Evidence shows that people are much more likely to have a savings account when their employer has a Salary Savings Scheme with the Credit Union. Financial wellbeing is not only good for employees but, by reducing the stress caused by money problems, employers can benefit too.
Research shows that it can cost over £30,000 to replace a member of staff. When staff are pre-occupied by money worries, they are not focusing on their work and performance will suffer. In addition, it can lead to higher sickness levels, absenteeism, and staff turnover.
Requests for salary advances and loans from employees under financial strain can create difficulties for organisations, as well as more work for payroll officers if the requests are granted. Stress poses a risk to most businesses and compensation payments for stress are increasing. It’s important therefore for employers to meet the challenge by dealing with excessive and long-term causes of stress.
By signing up to our Salary Savings Scheme, employers can help provide the financial stability employees need to do their job to the best of their ability.
The scheme helps employees in a number of ways, primarily by encouraging saving as a way of preventing over indebtedness. It offers support to staff who need assistance with things such as budgeting, and crucially, offers a low cost source of credit which can greatly reduce the cost of borrowing at those times when it is necessary.
Credit Union Director Elisabetta Berteroe said: “It’s a win-win situation for employers and employees with our Salary Savings Scheme. It is so easy for employees, as savings contributions and loan repayments are deducted directly from their pay packet, which means they cannot forget payments or get tempted into spending the money on something else. For employers, it provides peace of mind that your employees are benefitting from financial support, helping to reduce stress levels and allowing them to focus on the job.”
If you are an employer looking to improve the wellbeing of your staff, or if you are an employee and you would like us to approach your employer to offer a Salary Savings Scheme, then do get in touch.
To find out if your employer already offers a Credit Union Salary Savings Scheme, click here.