CUW Awards: Payroll Partner (Third Sector)
Credit Unions of Wales Awards – Payroll Partner (Third Sector)
The Payroll Partner (Third Sector) category in the Credit Unions of Wales Awards recognises those employers who are committed to the payroll partnership scheme.
This allows the workforce to access a host of financial services including payroll saving and workplace loan schemes.
The award is presented the payroll partner that recognises the importance of the financial wellbeing of its workforce by encouraging them to become credit union members.
The nominations for this award are:
United Welsh Housing Association
United Welsh Housing Association has been an advocate of the credit union movement for nearly 20 years.
They also have a subsidiary company called Celtic Horizons to take care of the repair aspects of the housing stock and this company is also a payroll partner with Smart Money Cymru.
This relationship is further enhanced as Smart Money Cymru deliver product awareness on various sites to peripatetic repair staff, ensuring inclusivity and increasing membership.
The credit union supports the financial services it offers at team meetings, intranet presence, on staff induction, newsletters, community events, payslip campaigns and various other promotions.
Cardiff Bus is one of Cardiff & Vale Credit Union’s most successful and longstanding payroll partnerships, they are regarded as an example of best practice.
The payroll scheme partnership has been running for 20 years, and Cardiff Bus take a pro-active role in ensuring that it is embedded in the businesses’ culture of supporting financial wellbeing for staff, with nearly half of employees being a credit union member.
Cardiff Bus allows regular credit union promotional sessions in their canteen, and help to distribute leaflets, payslip messages and posters of promotions and services available to employees.
In the past year, 66 affordable loans with a combined value of £144,340 to employees. The combined savings of Cardiff Bus employees in September 2018 is £242,313.
Bargoed-based Parent Networkis a free membership organisation established by parents for parents, given them an opportunity to air their views and influence services for families locally.
Since promoting Smart Money Cymru products and services to all staff at a team meeting, 100% of the team actively engaged and signed up to the Invisible Saver payroll deduction facility, 50% of staff have accessed the payroll preferential loan rate.
Parent Network have introduced the credit union to the small community groups for corporate accounts and individual membership.
The volunteers at the community groups act as community money champions and promote Smart Money Cymru as a safe and secure friendly place to save and access low cost ethical loans.