these financial tools quickly and easily. Through biometric clock-in systems and live timesheets, staff earnings are automatically tracked and updated, ensuring complete accuracy when accessed through Wagestream.
Iain explained: “When staff clock in and out using our biometric or fob devices, the system automatically generates live timesheets linked directly to Wagestream. This allows staff to see exactly what’s happening in real-time.
“The key advantage here is the ability to ensure that the person clocking in and out is indeed who they say they are, at the right time and location. Whether they are working across multiple homes with varying pay rates, everything is captured live and accurately.”
Unlike traditional timesheet systems, this integration guarantees that the wage figures displayed by Wagestream are fully accurate, providing both transparency and reliability for care providers and their teams.
driving results in care with wagestream
The webinar also showcased success stories from care providers already using Wagestream. For example, Bupa saw a 32% increase in overtime shifts after rolling out Wagestream, as staff opted to pick up extra hours for faster pay access. Anchor reported that almost two-thirds (63%) of enrolled staff set up savings accounts, many of them for the first time.
HC-One achieved a remarkable 70% adoption of Wagestream across its 20,000-strong workforce, collectively saving over £4 million.
Alex said: “According to our recent survey care staff using Wagestream reported significant improvements in their wellbeing, with almost nine in 10 (86%) saying they feel less stress, 19% experiencing better sleep and 90% feeling more positive about their employer.”
Wagestream also reports that care staff using the platform visit the app on average 21 times a month.
future of financial wellbeing in social care
As economic pressures continue, care providers must find innovative ways to support their workforce. Financial wellbeing is fast becoming non-negotiable – not just for staff happiness, but for business performance.
CoolCare and Wagestream’s partnership puts providers in a strong position to attract and retain the best talent while demonstrating care and responsibility for their workforce’s wellbeing.
Alex concluded the webinar by stating: “Wagestream isn’t a payday loan. It’s a fair, responsible and empowering way to give staff more control over their finances. And thanks to our integration with CoolCare, it’s never been easier for care providers to implement.”
To dive deeper into the insights and see how CoolCare and Wagestream can support your organisation, watch the full webinar recording here: https://coolcare.co.uk/webinar/boost-retention-attract-talent-learn-how-to-bring-financial-wellbeing-to-your-care-workforce/
For more information on how to integrate Wagestream with your CoolCare system, get in touch with the CoolCare team.
