Running a small business or local organisation means juggling many priorities — from keeping customers happy to supporting your team. But as the cost of living continues to bite, more employers are recognising that financial wellbeing is key to looking after their staff and building a loyal, productive workforce.
The challenges for small businesses
Smaller employers often don’t have the budgets for large wellbeing programmes or expensive employee benefits. Yet research shows that financial stress affects around 59% of UK employees, and four in ten say it impacts their work performance (CIPD, Financial Wellbeing Report 2023).
For SMEs, that stress can translate into lower productivity, higher absenteeism, and difficulties retaining skilled staff — all of which hurt the bottom line.
A simple, free way to support your team
The Chorus Workplace Savings Scheme, run by Wave Community Bank, is designed to make supporting staff simple and cost-free. Through the scheme, employees can:
-
Save directly from their wages — automatically and effortlessly
-
Access affordable, ethical loans
-
Build long-term savings as they repay
There’s no cost to you as the employer, and setup is straightforward. Everything runs smoothly through payroll, so your team can focus on their work — and their wellbeing.
Why it makes business sense
Supporting financial wellbeing isn’t just good for employees; it’s good for business too. Employers who help staff manage money more confidently report:
-
Improved morale and engagement
-
Lower staff turnover
-
A stronger reputation as a caring, responsible employer
For local employers, joining the Chorus Workplace Savings Scheme is a practical way to offer real support — without needing a big HR budget.
Investing in your people and your community
Wave Community Bank is rooted in ethical finance and community values. By partnering with Chorus, local employers can show their commitment to doing business responsibly and investing in their people’s futures.
Find out how to join the scheme and start supporting your team today:
www.savewithchorus.org.uk/financial-wellbeing-at-work