GOOD FINANCIAL WELLBEING FOR YOUR EMPLOYEES
We help your employees with their financial wellbeing by helping you to partner with local or industry related social finance companies.
Find out how we can help your employees today.
The Poor Financial Health Of Your Employees Has A Negative Impact On Your Business
You most likely already offer your employees benefits as part of their salary packages. You may offer them health insurance (to help them when they get sick), a company car (to help them commute to work), and even theatre tickets (to help them relax in their spare time).
But what is often overlooked is the financial health of employees. Yet the financial health has a major impact on your business. Many employees who are faced with financial problems are:
- Less productive – financial issues can be a huge distraction on employees while undertaking their duties.
- Less motivated – financial strain can mean that employees are less motivated to complete tasks or perform well.
- More likely to be off sick – stress is one of the biggest causes of absenteeism in the UK.
- More likely to move jobs regularly.
Helping Your Employees With Their Financial Health Helps Your Business
By giving your employees help with their financial health you help create a workforce that is:
- More loyal
- More motivated
- More productive
- Less absent from work
Offering employee benefits that assists the financial health of your employees is an attractive package for prospective employees, helping you to recruit the best workforce for your business.
Most importantly helping your employees with their financial health helps them to live a happier life with greater opportunities.
How To Help Your Employees With Their Financial Health?
We have teamed up with social financial service providers to help your employees save more regularly and to decrease the amount of debt.
We do this by our partners providing you with two main services:
- Providing payroll deduction savings scheme where your employees save directly from their salary.
- Providing affordable and ethical loans for when they need a little extra.
Click on each section to find out how the payroll deduction scheme works.
Saving Straight From Their Salary
With our partners’ payroll deduction saving schemes your employees will be able to open an account and save a portion of their salary each month (or whenever your payroll date is).
For example, you pay your employee £1500 per month, of which they wish to save £200 per month.
The £200 will be paid straight into their savings account, while your the remaining £1300 will get paid to the employee as usual.
Your employees decide how much they wish to save and can change this amount at anytime.
What Will You Need To Do?
Our partners will take care of almost everything, from managing the savings accounts, to arranging increases or decreases of savings to be deducted and provide you with statistics and marketing material.
Your team will simply need to send a list of employees that participate in the scheme in a simple format that our partners will send to you. This on average will take around 15 minutes per month.
How Your Employees Financial Health is Helped?
Your employees will save little but regularly every time you pay them their salary. This will allow them to build up their savings, so whether they want to save for a holiday, a new car, or simply for a rainy day, they will have savings available to them.
Making Saving Easy
We are helping you to make saving regularly very easy for your employees. Most employees who participate on payroll deduction scheme finds that they “unconsciously save” therefore do not spend their savings with our partners.
Typically this means that employees are pleasantly surprised by the hundreds and thousands that they save via the payroll deduction scheme.
More Savings Mean Less Financial Trouble
More savings means that employees do not need to resort to borrowing. This means they are far less likely to be under financial stress and for times when they may need a little extra, they will have a pot of savings to help.
Repaying Loans Directly From Salaries
Most of our partners are ethical social finance companies providing employees with affordable loans.
How Does It Work?
If your employee borrows a sum from our partners they will have the option to repay the loan directly from their salaries.
We work with local credit unions and social finance companies to provide you this service for free. Fill in the form below and we will match you up with the best partner.