FINANCE
Space – the team has moved into new offices on Yarm High Street
recruitment of one person who will be supported through a financial services apprenticeship . A further three mortgage and protection advisers and two financial advisers are expected to follow within the next six months .
Tony described to Tees Business what each new aspect of the group means :
INFINITY PROTECT “ We are now working with a global provider of insurance which is writing our very own personal accident policy which will be unique to us .
“ When someone buys this type of insurance , we can now provide the personal accident insurance directly ourselves . We have worked on this for months and we are on target to launch in November .
“ There is a lot of regulation and compliance to cover , but the reason we have created Protect was because we want to offer better value to the employers who we work with currently .
“ The price of the product is reduced , which allows us to pass on those savings direct to the client . We will also be able to work with other insurance brokers who can sell on the product to employers and the general public .
“ We have been approached by several employment agencies to add this to their employee benefit packages as it is a great way of those employees having peace of mind that they will have some income should they not be able to work due to injuries sustained in an accident .”
INFINITY EARLY PAY “ Infinity Early Pay is designed to change the way that those working zerohours contracts get paid . This will allow employers the opportunity to provide employee benefits that mean something to their staff .
“ With employment agencies , historically there have been a lot of zerohour contracts . There tends to be a big staff turnover because there is no reason for the staff to stay .
“ I was reading Harvard Business Magazine and came across “ early pay ” for zero-hour contracts . Employees didn ’ t have to work the weeks in hand to get the money they were owed . They could withdraw a percentage of their pay on the days they worked , which allowed them to pay for travel to attend the workplace or provide them with financial support during the first weeks of their employment .
“ For example , when an applicant starts employment at a factory and gets paid £ 100 a day , they would be able to withdraw a percentage of that pay instead of waiting until the end of the following week . That ’ s where our early pay idea came from .
“ We are working with the employment agency partners to offer it as a package to all applicants . As part of the package they will get access to the personal accident plan , access to payment solutions , early pay and then with Alpha they get free mortgage , pensions and savings advice .”
The widening approach means Infinity Finance Group ’ s increased offerings have a greater focus on helping broader society as well as the businesses they have successfully worked with over the years .
Tony said : “ The early market research we have looked at suggests that those who provide early pay in the USA and the UK have increased retention of staff by 80 per cent at places where this is offered .
“ It is also going to assist them in maintaining their credit rating . If they get an unexpected bill that comes in , and they don ’ t have enough money due to having to work a week in hand prior to getting paid , they can withdraw early and they will be able to pay that bill .
“ It ’ s financial education . The whole emphasis is to help people manage finances better . All of this education and advice access will be built into the app to allow ease of access for the client .”
Visit infinityfinancegroup . co . uk or alphaifp . co . uk for more details .
The voice of business in the Tees region | 59