Your employee’s financial health is as crucial to your business as it is to them. Managers may not want to get involved in their staff’s personal issues. But if they have money problems, it will affect their workplace.

It makes sense to make it part of the plan to educate and build the financial capability of your staff. The more they know how to manage their money correctly, the better off they will be.

A large part of the SA population has never had any financial training. Managing their personal finance, saving for a rainy day, limiting debt, etc., are all options to get your people in their best financial position. Now you cannot force people to do things they don’t want to do with their money. But there are some options that you can help with to set them up for a better and brighter future.

Retirement Savings

Corporate companies are used to retirement funds, but for SMMEs, it is not always possible. That does not mean you cannot recommend that your staff invest in their retirement plans.

It is a great idea to get in a variety of financial planners to discuss various options they can select if they so choose.

Incentives for staff can include lump sum investments straight into their retirement plans. It is a way to promote their future.

Medical Aid

Not everyone can afford medical aid, but it is a necessary evil that can cause massive medical financial pressure. Being in a car accident is never fun, and not having medical cover can be the difference between good healthcare and lifelong problems.

A hospital plan is an option if comprehensive medical aid is not possible or affordable. You can advise your staff to invest in a medical plan, or it can be an incentive or promotional benefit for your team.

It is worthwhile seeing what company-based options are available with the various medical aid companies.

Limiting Debt

The worst part of earning a salary is the ability to borrow and then pay back loans. So many people take loans that they cannot afford to pay back and end up paying double or more for the loan. It is a never-ending cycle. With food, fuel, and living costs increasing, people resort to overdrafts, store cards, and credit cards.

By educating your staff on how to reduce and eventually eliminate debt, you can ensure that they have a better financial situation than when they started with you.

Income Protection Cover

If your employee is the family breadwinner, income protection cover and insurance are necessary. So many financial advisors are selling funeral and retirement policies, forgetting about what would happen if the person is unable to work and earn money.

Educating your team on this benefit and seeing that it can be a small contribution that makes all the difference in their family’s time of need.

When your team does not have to focus on their debt and bad financial situation, they can spend more energy on your business. Ultimately, it is in your best interest to ensure your employees’ personal finances are in good financial health.

Bizcash is an alternative fintech funding company that works alongside South African SMMEs to grow their business. When you need to access funding,  speak to our team today to see how we can help your business.

Get in touch with us on 0861 93 93 93 or email us on info@bizcashscf.co.za or contact us here.

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