Empowerment at Work: Payroll and Period Poverty
Period poverty, the lack of access to menstrual products and healthcare during menstruation, is a deeply concerning issue that affects millions of women in South Africa. However, what often goes unnoticed is the significant role mid-month cashflow constraints play in exacerbating period poverty for female employees. By re-thinking payroll practices, employers can make a profound impact in addressing this issue and supporting their female workforce.
The Link between Mid-Month Cashflow Constraints and Period Poverty
1. Financial Strain: Mid-month cashflow issues can result from various factors, such as irregular pay schedules or unforeseen expenses, leaving female employees financially constrained. The lack of disposable income during this period makes it challenging for them to afford menstrual products.
2. Health and Well-being: When women face financial constraints during menstruation, they may resort to using inadequate or unhygienic alternatives, jeopardising their menstrual health and overall well-being.
3. Absenteeism and Reduced Productivity: The anxiety and discomfort associated with period poverty may lead to increased absenteeism as female employees struggle to attend work during menstruation. This absenteeism can impact workplace productivity and team dynamics.
Why Employers Should Re-think Payroll Practices
1. Earned Wage Access: Implementing earned wage access (EWA) as part of payroll practices can offer a solution to mid-month cashflow issues. EWA allows employees to access a portion of their earned wages before the traditional payday, providing them with the financial flexibility needed to manage their expenses, including purchasing menstrual products.
2. Promoting Gender Equality: By addressing period poverty through reformed payroll practices, employers can demonstrate their commitment to gender equality and fostering an inclusive work environment where all employees feel supported and valued.
3. Enhanced Employee Well-being: Providing female employees with the means to pay for proper feminine hygiene products when they need it - through benefits such as EWA - has a profound effect on their overall well-being. By easing financial stress and reducing the anxiety that arises from not being able to access essential menstrual products, employees may experience improved mental health and job satisfaction. This newfound peace of mind can translate into heightened productivity and a deeper commitment to their work, fostering a more content and dedicated workforce. When employees are supported in managing their menstrual health, they can fully focus on their professional responsibilities, creating a positive and thriving work environment.
4. Reduced Absenteeism: Providing timely access to earned wages through EWA can help reduce absenteeism related to period poverty. Female employees can better manage their menstrual health and attend work consistently, contributing to a more stable and productive workforce.
Mid-month cashflow issues for female employees are a significant contributor to period poverty, impacting women's health, productivity, and overall well-being. Employers have the power to address this issue and support their female workforce by rethinking payroll practices. By implementing earned wage access and providing employees with the means to access their earned wages when needed, employers can make a profound difference in combating period poverty and promoting gender equality. As we re-imagine payroll practices, we create a more supportive and inclusive work environment where women can thrive without the burden of period poverty. By prioritising the menstrual health and well-being of our female employees, we take a step towards a brighter future that empowers women, fosters a stronger workforce, and promotes a more equitable society for all.
Understanding Employees' 'Money Scripts': Transforming Benefits for Meaningful Impact
In today's fast-paced and competitive work environment, employers are constantly seeking innovative ways to attract and retain talent at all levels within the business. While traditional employee benefits like healthcare and retirement plans remain essential, forward-thinking companies are recognising the significance of understanding their employees' 'money scripts'. By delving into these deeply ingrained beliefs and attitudes towards money, employers can implement benefits that truly resonate, fostering a culture of financial well-being and elevating the overall employee experience.
What are Money Scripts?
To truly grasp the power of understanding employees' 'money scripts', we turn to the pioneering work of renowned financial psychologist Brad Klontz. Klontz emphasises that money scripts are deeply ingrained beliefs and behaviours individuals develop about money, influenced by their personal experiences, cultural backgrounds, and upbringing. These scripts play a profound role in shaping individuals' financial attitudes and actions, impacting everything from spending habits to financial goals. By delving into the unique money scripts of employees, employers gain invaluable insights into their workforce's financial mindset, paving the way for the implementation of customised and impactful employee benefits.
Enhancing Employee Benefits
1. Tailored Financial Education: By comprehending their employees' 'money scripts', employers can design targeted financial education programs that address specific needs. For example, if employees tend to prioritize short-term gratification over long-term planning, workshops on budgeting and saving for future goals can empower them to make informed financial decisions.
2. Flexible Compensation Packages: Recognising that employees have different financial priorities, employers can offer flexible compensation packages that cater to individual needs. This may include options for earned wage access, paycheck-linked short-term savings, bonuses, or additional benefits like student loan assistance or childcare subsidies. Such flexibility acknowledges the diverse money scripts within the workforce, promoting financial stability and overall satisfaction.
3. Employee Assistance Programs (EAPs): EAPs that include financial counselling services can provide employees with personalised guidance to navigate financial challenges. Understanding an employee's 'money script' can help counsellors identify underlying beliefs that may hinder financial well-being, enabling them to provide tailored support and resources.
4. Rewarding Long-Term Financial Goals: Employees who envision financial security in the distant future can be motivated through benefits that align with their aspirations. Offering employer-matched retirement plans, stock options, or investment programs demonstrates a commitment to employees' long-term financial success, encouraging loyalty and productivity.
Investing in understanding employees' 'money scripts' is a game-changer for employers looking to create meaningful and impactful employee benefits. By acknowledging and addressing these deeply ingrained beliefs, organisations can foster a culture of financial well-being, enhance employee satisfaction, and increase productivity. By offering tailored financial education, flexible compensation packages, EAPs, and rewards for long-term goals, employers demonstrate their commitment to their employees' financial success. Embracing a holistic approach to employee benefits can transform the workplace, fostering a healthier and more productive workforce in the process.
