A Payroll Deduction Guide for Employers
Stockport Credit Union provides businesses and organisations, from any SK postcode, an employee wellbeing service to encourage employees to save and borrow through their payroll instead of relying on expensive payday loans and other high-interest lenders. Quick and easy to set up, this is a great way to support your community by working with your local Credit Union whilst also supporting your workforce with the ever-increasing issues around workplace wellbeing. Join SMBC, Stockport Homes, Stepping Hill, Allied Bakery, and many more who all currently participate in the scheme.
Looking after our financial wellbeing is an essential part of everyday life, but it becomes even more important when faced with huge challenges like Covid-19.
It’s understandable that employees will be feeling particularly worried right now – not just about what the future holds, but how to manage their day-to-day bills, with nearly a third of people forced to dip into their savings since the crisis hit.
Now, more than ever, it’s vital that businesses have the right resources in place to support their employees.
Stockport Credit Union can help with that. Our free-of-charge payroll deduction scheme allows you to offer your employees accessible affordable credit and a way to save that benefits the wider Stockport community. We already provided our payroll deduction service to some of the biggest employers in Stockport including.
- SMBC
- Most Stockport schools
- NHS Stepping Hill
- Stockport Homes
- TotallyLocal Company
- Borough Care
- Nexperia
- Seashell Trust
- Care in Mind
- Pure Innovation
- Disability Stockport
- Oneandall School wear (formerly Rowlinsons)
- Age UK Stockport
- Allied Bakeries
Why should we implement a Payroll Deduction Scheme?
The impact of financial stress in the workplace may not be immediately obvious. However, employees experiencing financial difficulties – e.g. through debt and unaffordable loan repayments – may experience negative effects on their home life, their mental health, and even their physical health.
All of these issues are likely to affect their productivity at work, often causing an increase in absenteeism.
Stockport Credit Union is committed to improving financial education within the community and is here to help you support your workforce.
What are the benefits of the Payroll Deduction Scheme?
There are many benefits to implementing a payroll deduction scheme including:
- Working locally with Stockport Credit Union will contribute favourably towards your Corporate Social Responsibility.
- It’s a great thing to do for your staff but it also benefits your local community.
- It’s a free of charge addition to your advertised staff benefits package.
- The potential to reduce employees’ financial stress & absenteeism.
- An opportunity to demonstrate an ethical culture within your organisation.
- Named point of contact (our Community Engagement Manager) who will visit premises and add value to staff events e.g. through money saving presentations.
- Provides an opportunity for positive publicity through marketing/social media via collaboration with Stockport Credit Union which, in turn, is recognised for its excellent work in the community.
Lastly, money invested in Stockport Credit Union is loaned out within Stockport. Any profit made is reinvested and shared out as an annual dividend keeping money in our local economy.
How to Join the Payroll Deduction Scheme?
To find out more about signing your company up to the Payroll Deduction Scheme please contact our Community Engagement Manager Clare Davis at clare.davis@stockportcu.com or call us on 0161 530 5808.
Pure is passionate about investing in their workforce and do this in a wide variety of ways. The credit union offers an easy accessible means to save and borrow money in a managed, safe way.
– Pure Innovation