The CIPP encourages saving through payroll to support International Credit Union day
14 October 2015
The call by the CIPP* follows recent research conducted which showed that 55% of respondents would like their employer to offer saving through payroll.
However, businesses and payroll providers have highlighted the transfer of different forms of data to credit unions as a one of the key challenges they face. To help overcome this problem the CIPP is launching a payroll data transfer standard which will enable effective and efficient transfer of data between all credit unions. The standard has been developed by the CIPP in conjunction with credit unions and payroll professionals in order to keep users at the forefront of its design.
CEO of the CIPP, Mr Lindsay Melvin, commented: “Saving through payroll is a ‘no-brainer’ business decision which will lead to improved bottom line performance, staff motivation and retention. Development of our new data transfer standard is giant step in the right direction which will help many organisations better manage their relationship with credit unions and attract more individuals to embrace them as a viable alternative.”
In addition, many payroll service providers have highlighted their support by offering free credit union deductions – making saving via this method an even more attractive prospect.
Melvin continued: “We welcome International Credit Union Day as an opportunity to not only celebrate the great work they do but also raise awareness of and support the credit unions. All our efforts this week and beyond will help act as a catalyst to make credit unions a household name.”
There are many other benefits of offering saving through payroll, including:
- Reduction in stress and therefore associated absenteeism, ultimately improving bottom line performance
- Increased motivation and performance
- Increased loyalty and staff retention, which can lead to a reduction in recruitment costs
*The research took place during August 2015 and 2,000 individuals were surveyed.