FairQuid, a new employee benefit loan scheme which promotes employees’ financial wellbeing, has recently exited its trial period and been officially released to the Lancashire business community.
Initially launched and trialled at 645-strong Darwen-based manufacturing company WEC Group Ltd, the scheme aims to improve employee engagement and retention by offering access to low cost borrowing and improved money management practices through the use of local community Credit Unions.
He was convinced that Credit Union membership could be a huge benefit for his employees, so he worked with the Jubilee Tower Credit Union in Darwen and became co-founder of FairQuid as a solution.
Staff turnover dropped to under four per cent for those taking advantage of the scheme, saving the business over £240,000 in recruitment and associated staff replacement costs.
“All loans are provided by the local credit unions and repayments are made through payroll deductions, meaning there is no strain on your company’s cash flow. We have no liability for the loans which makes it a great staff benefit for WEC Group at absolutely no cost to us.”
Following its success, FairQuid was officially released to other North West businesses at a recent Lancashire HR Employers Forum in Preston with strong interest recorded on the day. The company is now actively promoting the scheme to other organisations who are interested in helping employees improve their financial wellbeing. A number of Credit Unions in Lancashire, Cheshire and Yorkshire have already joined the scheme, enabling FairQuid to increase their catchment area further.
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