Interested in becoming a Supporting Employer partner?
Salford Credit Union has agreements with organisations across Salford and North Manchester supporting their employees to save with us direct from their salary.
This keeps it really simple for employees: their money goes direct to us and they are not tempted to spend rather than save!
What all our supported employees have in common is that they all continue to save regularly. Many tell us they would not do this if they did not save by payroll deduction.
Becoming a Supporting Employer- benefits for you and your staff
Being worried about finances and debt is a big problem for both employers and workers. We all know that debt worries can cause stress which can affect mental health and may lead to absence from work or a drop in productivity.
But when employees know they have access to regular savings or lower cost loans this helps their financial stability and they see this as a real benefit.
Evidence shows that people are more likely to save regularly if their employer has a payroll scheme with a credit union: the Chartered Institute of Payroll Professionals study (2014) showed that loans not paid (delinquent) were less than 1% through payroll against nearly 8% with other repayment methods.
If you become one of our Supporting employers then your employees will be able to save direct from their salary, with minimal effort.
Helping you as an employer
- You will be able to offer a staff benefit with minimal input from your company- a real incentive for staff recruitment and retention
- We do not charge for this service
- The administration required for setting up and running the service is minimal
- We will work with you to help raise awareness of the scheme with your employees
- You will be providing a way of helping your employees manage their money
- Your employees will be building and having access to loans which can be a real help in emergencies
- You will be helping to keep money in the local economy
- The scheme can help you deliver your Corporate Social Responsibility values and objectives
A simple scheme to administer
The Payroll scheme is simple to administer. All that is needed is:
- A schedule of deductions
- Arrangements for promotion of the service- via your internal information channels
- One BACS transfer per pay run
- Forms to be sent to agreed contacts within Payroll using an agreed method
- Any new Payroll members or amendments to be dealt with by the Credit Union, minimizing work for your payroll department
Helping your employees
- A convenient and safe method of saving
- Savings or loan repayment get taken out on pay day so savings build up automatically
- Part of a scheme which gives access to affordable loans- a real alternative to those lenders whose adverts are attractive but costs are high!
- Able to benefit from specific promotions just for Payroll members
Current Supporting employers
Employees of the following organisations who live or work in Salford, North Manchester and Prestwich (see map) may pay into the credit union by payroll deduction
- Salford City Council
- Salford Community Leisure
- Salix Homes
- City West Housing
- Pennine Acute Hospital
- Manchester Mental Health & Social Care Trust
- North Manchester General Hospital
- Salford Royal NHS Foundation Trust
- Aspire for Intelligent Care & Support
- Salford Clinical Commissioning Group
Services for our current Supporting Employer partners
Promoting the benefits within your organisation
We want to work closely with all our Supporting Employers to raise awareness of Credit Union Payroll membership and promote the benefits of joining.
Each of the Supporting employers are different so the Credit Union will want to work with you to develop an individual plan which suits you. This could include:
- attendance at induction events
- presentations at team meetings
- lunchtime canteen visits
- material for noticeboards, intranets and staff areas
- articles for employee newsletters
To discuss suggestions for your organisation, please contact us on 0161 686 5880 or email firstname.lastname@example.org