Benefit Your Business With Payroll Partnership

Credit Unions of Wales are encouraging more employers to become a payroll partner for the benefit of their workforce business, and the wider community.

In a fiercely competitive job’s market, employers need to find new and innovative ways to draw job applicants by offering them cost effective perks.

Payroll deduction scheme allows them to save regularly or pay off an affordable low-interest loan directly from the wage packet.

More than 140 businesses and organisations offer these benefits as credit union payroll partners.
Here’s four good reasons why every employer in Wales should become a payroll partner:

1. It’s free.
In a world where very little is free, payroll partnership comes without any hidden costs or onerous administrative chores to fulfil. Employees look for jobs with a competitive pay and a good working environment when decided which company to apply to. So while benefits like flexi working and holiday allowance can cost an employer, payroll partnership is free and adds a lot of value to the business

2. Welsh Government are championing it
Leading politician Jane Hutt has called for Wales to become a ‘credit union nation’. The Assembly Member, who is a Patron of Credit Unions of Wales alongside actor Michael Sheen believes that credit unions are the ethical choice for all. By joining credit unions, employers are helping to safeguard their staff from falling victim to payday lenders or loan sharks because Payroll Partner schemes offer staff the opportunity to repay a manageable and affordable loan directly.

3. Benefits staff productivity
According to research countries where credit union employer partnerships are commonplace, there is a direct link between employees’ financial wellbeing and their productivity. A study by the Chartered Institute of Personnel and Development found that money worries were the biggest source of stress to UK employees. A financially stable workforce results in less absenteeism, less turnover in staff, and lower employer benefits costs.

4. Helps meet your Corporate Social Responsibility objectives
Credit unions are social enterprises who are dedicated to improving their community through financial empowerment and education. By partnering with a credit union, employers are also investing in this. Staff who save with a credit union are helping their own community because as financial cooperatives, those savings and a portion of the profits generated are invested back into the local community by operating school saver schemes and providing low-cost affordable loans to others.

Credit unions are financial mutuals owned by their members, which creates a level of trust not found with other financial institutions. Employers can trust that their staff’s financial wellbeing will be put ahead of the credit union’s profit margin.

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