Maximising Business Value: Why HR Analytics Should Focus on Understanding the 'Why' Behind Employee Behaviour
HR analytics is an essential tool for organisations seeking to better understand their workforce and make data-driven decisions. However, simply looking at employee data and numbers may not provide the full picture of what is happening within an organisation. To truly understand employee behaviour, HR analytics should also focus on understanding the "why" behind it. Let's look at the case of employee financial wellness.
Understanding the state of employee financial wellness is an excellent example of why HR analytics should delve deeper into the "why" of employee behaviour. Financial wellness refers to an individual's overall financial health, including their ability to manage their money, save for the future, and reduce their reliance on debt. It's a vital aspect of overall wellbeing that can impact an employee's performance, engagement, and overall job satisfaction.
HR analytics can help organisations understand the state of their employees' financial wellness by analysing data such as salary, benefits, and savings scheme participation rates. This information can provide insights into the financial stability of employees, their ability to meet basic needs, and their level of engagement with their work.
However, understanding the "why" behind financial wellness requires a deeper analysis of employee behaviour. For example, HR analytics can help identify patterns in employee behaviour that may indicate financial stress, such as increased absenteeism or requests for salary advances. By looking at these indicators, organisations can gain insight into the underlying causes of employee financial stress and develop targeted interventions to address them.
Moreover, financial wellness is often interconnected with other aspects of an employee's life, such as mental and physical health. HR analytics can help identify these connections by analysing data on employee healthcare costs and insurance utilisation. This information can provide insights into how financial stress may be impacting employee wellbeing and what steps organisations can take to support their employees' overall health and wellbeing.
HR analytics has the potential to offer valuable insights into the state of employee financial wellness and its impact on an organisation's workforce. However, it is essential to look beyond the data and understand the underlying reasons behind employee behaviour. By doing so, organisations can identify potential issues and develop effective strategies to support their employees' wellbeing. By using HR analytics to gain a deeper understanding of their workforce, organisations can create a more engaged and productive work environment that benefits both employees and the organisation as a whole.
How communication and connection elevate the employee experience and drive business success
For employers and HR departments, keeping dispersed employees informed, engaged, motivated, and productive is complicated and costly – but critical – for the business's success.
Getting teams to communicate and collaborate is also challenging when they’re all in different locations.
The key to effectively engaging a dispersed workforce or ‘deskless employees’ is to meet them where they’re already actively engaged. Floatpays Employee Connect is an engagement tool that allows employers to communicate with everyone on their payroll via WhatsApp – the widely used and often preferred messaging app.
The importance of effective employee communication and connection
Before we explore ways to use Floatpays Employee Connect to engage your employees via WhatsApp, consider these benefits of effective internal communication:
- Encourages organisational success
According to Pumble, 86% of employees and executives say that ineffective communication and collaboration are leading causes of workplace challenges. However, research also reveals that effective communication can increase workforce productivity by 25%.
- Builds trust and boosts engagement
Studies show that engaged employees are 87% less likely to leave their employer. When
you communicate with your employees regularly and consistently, they feel more connected and willing to collaborate with you and their team.
- Ensures everyone is working toward a shared goal
When employees feel equipped with the information necessary to do their jobs effectively, they have direction and focus and are more likely to feel a sense of purpose and value in the role they play within the company.
- Connects leaders and employees
Communication between leaders and employees doesn’t just keep everyone in the loop; it also makes employees feel noticed and appreciated. This ultimately drives better results and elevates the company culture.
How to use Floatpays Employee Connect to elevate the employee experience
Instant messaging is wildly successful in customer service and personal communication, and it offers a variety of use cases for internal engagement.
Here are a few ways you can use Floatpays Employee Connect to communicate with your
- Digitise employee onboarding: Effectively onboarding remote and/or deskless employees can be challenging. Employee Connect enables you to create a group of all new employees on payroll and send onboarding communication to them specifically. Using text, imagery, or video announcements via WhatsApp, you can easily and cost-effectively engage and educate new hires.
- Emergency/crisis communication: Sometimes, businesses need to communicate critical announcements to staff quickly and urgently. The key to effective emergency/ crisis communication is speed, flexibility, and guaranteed delivery.
- Speed: Employee Connect enables employers to set up announcements in a few seconds and send them in real time.
- Flexibility: Employee Connect enables employers to easily group employees on their payroll into relevant groups for specific announcements, e.g. group employees by a specific work site, job grade, or reporting line.
- Guaranteed delivery: Analytics available on Employee Connect gives employers a consolidated view of who received and read announcements and who did not.
- Collect employee feedback: Employee feedback helps you to identify problems and opportunities to improve your employee experience and satisfaction. Employee Connect can be used to send out employee surveys to gather that all-important insight.
- Issue employee payslips: Printing and delivering physical payslips to employees – especially in a widely dispersed workforce and/or remote work set-up – is time-consuming and costly. Employee Connect removes the ‘pain’ associated with issuing physical payslips by digitising its delivery.
Employee Connect lets you engage with your employees quickly, effectively, and efficiently
using a single, simple platform. Instantly share important information, communicate in a
crisis, or deliver digital payslips to employees through a familiar and convenient messaging platform to enhance connection and communication within your organisation.