News
Tuesday, 22nd June 2021
Latest research shows that 72% of employees surveyed would like their employers to offer a workplace savings scheme in addition to a pension*
Payroll deduction schemes are a great addition to any staff benefits packages but as an employer what’s in it for you?
One in five people in the UK have taken time off work because of financial problems and 12% have given up their job because of the impact of financial worries.
The adverse effects of employees' financial stress are real with absenteeism, low productivity, lack of motivation, poor performance, high staff turnover and long-term sickness all reported.
Imagine losing a great member of staff because of financial pressures outside work? Wouldn’t you want to help them?
That’s where our payroll deduction scheme comes in.
Payroll deduction is a free, simple saving and borrowing scheme that helps improve employee financial well-being. The scheme provides staff with greater financial stability as they can build up their savings and access low-cost loans should they need to borrow.
Employees save straight from their salary and immediately become members of the Credit Union with all the benefits that entails – including access to free financial guidance on a range of subjects from our MoneySmart scheme.
Saving straight from your salary is a sensible option for many people especially as, once they have signed up, they don’t need to do anything – just watch their savings pot grow.
Promoting better financial health among your staff will make them happier and more productive and will make you an attractive employer to potential new staff.
Setting up and managing the payroll deductions scheme is easy as we do all the work for you. We manage and administer the accounts so there’s no pressure on your HR/payroll department and we will provide all the marketing material you need to tell your staff about the scheme.
Our payroll deduction scheme really is a win-win for you and your staff. Want to find out more? Get in touch today or see our webpage
*The Financial Inclusion Centre – February 2021
