By offering your employees a way to save as they earn, you are demonstrating that you care about your staff and their financial wellbeing.
Enabling staff to consistently save on a regular basis and/or repay affordable loans via deductions that are made directly from their salary can have a positive impact on your staff wellbeing, while also reducing staff absenteeism and turnover costs due to financial stress.
It’s also a great way of meeting your corporate social responsibility (CSR).
1 In 4 employees lose sleep over money worries. This has a direct impact on their performance in the workplace with money worries costing the UK economy 120bn last year and 17.5million lost hours of work.
55% of employers don’t offer any support to improve financial wellbeing, but 77% of employees admit worrying about money at work, which affects productivity, talent retention and absence rates. (REBA, 2019)
So, the question is, can you as an employer afford not to invest in your staff’s financial wellbeing?
Below you will find a variety of resources including our ‘Employer Toolkit’, please feel free to download the toolkit or contact us if you require a paper copy.Â
If you feel that your business/organisation would benefit from offering your employees this wellbeing service, then get in touch with us today. This service is free and by investing in your staff, you are investing in your business.
Email: moneyworks@rwcu.co.uk Â
MoneyWorks@RightWay Let’s get started…
 No. The credit union provides this service free of charge. Â
Once an employee has opened their account, we ask that they make a minimum £10 deposit to activate their account – this is the members money. A £5 annual membership fee is taken each October.
When you sign up to become a select partner, you will be sent out an employee toolkit with all the information you need to get started. Very easy process and one of our friendly team will be on hand to assist. Setting up a single monthly exchange of data via encrypted file and a single BACS funds transfer. Â
As the employee is now a member of Right Way Credit Union, they would speak to us directly. They can set up their account online via our member area, download our mobile app by searching for ‘Right Way Credit Union’ and access their account 24/7. They can contact us by email, phone or even pop in to speak to us in one of our accessible offices. Â
At Right Way we have created an informative infomercial that can be shared with all your employees, we can arrange to visit your workplace to speak directly to your employees and we are always available to chat with your team if they wish to email or call. Â
Members should notify Right Way Credit Union. The Credit Union will contact the employer to inform them of the request to stop or amend any direct salary contributions.Â
The loan agreement is between the credit union and the employee. At no point will any personal details of a members account be discussed with the employer.Â
Yes. Right Way Credit Union is authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Regulation Authority Firm Ref: 446350. As part of the Financial Services Compensation Scheme (FSCS) your savings up to £85,000 are protected for information please click here.
As little as £10 up to £15,000. Â
Payroll Loans range from £500 to £15,000Â
Yes, we routinely use credit reference agencies. However, each loan is based on affordability and creditworthiness – not just a credit score. Â
Get in touch with us for a free MoneyWorks@RightWay Employer toolkit, alternatively if you have any questions or would like a chat, please send us a message.
Right Way Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 446350
