Boost staff benefits by becoming a Credit Unions of Wales payroll partner
In Wales, more than 140 employers offer their staff access to savings and loans with a credit union as a perk of their employment.
This helps thousands of people save straight from their salary to pay for a big occasion like Christmas or create the security of a rainy-day fund for when life throws up unexpected expenses.
Staff financial wellbeing
Becoming a Credit Unions of Wales costs the organisation nothing, and offers staff a perk to help improve their financial wellbeing.
As a Credit Unions of Wales Payroll Partner an organisation gives staff an easy route to fair and ethical savings and loans, while also supporting the wider community because, as financial co-operatives, credit unions plough profits into providing services to all of their members.
From a business point of view, employees facing financial stress are more likely to suffer from poor work performance, lack of engagement, mental health issues and staff absenteeism.
According to research, financial stress and absence costs the UK economy around £120.7 billion and 17.5 million hours every year.
A study by the Chartered Institute of Personnel and Development found that money worries were the biggest source of stress to UK employees.
One in four employees said they had lost sleep over money troubles in the last year, one in 10 said that they couldn’t focus on work and six percent said they had had to take time off work because of financial stress.
By making it easy for staff to access fair and ethical savings and loans, an employer is helping their financial health.
For a staff member, setting up a payroll savings account is easy: They decide the amount they would like to save and it is transferred direct from their salary into their credit union savings account.
Along with saving, staff working for a Credit Unions of Wales payroll partner can access fair and ethical loans through the scheme, and repay it directly from their salary in the same way. This takes away the headache of missing a repayment.
To ensure staff confidentiality, when loan repayments are made, HR will not know whether the staff member is saving or repaying a loan with the credit union.
Credit unions not only offer fair rates of interest on personal loans but interest is charged on the reducing balance of the loan.