Why should employers start a payroll scheme?
Starting a credit union payroll scheme is a perfect low-cost way to reduce absenteeism and increase productivity by boosting morale. It can also help a business reach their corporate responsibility goals.
Debt and money worries have been shown to cause stress, which in turn is the leading cause of sickness throughout British industry, so it makes sense to look after your employees. By helping them save a small amount regularly and have access to affordable loans, they’ll be less stressed about finances and able to focus more on work. The feeling of being looked after by an employer can also increase staff retention, as they feel more motivated, more valued and consequently, less likely to leave their job.
A payroll scheme is usually free to set up and there is minimal admin involved in arranging staff deductions. All services are managed directly by your credit union, free of charge from them and they accept full responsibility for the scheme’s operation. Many can even create tailor made packages to suit the needs of individual companies.
- Strengthens Corporate Social Responsibility
- Helps employees cope with any financial distress or unexpected costs
- Provides a valued staff benefit for minimal cost
- Helps with recruitment and retention of staff, building employee loyalty
- Reduces stress levels and resultant absenteeism
- Money invested in a credit union benefits your local community, not private shareholders.
Furthermore, setting up a credit union payroll deduction scheme puts you in excellent company. Here are just a few of the major UK employers who already offer their workforce a scheme through a credit union: