Employee wellness is a crucial element of any company culture. Our physical and mental capabilities are what drive us. They determine how we handle stress, connect with colleagues, get things done, and avoid burnout. It sounds straightforward, but it’s not always easy. We all face challenges that affect our well-being, both personally and financially, so it is vital your HR team is connected with how financial wellbeing is impacting your employees.

The Covid-19 pandemic’s impact extends far beyond just physical health and the year 2020. Many employees are still struggling financially due to the rise in the cost of living, low savings rates, and disruptions all caused by the pandemic. This financial strain has resulted in increased stress, anxiety and decreased productivity. Furthermore, exploitative loan sharks with interest rates between 40% - 50% are placing your employees in debt cycles with little to no escape.

Businesses across different industries are rethinking their approach to employee well-being, moving beyond isolated events such as wellness days and towards a more comprehensive long-term strategy to empower their employees. At Floatpays, we believe businesses have a moral responsibility to their employees’ well-being. We have made it our mission to challenge the status quo and promote progressive and pragmatic financial wellness solutions.

Our product suite empowers those often excluded from traditional financial systems. We provide access to financial tools that offer long-term benefits and help break the cycle of debt. We understand that some employees lack trust in traditional banking practices and we offer a safe alternative to learn, save, get rewarded and prosper.

Employee well-being is no longer a perk, it's a strategic priority. Our recent interview with Kyle Chetty, head of People at Planet42, explored this shift, emphasising the need for a holistic approach that incorporates all aspect of wellness including physical, mental, social, and financial health. As Employers, we need to build a "holistically healthy workplace" with a key focus on four pillars: 

  1. physical wellness, 
  2. psycho-social wellness, 
  3. organisational wellness, and 
  4. work-life balance. 

Traditional compensation models also need an update, as financial stress is a major concern in the workplace. Lastly, Kyle and Andisa covered how businesses can play a key role in promoting financial literacy and offering tools like automated savings programs to empower employees and break the cycle of debt.

Our conversation with Kyle reinforced our belief that businesses have a moral duty to help promote inclusive financial practices in all businesses. 

Highlights from Our Discussion with Kyle:

  1. “46% of employees live day-to-day with the majority barely breaking even”.
  2. Employees need to share social proof of their savings stories so that it can be heard by others and have an impact on their goals. 

“We need to trade the small things, so that it can help us long term”

  1. As employers and employees we need to take accountability and responsibility in understanding why savings are important and using avenues to reach a point where you are financially prepared for situations that may occur.

You can view the podcast via our link here: https://www.youtube.com/watch?v=PCqJqeHiZkU (Embed video in blog)

At Floatpays, we are committed to providing ongoing financial inclusion education and the tools and resources necessary to drive lasting change in the lives of South Africans. 

It’s all in the power of #JustSave

It’s not easy to save,  until you see the impact and change it creates over time. Take the first step for your employees.

Are you ready to help your employees achieve financial wellness?

Contact Floatpays today to learn more about how we can partner with your business to offer a brighter financial future for your workforce.

Request a Free Demo Today!