Employee Savings Clubs have been generating some buzz lately, but did you know that as a PEO client of Employer’s Resource, your employees can take advantage of this easy way to save? At no additional cost to you, you can help your employees be financially prepared and in turn point them towards attaching more value to their position with your business. Simply put, an employee savings club is an easy way to boost employee morale.
Here are three reasons why Employers Resource continues to offer both Vacation and Christmas employee savings clubs to your employees:
1. Employee Savings Clubs Make Them Money
The annual interest rate added to what your employees contribute is significantly higher than traditional passbook savings rates. Also as an added bonus, twice a year before the scheduled check distribution dates, participating employees are entered into a drawing where they are eligible to win an additional check of $500! When the winners are notified, the expressions of joy range from tears to uncontrollable jumps. Everyone loves to get free money!
2. Employee Savings Clubs Are Flexible
Your employees can start, change, stop or withdraw from their employee savings clubs at any time. If they choose to, they can even allow their balance to roll over for as many years as they would like. We even had a client participate in our Vacation Savings Club to save for a 50th anniversary trip to Switzerland with his wife. By leaving his money in his account for some years, he was able to save over$20,000 for their 14-day river cruise from Switzerland to Belgium. I’m sure that was the best trip they have ever taken!
The employee savings club helped them accomplish that goal and can do the same for your employees. The program even gives you more flexibility whenever an employee comes to you desperate for a pay advance. Instead of taking the risk of loaning them the money, you can direct them to withdraw from their employee savings club account.
3. Employee Savings Clubs Are Easy
Just for answering a few questions on our one-page enrollment form, your employees no longer have to suffer the dread and anxiety that seasons of spending can potentially bring. Some of them have never been able to take a family vacation or been able to save enough to buy someone an exceptional Christmas gift. To get started, just have your employees complete the one-page employee savings club form, with the amounts they’d like deducted off each paycheck, and our payroll department will do the rest. They will even be able to see their savings total on each paycheck stub that they receive. Every May and November, just in time for summer vacations and Christmas shopping, they will receive a check with their savings and interest earned. It’s as simple as that!
You and your employees will reap all the benefits, and Employers Resource will take care of all the details in the administration end! Not a PEO client or you want more information? Subscribe to our newsletter and/or get in touch with us today!