An employee benefit that should be a 'no brainer' for all retail employers
Why you should become a partner and all the information you need to make it happen
retailCURe are constantly searching for new partners to help us bring straightforward, affordable and trustworthy financial services to everyone who works in the retail industry. Supporting retailers are working to provide payroll deductions for their employees who are retailCURe members. This subsequently reduces payment risks and consequently borrowing rates for these members. We've been building relationships with retailers for some time and have established a timeline for each to launch our services to their employees.
Building on 180 years of success
In such a competitive environment, retailers need to retain their best staff. These days employers provide a broader range of benefits beyond traditional motivations of job content, pay and bonus incentives. The costs of recruitment and retraining to replace staff can take significant chunks out of budgets. Access to credit union services through a unique Save As You Earn scheme is a cost-neutral way to enhance your employment offering, showing your commitment to employees’ financial wellbeing.
A payroll scheme allows employers to easily deduct regular amounts directly from an employee’s salary straight into a credit union account before it reaches their bank account; representing a pain-free way to save and borrow.
As of January 2016, more than 4.5 million people work in retail or related businesses and nearly half of these are within minimum wage jobs. This means that budgets are often stretched for retail employees and many of them are financially vulnerable to any adverse change in their disposable income. Even when the average household is considered, families only have sufficient savings to meet 29 days of expenditure. There is currently an average debt of nearly £30k per adult in the UK.
A survey conducted by the trade union, Unite, found that workers are borrowing £660 a month to pay basic living costs, twice as much as 2012. These economic conditions have meant that many people are still turning to high-cost lenders to bridge the gap between wages and the cost of living. Payday and Doorstep loan companies were found to be the main type of lender advancing credit. In January 2016, the annual interest rates (APR) with these businesses ranged up to 1500%.
We want to stop this problem before it gets any worse. The retailCURe is here to help you support your employees develop better money management skills and get themselves out of debt through specialist support, advice and access to responsible financial services.
retailCURe is sponsored by Retail Trust. Retail Trust was formed in 1832 and is the only charity looking after the needs of all three million people working in, and retired from, retail and related lean-to businesses. The charity engages with retailers across the sector from major grocery chains and fashion brands to independent stores, including Morrisons, New Look and Next.