They were some of the most awkward conversations I ever had as a young Human Resources professional . . .
Employees who, in embarrassing moments for everyone involved, had come in to HR to see if the company could give them an advance on their pay.
The reasons varied.
The car had broken down leaving them stranded with no way to get to work; a sudden illness in the family; some other sad, unfair cause of stress for a valued member of the team.
Solving Employee Cash Flow Problems – Wagestream
For all the public controversy that continues to swirl around payday loan companies and their vicious interest rates that can hit more than 5,000% in some cases, there’s still an underlying issue that gets forgotten about: the strain on the individual employee who desperately needs the money.
The financial strain was even addressed in the excellent US best-selling autobiography, Hillbilly Elegy, by J.D. Vance.
That’s why I was very interested to talk to Adam Hankin at Wagestream, a new alternative to payday loans.
“A few months ago, Wagestream didn’t even exist, yet they now offer their financial support to over 30,000 employees.”
A few months ago, this HR tech company didn’t even exist, yet they have grown so rapidly that they now make their financial support available to over 30,000 employees in well-known companies across the UK and, soon, beyond.
Not only that, they’ve also gained funding from some of the biggest names around, including Village Global, a venture capital fund backed by Bill Gates and Jeff Bezos.
Adam and I talked about how to launch a new HR startup and about the inside story of Wagestream’s rapid growth. Continue reading