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NewsThe mark of a good employer? A payroll partnership with a credit union
The mark of a good employer? A payroll partnership with a credit union

It’s a tough time being a good employer right now.  Since 2008, most organisations have undergone major cost-cutting programmes resulting in restructures and, in the case of the public sector in particular, major job losses too.  Downsizing and a squeeze on wage costs are starting to take their toll on employees. So it probably came as no surprise that Gallup’s authoritative State of the Global Workplace study last year found that only 13 per cent of employees worldwide are engaged at work with the bulk of employees - 63 per cent - ‘not engaged’.  Even more concerning, 24 per cent are ‘actively disengaged.’  At worse, this disaffection can hit the bottom line since disengaged employees are less productive and more liable to spread negativity to coworkers.

More and more good employers are now looking at ways of supporting their staff.  And here in Wolverhampton and South Staffordshire, they are doing so by going into partnership with Wolverhampton City Credit Union (WCCU) to give employees access to savings schemes and affordable, low interest loans.  That’s really practical support at a time when most people are feeling the pinch. 

A community bank owned and controlled by its members, WCCU serves people living and working in the WV postcode areas of Wolverhampton and South Staffordshire. As it doesn’t pay shareholders or bankers’ bonuses, WCCU can pass on the benefits to its members.  Last year alone, it saved its members an estimated £665,000 in interest, charges and fees by borrowing from the credit union rather than payday lenders.  A payroll partnership with WCCU enables staff to save directly from their salary.

So why is this good for business?  WCCU’s manager Matt Goulding explains.

“Most employers will have noticed that financial problems can affect sickness levels, absenteeism, even retention. The stress of making ends meet is affecting most people.  But where employees have a payroll savings scheme with a credit union, staff are much more likely to save since a direct deduction removes their temptation to spend.  Credit union savers also get a return in the form of a dividend - last year it was two per cent which compares very favourably with high street banks.

“At the same time, employees will be less likely to take out high interest payday loans where they have access to an affordable credit union loan.

“Partnering with a credit union gives employers a no-cost benefit to employees.  But it also signals that your organisation has a real commitment to the area it serves. By increasing credit union membership through a payroll partnership, the employer is helping to reduce people’s dependence on high interest, short term loans - and that, in turn, can contribute to an area’s financial stability.”

*The following organisations have a payroll partnership with Wolverhampton City Credit Union.  To set one up in your organisation, contact Matt Goulding on 01902 572340 or email him at

•   Wolverhampton City Council

•   Wolverhampton Homes

•   Wolverhampton NHS

•   South Staffordshire Council

•   Heantun Housing Association

•   South Staffordshire Housing Association

•   Midland Heart

Find Us here:
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: