What is it?
The Salary Savings Scheme is a way for people to save via they payroll. Through a partnership between employers and Beacon Savings & Loans, employees can request an amount from their salary sent to Beacon for their savings.
Habit Forming
The Salary Saving Scheme offers an automatic, no-cost benefit to employees helping them to save regularly, directly from their payroll. This supports employees to build financial resilience, reducing financial stress and improving overall workplace wellbeing.
Set and Forget
Using Payroll deductions enables employees to use a set and forget method of savings, which can help them to build up a financial safety net and savings pot, without the need to set up external transfers.
Full of Benefits
Being a member of a credit union gives your employee access to our others products and services, such as:
- Christmas Savings Club
- Junior Savers for Children
- Affordable Loans
- Life Cover at no cost to the employee
Huge Burden
A lack of Financial Wellbeing can be a huge burden for people to carry. Over 20% of people in work have less than £100 in savings, this can lead to an increase in financial stress and anxiety. Stressed employees, often require more time off work. They will seem distracted when working and generally less happy than those without money worries. In fact, financially stressed employees take, on average, five more sick days per year than other employees.
This adds a greater stress upon to the rest of your employees.
How a Salary Saving Scheme can help
By setting up a salary saving scheme via Beacon Savings & Loans, your local credit union, you can:
- Enhance Employee Productivity: Reducing Financial Stress helps employees stay focussed, improve performance and decrease absenteeism.
- No Cost to the Employer: Offering this benefit can reduce requests for pay advances. Employees can gain access to other products and services offered. All Employees need to do when deducting these amounts to Beacon is to fill in the amounts and names on to a spreadsheet and send over the payment. We take care of everything else.
- Improved Retention and Loyalty: Employees value this supportive and ethical benefit, fostering greater job satisfaction and commitment.
- Strengthened Local Economy: Partnering with Beacon keeps funds within the community, boosting local financial health and sustainability.
Who are we?
Beacon Savings & Loans is a community focussed financial cooperative, known as a credit union. Many people in Halton will also know us by our former name, Halton Credit Union.
We’re dedicated to offering fair, ethical services, including savings accounts and affordable loans, to help our members thrive. With our Salary Saving Scheme we are empowering financial security for employers and employees.
About credit unions
Credit unions are member-owned organisations where people with a shared connections (such as living or working in the same area) come together. As savers we pool our resources and allow other members to borrow in ethical and affordable ways. We provide financial services that benefit the community, not external investors, and this keeps money circulating locally.
Our Objectives
Promote Savings
Encourage regular saving to build financial security
Provide Ethical Credit
Offer affordable loans to avoid high-cost lenders.
Share Profits
Return surplus to members through dividends and community reinvestment.
Financial Education
Help members improve their money management skills.
Community
We are proud to be a part of our communities and regularly give time back.
Our Vision
As a not-for-profit, ethical organisation, we aim to strengthen community connections, raise awareness, and give back more. We work together with members and like-minded organisations for a greater impact.
Our Purpose
Our purpose at Beacon Savings &Loans is to make a difference in the lives of our members, employees and wider communities.
We do this, primarily through the provision of ethical financial services. We will also engage with our communities and work with partners to improve our communities for everyone. We aim to be a beacon in social and ecological needs and will use our position to highlight and influence those causes that fit with our mission.
Part of the solution
Our team are dedicated to improving our communities, locally and wider. Many of our team give their time to causes that mean something to them, from the foodbank to a local nursery.
We help out at a local community café each Christmas to serve food to members of the public.
We know that the environment is important to our members, it’s important to us, too. We have reduced the use of paper within our offices by over 60% and we plant a tree for every new member that signs up. By being a member, you are being a part of a positive change in the world.
Ready to become a partner?
If you’re ready to become a partner and give your employees access to ethical savings and loan products to suit their needs, please fill in the details below and we will get in touch with you to have a chat about it all.