Police Mutual, an organisation that offers financial services to police and military employees and their families, gives its 500 employees access to competitive loans through Neyber, a service where monthly repayments are deducted straight from their pay packet.
Since introducing the scheme at the beginning of 2015, around 5% of the organisation’s staff have taken up the service, typically consolidating existing loans and borrowing an average of £10,500 over a four-and-a-half-year repayment period.
Kenny Graves, head of HR at Police Mutual, says: “I think [employers] do have to pay attention to the stresses and strains that people have in their personal life. You have to get the basics in place in terms of feeling safe and being secure financially.”
There is no cost for offering the service. “It is probably one of the most straight-forward deductions we do, so it is almost a zero overhead,” adds Graves.
The organisation utilises a range of channels to engage employees and communicate the benefit, including posters, email and SMS. It also held a roadshow walk-in session attended by the provider.