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Managing Staff

How Helping Your Indebted Employees Can Benefit Your Business

Here are some practical ways you as an entrepreneur can start helping your employees get their financial lives back on track.

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Indebted employees can have a negative impact on the bottom line of your business. As an entrepreneur, it is in your best interest to start investing in the financial education and wellbeing of your staff and to show them there is life after debt. Here’s how you can start doing it in your business today.

According to a 2015 World Bank report, South Africa consumers are the most indebted people in the world. Across the country, South Africans are taking out personal and micro loans to help pay off their credit cards, retail accounts, or simply to put food on the table and put their children through school. As this cycle continues, people are getting deeper and deeper into debt and most of them have no idea of how to get out.

You may be wondering what this means for you as a business owner. The answer is simple: Indebted employees have a negative impact on the bottom line of your business.

Not only does the stress of troubled personal finances hinder your employees’ job performance, but the burden of debt can also lead to higher staff turnover and increasing requests for pay advances, pay raises, and loans.

With money woes following your employees to work, it is in the best interest of your company to start investing in the financial education and wellbeing of your staff.

Related: What Are Your Employees Doing When You’re Not Looking?

Employees are arguably taking more of a risk working for entrepreneurs than for large, established corporations. There are, however, several benefits to working for a small-to-medium enterprise, one of them being that it is easier for you as a business owner to work closely with your team.

This, in turn, makes it easier for you to reach out to your team and to show them that there is life after debt and how to manage their finances better.

Around the world, financial education and wellness programmes for staff are increasingly becoming standard practice at many companies.

Here are some practical ways you as an entrepreneur can start helping your employees get their financial lives back on track.

1Give your team access to online tools

People with debt are often hesitant or ashamed to talk about their debt or to ask for help. There is, however, a way for you as an employer to reach out; send your staff an email with links to online tools and websites they can use to start taking control of their personal finances.

Websites like Kudough can help your employees gauge the state of their debt while online budget calculators can help them determine how to spend and save their money and pay off their debt. By giving your employees access to online tools such as these, you empower them to start rescuing their personal finances themselves.

2Use your internal newsletter

email-newsletter

Do you have an internal newsletter that is sent out to your employees? Make use of this existing communication channel to educate your team about debt.

Explain to your staff that there is life after debt, share practical tips on budgeting and saving, and give them the contact details of debt counsellors for them to contact.

Related: How Salary Transparency Empowers Employees – And When Not To Use It

3Bring in an expert

If you know many of your employees are struggling under the weight of debt, it might be worth bringing in an expert to talk to your team.

Around pay day, set up a personal-finance workshop for your staff where an expert can give them advice on how to get out of debt and how to budget.

4Make it part of your benefits package for employees

Many companies offer medical aid and provident funds as a part of their employment packages, so why not include debt counselling and financial advice as a built-in benefit for your staff?

Give them the option of easy access to or frequent sessions with a financial adviser or debt counsellor who can help whip their money matters into shape.

5Hands-on help

When you see an employee struggling with debt, reach out to them and offer to help by connecting them with a debt counsellor or a financial adviser.

One of the great advantages of being a small business owner is that you can have a close relationship with your employees.

By approaching them directly and offering your assistance, you will make them feel that they matter to you and your business – which, in turn, will benefit your company as well.

Ian Wason is a businessman and social entrepreneur, creating companies and building hope in some of the world’s most deprived communities. Ian has many years of experience in various areas of the financial industry and has founded and grown several of South Africa’s leading online financial services companies. Ian started Intelligent Debt Management (The IDM Group) in 2004, which is now the largest debt management business in South Africa comprising the divisions DebtBusters, BondBusters, InsuranceBusters and Consumer Debt Help.

Managing Staff

Want People To Love Working For You? Here’s How To Get Them There

If you don’t want to go to work, why should they?

Chris Ogden

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If you don’t have a culture in your startup, it will decay. If you don’t know your core values and how your business should reflect them, then your employees won’t know how to reflect them either.

And if nobody knows who you are, what you represent or what culture you promote, then their passion for the business and its future won’t exist. Nor will yours. In short, if you don’t build a culture, then it will slowly collapse inward on itself until nothing is left but a stale idea.

So, how do you create a culture that has you leaping out of bed at 5am? What do you do to inspire yourself so that you inspire others?

1. You sit down and prepare your values

What do you stand for? What do you believe in? How do you want other people to perceive the work you do and your ethics?

Related: You Can Motivate Your Employees Without Creating A Hyper-Competitive Culture

Are you a cutthroat, step over the bodies of your foes kind of business, or are you a people-focused, solutions-driven kind of company? Build up a core of words that define you and then use these to create an acronym that sustains you.

Be sure to investigate the meaning of any acronym you create before you set it in stone.

The last thing you want is an acronym that has some dark and twisted counterpart on the web…

2. Communicate your values

Seriously, this is key. So often people sit down and craft these lovely values and build these awesome acronyms and then just send them over email. Or include them once in an onboarding.

It’s all very good to put your strategic thinking down on paper, but relaying the message is vital.

Get it on your social media, put it on your intranet, stick them in the coffee area, repeat elements of them at meetings. Get these values out and about as often as possible.

3. Get engaged

Well, office romances are normal so that’s cool, but this is more about engaging people in your culture. Get buy-in from your staff in a genuine and open way.

They have to believe in what you’ve created otherwise you’ll be skipping down the company pathway alone.

Consider adding in motivations, recognising people for their contributions to specific values and rewarding them for their engagement.

4. Walk the talk

Don’t mess about. Don’t pretend the values are important to you and then do the opposite. If you don’t live your own values, nobody else will either.

In fact, saying one thing while doing another is a sure-fire way of creating a toxic working environment that will see high staff turnover and plenty of customer dissatisfaction.

5. Patience is not a cheese

Don’t expect everyone to leap onto the values train from the first day. This isn’t how it works, especially if you’re already established and have only just got around to creating them. People who joined before you implemented a new culture or value system may not be a good fit or may need more time to adjust.

Related: Your Employees Are Your Greatest Asset – Manage Them Well

It isn’t a race to the culture finish line, it’s a process. Learn as you go, trust in one another, take things forward carefully and be prepared to make mistakes and learn from them.

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Company Posts

Finding Success With Workforce Staffing In The Minimum Wage Reality

Has your company joined the panicked masses?

Workforce Staffing

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From the 1st of May 2018, the minimum wage officially becomes a South African business reality. Many companies have implemented rushed contingency plans, readying themselves for minimum wage related redundancies, layoffs, cutbacks and other vastly destabilising business changes that could more likely injure business, rather than save it.

Before you start making these same, rash decisions, ask yourself these 4 questions:

  1. Are you worried about not covering wage costs?
  2. Do you know exactly what the minimum wage payments are?
  3. Are you aware of the minimum wage exemptions?
  4. Have you spoken to an expert about practical solutions?

These questions, and many more, should be asked in depth before any rash decisions are made. As this is the first time in South Africa’s history that such an act has come to pass, there is equal doubt as well as joy at its arrival.

The positives and negatives of the National Minimum Wage

“A national minimum wage will increase unemployment and further remove constitutional rights from SA’s ‘forgotten people’,” stated journalist Eustace Davie.

“The introduction of a national minimum wage was made possible by the determination of all social partners to reduce wage inequality while maintaining economic growth and employment creation.” said President Ramaphosa.

No matter what camp you fall into, the National Minimum Wage Act (NMWA) is a reality everyone will shortly experience, with few solutions publicly available.

How Workforce can keep you compliant

Workforce Staffing is a legal and compliant supplier of temporary employment services and as is expected from a high quality labour solutions supplier, we will adjust any payment rate below R20 an hour, to keep our clients compliant with legislation.

