The feeling's mutual
Posted on December 17, 2019
Mutuality is defined as ‘the sharing of a feeling, action or relationship between two or more parties’, and this is one of the core principles that runs through many mutual societies and organisations – like Sheffield Mutual.
Mutuals have been around in the UK for hundreds of years, the societies were originally set up as a way of allowing people to contribute into a mutual fund to receive benefits to help in times of ill health or old age before the welfare state.
The mutual philosophy is built on a sense of ownership and trust. What typically sets mutual societies apart from other organisations (like banks) is that they are owned by their members and they have no shareholders to satisfy, which allows them to focus entirely on their members’ needs.
Members of mutual societies have a say in the running of the organisation, as they are in fact owners of the business. Members are also encouraged to vote and attend annual meetings about their society.
Many of today’s mutuals offer a range of extra benefits for their members. Sheffield Mutual offer members discretionary optical and dental grants, a gift card referral scheme and access to exclusive savings on brands.
Sheffield Mutual asked its team why they felt Sheffield Mutual is different to banks from a ‘mutuality’ perspective.
“We understand that trust is a key consideration when dealing with financial matters and is a responsibility we prioritise at Sheffield Mutual. All of our team set a high benchmark to provide a service that we would like to receive ourselves.” Jamie Bellamy, CEO
“We are a financial institution which is large enough to provide excellent returns and security but small enough to provide a personal service. We have strong links to our local Sheffield community.” – Stephen Hindmarsh, Committee Chair
“Members and mutuality are the two most important words at Sheffield Mutual, it is the way we operate every day; with members always at the forefront of all decisions.” – Paul Galloway, Chief Operating Officer
“Our members truly are at the centre of everything we do. Our service standards are second to none and we are dedicated to going the extra mile to provide a first-class, personal service.” – Dawn Gregory, Business Development Manager
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