Clothes2Order has introduced emergency loans for its 90 members of staff as part of a new employee benefits package.
Cash advances of up to a month’s wages are being offered, and repayments will be made from employees’ salaries over a six-month period.
The clothing supplier is implementing the loan scheme to help staff pay for unexpected domestic bills.
The loans are available at 2% above the Bank of England base rate, which has stood at 0.5% since March 2009.
Other benefits in the new package include financial rewards for employees who suggest ways to improve the business.
The benefits package also includes an additional day’s paid holiday for every three years of service, attendance bonuses, extra money for first-aiders and fire marshals, and health cash plans.
Michael Conway (pictured), managing director of Clothes2Order, said: “Our rates of pay are above the level of the government’s new national living wage, but we recognise that people are sometimes faced with unforeseen expenses.
“We are offering the loans to give our staff peace of mind that we can assist them if necessary.
“We are committed to creating an environment where people feel valued, respected and happy, and where contributions and achievements that help drive the progress of the business are recognised and rewarded.
“Employee participation and engagement, and the wellbeing and happiness of our staff, are critical for our continued success. People who enjoy coming to work are more productive and less likely to leave, and higher staff retention levels in turn benefit the organisation.”
