GOOD FINANCIAL WELLBEING FOR YOUR EMPLOYEES

We help your employees with their financial wellbeing by helping you to encourage your employees to save more and have access to financial services designed to help improve their financial health.

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 are integrating Payrolld with Cato, allowing our employee health platform to be powered by the most anticipated challenger bank in the UK.

With Payrolld you will help your employees to save more 

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 a Cato 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 Cato 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?

We will take care of almost everything, from managing the Cato accounts, to arranging increases or decreases of savings to be deducted and provide you with statistics and marketing material through the Payrolld WebApp.

Your team will simply need to send a list of employees that participate in the scheme in a simple format CSV format. This on average will take around 10 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

When you re-pay directly from your salary you make repaying a loan easy. We will work with the

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. This will lower the risk of lending allowing them to get a lower rate for their loans.

Therefore, by borrowing through Payrolld employees will not need to resort to expensive loans.

 

Payrolld is powered by Cato and upcoming banking platform designed to with the financial wellbeing of consumers at its core. Sign up now to be part of Payrolld.

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