Two Glasgow institutions join forces with leading credit union to support employees’ financial wellbeing

15/08/2023

SCOTTISH Opera and the Royal College of Physicians and Surgeons of Glasgow have partnered with Glasgow Credit Union, one of the UK’s largest and most successful credit unions, to support the financial wellbeing of their staff. 

Recent data revealed a staggering 80% of employees believe that stress around financial wellbeing can negatively impact performance in the workplace, highlighting the need for employers to implement an effective wellbeing strategy to reduce financial pressures. This in turn can lead to improvements in overall workplace performance.

With a combined workforce of over 350 employees, the two Glasgow institutions have signed up to Glasgow Credit Union’s Employer Partner scheme that offers employees access to the credit union’s competitively priced loans, savings, and mortgage products via salary deductions, at no additional cost to the organisation.

Employees can also benefit from the credit union’s ‘Financial Wellbeing Hub’ which offers free financial advice and planning, as well as regular financial education workshops on a range of topics from budgeting to financial terminology to credit scores.

The scheme, which has been in operation for over 30 years, now has over 117 Employer Partners in West and Central Scotland across multiple industries including property, public sector, education, media and leisure. 

Orla Hoeck, HR Director for Scottish Opera, said: “We are continually looking at ways to enhance our employee benefits offering to ensure that we continue to attract and retain staff of the highest calibre.

“We’re delighted to partner with Glasgow Credit Union as we focus on incorporating financial wellness into our internal wellbeing initiatives. We’ve already seen fantastic engagement levels from staff who are taking advantage of the opportunity to save directly from their salary.”

Linda Irvine, Deputy CEO and Director of Membership and Engagement at the Royal College of Physicians and Surgeons of Glasgow, said: “The health and wellbeing of our people is a top priority. 

“We’ve always invested as an organisation in the physical and mental wellbeing of our team, and now more than ever we want to inspire our people through financial understanding, education and wellbeing. 

“Joining Glasgow Credit Union’s Employer Partner scheme, for no cost, was an obvious choice to enhance our existing benefits package. We’re excited to introduce this to our employees so they can take advantage of the exclusive member-only products on offer.”

Paul Rytel, Business Development Manager at Glasgow Credit Union, said: “Our Employer Partner scheme has been helping employees across West and Central Scotland manage their finances to minimise financial stress in the workforce for more than 34 years.

“Given the well-established link between money worries and stress, we believe that financial wellbeing should be considered as a core component of any benefits package. Our scheme provides organisations with a comprehensive service to improve engagement with employees at all levels while increasing financial literacy.

“We’re delighted to partner with esteemed organisations such as Scottish Opera and the Royal College of Physicians and Surgeons of Glasgow and we believe our service will help these organisations attract and retain quality talent, boost internal productivity and ultimately, lead to better financial outcomes for all.”

To find out more about Glasgow Credit Union’s Employer Partner service visit:https://www.glasgowcu.com/employer-partners-resource/

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