Why become a Payroll Partner?

What is a Payroll Partner?

A Payroll Partner is any Scottish Registered Charitable organisation that has set up a workplace savings and borrowing plan with the SCVO Credit Union.

Why become a Payroll Partner?

Offering team members access to the SCVO Credit Union as part of your overall benefits and rewards package, not only supports your recruitment strategy, it also plays an important role in retention.

It demonstrates that your organisation care and values your people. And gives your people a sense of belonging and of feeling closer to your organisation. In turn, this increases morale and productivity. It’s a win-win all round.

Why should I encourage my people to join?

The benefits to both your organisation and your people are significant. In the UK, 40% of workers have money worries which impacts their performance at work. And no wonder. People with money worries are 9 times more likely to have sleepless nights – and nearly five times more likely to experience depression.

The upshot of this is that the cost of poor financial well-being amongst employees has been estimated as being up to an estimated 17% of an employer’s payroll cost.

Encouraging your employees to join the SCVO Credit Union will give them better control over their finances, through sensible saving and responsible borrowing.

We know that employees who make regular savings from their salary say that they wouldn’t save otherwise.

Download our Financial Well-being Fact Sheet for more information