Employers who prioritise employee financial wellbeing - putting it into practice

Over the last few months, Sheffield Credit Union has been working more closely with local employers to promote the benefits of financial wellbeing to the overall wellbeing of their employees.  We know times have been difficult, with so many demands on time, but putting wellbeing on a back-burner is never a good idea.  Without paying attention to wellbeing, productivity can drop, turnover can increase and we can find that we are trying to do more with less people resource.  It's also the right thing to do - make sure your employees are well and supported.

Sheffield Teaching Hospitals are one of our employer partners.  Sharing the information we provide to them on ethical savings and loans, and making them easy to access due to our simple system of payroll deductions, has proven to help more of their employees, most of these key-workers, to find support for their financial wellbeing.

Within less than a month, 50 new employees decided to try out what we offer, by joining online.  Paying in through payroll deductions is so easy, because the money isn't really missed if it never hits your normal bank account, and you learn to budget without it.  At the same time, you may be affording that renovation you never thought you'd afford, buying a more long-lasting replacement for your broken washing machine or just spreading the cost of uniforms for the new school year when you find out how much the kids have grown during lockdown!  You may be saving up to make Christmas easier this year, or to hold that celebration with family when all these restrictions end.

If you would like your employer to offer payroll deductions to help you save and/or access affordable loans, then send an email to payroll@sheffieldcreditunion.com and we will contact your HR department to put the scheme in place.  You can even join without this in place, and pay by standing order from your bank.  Either way, you can save without really noticing.

One of our members, Amanda, told us: “Having an account with SCU has changed the way I save. I primarily save for Christmas but I also have a set amount that goes out weekly. As it goes straight out, I get used to doing without it. It’s very nice also being able to log on and see how my savings are building up”.