Let’s get into it… Why is debt in the workplace actually a problem?
Well, have you ever wondered what the effect of staff who are financially stressed has on their overall productivity at work? How much that stress and worry they are feeling impacts their performance?
Well sadly, South Africa’s national debt has seen a steady increase over the years - Covid-19 massively accelerating this. As it stands, we are a country heavily dependent on credit and this affects us all in more ways than you might expect.
That's because not only does it personally impact an individual's mental health, but also their ability to live their daily lives happily and productively. Therefore, if you are employing individuals who are extremely financially stressed, they will not be performing at their best and this will impact your business's wellbeing.
Sadly, these staggering statistics all reflect the poor financial habits and situations that many South Africans find themselves in. If you employ a large number of workers, chances are many of them are struggling with their finances.
If your employees are financially stressed, this could result in:
This has a direct impact on productivity and ultimately your bottom line.
With all of the above in mind, it leads to one simple question:
Be non-judgemental when it comes to your employee's finances. Remember, it is possible that your employees have financial obligations that you are not aware of that have lead them into high levels of debt.
If you really care for your employees, your focus will be on helping them move forward in the best way possible and not judging them for how they may have landed in the situation they are in.
It ultimately comes down to financial education and financial literacy- which is something that is sadly low in South Africa. But more so it is about putting them into the hands of people who can help streamline their finances, and support them into finding financial stability. Because stress-free staff will benefit everyone!
Meerkat at the core aims to support individuals in achieving financial wellness- tailored to specifically what that would mean in the context of their life. We are a company that is always #lookingoutforyou and therefore our hands on approach to helping South Africans do more with their money will be perfectly suited to include as staff benefits.
Firstly, we would run a financial check on your employees and provide an aggregated report on the financial well-being of your employees. From there we would help your employees individually to reach their financial goals (with absolute confidentiality guaranteed).
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All of these benefits will contribute to the financial wellbeing of your employees and will have a positive impact on their personal lives as well as their professional lives in the workplace.
If you want to provide your employees with a benefit that will make a tangible difference to them and their loved ones, get in touch with Meerkat today!