Employers are increasingly aware of the benefits of supporting the financial wellbeing of their members, which can include reduced stress and consequent improved productivity. Payroll deduction schemes delivered by credit unions present a way of offering savings and borrowing facilities from a trusted partner with relatively straightforward operational implications. Credit unions with industrial common bonds have long provided these services by working with employer partners, and many have expanded their common bonds to employee groups beyond their original base. Increasingly, community credit unions are also seeking to offer payroll deduction services to employers.
Some credit unions have found it hard to engage potential employer partners to discuss this opportunity, while some others who have managed this first step then struggle to attract many employees into active membership. In this episode of Talking Credit Unions, Chris Smith interviews several credit union leaders with experience of payroll deduction and a specialist private sector provider, to understand how credit unions can best attract employer partners and develop the membership with a payroll deduction scheme. Listen to the podcast here.
With thanks to the contributors – Billy Doyle (Dundalk Credit Union), Ann Hickey (East Sussex Credit Union), Carol McHarg (1st Alliance Credit Union), Luke Mellard (Salary Finance Ltd), and Roger Shelton (TransaveUK Credit Union).
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