Debt in the workplace is a real problem

Our nation’s national debt has seen a steady increase over the years. We are a country heavily dependent on credit and this affects us all.

Let’s look at a few stats:

  • 86% of South African adults took out some form of loan in 2013/2014 (World Bank).
  • Total combined consumer debt totals almost $118 billion – this means more South Africans are blacklisted than ever before.
  • 11 million South African’s are over indebted. This likely includes your staff.
  • Only 23% of South Africans have money left at the end of the month.

So what does this mean for an employer or team leader?

If your employees are financially stressed, this could result in:

  • Increased absenteeism - 70% of unscheduled absenteeism related to stress-related illnesses of which a major cause is financial distress.
  • 6 hours lost - Productivity stolen every month per employee.
  • 20 hours wasted - Financially-stressed employees spend 20 hours a month dealing with financial issues at work.
  • Increased staff turnover - Financially stressed workers need more money and more likely to go searching for greener pastures affecting the turnover of the company.

DID YOU KNOW: One in five employees report that issues with personal finances have been a distraction at work and 37% say that they spend three hours or more at work thinking about, or dealing with issues related to their personal finances *

 As an employer, what are the signs that I should look out for?

  •  An increase in staff absenteeism.
  • A decrease in motivation.
  • An employee can become disruptive in the workplace.
  • An employee could become problematic to manage and will often make mistakes or have accidents.
  • You may start to have issues with wage and salary negotiations.
  • You see an increase in requests for advances and payday loans.
  • Garnishee orders appear during payroll.
  • Being in debt can also lead to theft, corruption and fraud.

 Is there a solution to debt in the workplace?

Yes! Simply contact Meerkat and we'll discuss which of our employer options is best for you and your business. 

What can Meerkat do for me and my employees?We can run a financial dip check on your teams and provide an aggregated report on the financial well being of your employees

  • We offer financial wellness workshops on site
  • Onsite debt consultants provided at your request.
  • Our debt review service can reduce your employee’s debt by up to 50% giving them the breathing space they need.
  • We’ll deal with all the credit providers so your employees are no longer hassled daily by companies wanting their money.
  • We’ll help reduce your employees’ debt fast.
  • We’ll walk the journey from debt distress to financial freedom, breaking the cycle of over-indebtedness.

And absolute confidentiality is guaranteed!

Benefits of financial wellness:

 For Employees:

  • Help them gain control of their finances.
  • Reduces stress at home and in the workplace.
  • Improves overall wellness and thus reduces absenteeism.
  • Cancellations of reckless garnishee orders.

For Employers:

  • Increased employee productivity.
  • Higher employee engagement and lower turnover rates.
  • Helps to manage business risks associated with employee theft and negligence.
  • Garnishee management.
  • Improves employer brand and loyalty.

 Partner with Meerkat and help your employees regain financial control.

Contact us today! 

*Source: PWC Employee Financial Wellness Survey, 2015