Cardiff Bus wins award for supporting financial wellbeing of staff
Cardiff Bus has won a national award for encouraging more than 560 staff to save and borrow responsibly from their local credit union.
The company received the Credit Unions of Wales Payroll Partner title due to their successful 20-year-long partnership with Cardiff & Vale Credit Union.
Their payroll partnership is regarded as an example of UK best practice as it illustrates Cardiff Bus’ commitment to supporting the social welfare of the workforce by allowing them to access a range of affordable financial services from their community-based cooperative.
Jen Doody, HR Director of Cardiff Bus said: “We take a pro-active role in ensuring that payroll partnership is embedded in our business’ culture of supporting financial wellbeing for staff.
“With more than 40% of all current Cardiff Bus employees, being a credit union member, it shows our commitment to promoting financial wellbeing to the entire workforce.”
This proportion of participating staff from Cardiff Bus is exceptional in the UK. As a comparison, the recent UK trial opt-out payroll schemes are reporting 40% average – Cardiff Bus is exceeding this even as an opt-in scheme.
Leanne Herberg, Chief Executive of Cardiff & Vale Credit Union said; “Cardiff Bus staff are also pro-active in recommending us to their family and friends, helping us expand our reach beyond the organisation to the wider community, through effective word of mouth.
“Their commitment to securing the financial welfare of their workforce by providing them credit union membership as a perk of employment is incredibly important to the ethos of the entire company”.
Tom Owens, Manager of Progress Systems Ltd who sponsored the event said: ““The Credit Unions of Wales Awards illustrate the commitment and dedication of businesses, workers, organisations, members and volunteers towards the global credit union movement.
“It shows how credit unions are building communities and helping people manage their finances for a better future.”
The Welsh Government’s Minister for Social Justice Jane Hutt said: “Credit unions offer an ethical and affordable way of saving and borrowing for us all. They are a way we can contribute as a community to support those who are experiencing hardship, debt and poverty. This is more important than ever in light of the current cost-of-living crisis
“We can all help underpin this ethical borrowing and saving service for those who need it as an alternative to payday loans.
“I believe that together we can make a huge difference to the financial wellbeing of people across our nation.
“Congratulations to all of the winners for all they do to further the incredible work of ethical savings and loan providers across Wales.”
Thanks to the ongoing support of Welsh Government, the Credit Unions of Wales Awards took place at The Pierhead on Cardiff Bay before an audience of almost 100 guests.
There were eight categories with a winner and highly commended named for each. The awards were presented by BBC broadcaster Roy Noble OBE.
The Credit Unions of Wales Awards took place on International Credit Union Day (Thursday 20 October).
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