Related: How To Know If You’re Mismanaging Your Staff

When you turn to Workforce Staffing for solutions, you turn to a compliant and legal industry professional. Having analysed the situation from all possible business angles, we know that we have the means to support you in your NMWA transition, assisting with your standard compliance and exemption cases.

The NMWA’s rates:

  • R20 and hour
  • R18 an hour for farm workers
  • R15 an hour for domestic workers

Criteria for the (currently set at) R18 an hour exemption:

  • The employer must be unable to afford the R20 minimum wage
  • The employer must have consulted with the relevant unions and employees
  • The employer must submit financial statements (and make same available to the employees or relevant union)

The Workforce Staffing solution:

  • Contact us to receive consultation on your business’ unique situation
  • We will provide effective and tailor-made solutions to mitigate the adverse effects of the NMWA on your business growth
  • Our staff management solutions will help reduce overtime, assist in production management, and provide alternative employment structure models

Workforce Staffing provides the expert help you need in ensuring your business is prepared for the guaranteed arrival of the NMWA. With our planning and professionalism, there’s no need to fear the future.

Related: Will A Strike Cripple Your Business?

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Company Posts

How To Know If You’re Mismanaging Your Staff

Wouldn’t you like to free up some of that time to increase your company’s productivity and profitability while providing solutions to admin issues and organisational hazards? Workforce can show you how.

Workforce Staffing

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The average manager can spend up to two full days a week on administrative tasks. You aren’t a machine and neither are your managers or HR team. However, to gain the most from your temp staff, a machine is exactly what you need. A smart one.

WorkTRACZone is the definitive product that’s been especially developed to offer you ultimate control through technology.

WorkTRACZone ensures that you surpass the 80% of businesses that are floundering in misadministration, and guarantees that your temp staff are utilised to the maximum.

Keep clear of the danger zone

Research by UK-based company, Service Now, found that eight out of ten companies still use inefficient manual tracking to drive productive work processes, putting their company’s temping situation in the danger zone. Are you one of them? Ask yourself these five questions:

  1. Are you aware of all the skills available to you through your temp workers?
  2. Can you remotely access your temp staff’s work rosters anytime, anywhere?
  3. Do you know exactly how much overtime is being generated in your business?
  4. Are your temp staff’s absenteeism records completely up to date?
  5. Do you have convenient access to all your temp staff’s work histories?

Related: Finding Your Staffing Partner

If you answered no to any one of these questions, then your temporary staff are gravely underperforming.

Manage your temp staff better today

As specialists in the temporary employment field, the designers behind WorkTRACZone are well aware of what businesses need to make the most of their workforce.

If you would like to protect your company from all the possible failings hiding behind mismanagement, visit www.workforcestaffing.co.za, or call 087 135 8888 to take the first step in distinguishing your business.

Solutions to your biggest temp staffing issues

1. When I don’t have information available now, my business fails later

WorkTRACZone is a digital portal that is available to view from any smart device at any time. It provides complete transparency on all of your temporary staff, from work rosters to up-to-date labour costings. Have access to your outsourced staff’s information, collected onto the WorkTRACZone digital dashboard, and integrate time and attendance with payroll and invoicing systems.

2. How can I be sure staff aren’t taking advantage of overtime?

Mismanaged overtime is one of your biggest risks to profitability. WorkTRACZone records all overtime recorded by temporary staff, allowing you to spot dangerous patterns or misused hours before it becomes a drain on profits.

3. I’m not totally aware of what my temp staff can offer me

From clock number to ID, WorkTRACZone makes searching easy with editable fields and succinct categories. Workers’ skills are available to you at a moment’s notice with this digital portal.

4. I hardly monitor staff backgrounds, equipment issues, and other details

Having this information on hand is the first step to ensuring complete control over your outsourced staff. If you skip this step, all other processes often fall to disorder. WorkTRACZone provides the best solution to ensuring all this information is captured and easy to access.

5. With worker turnover, predicting salaries has become near impossible

All your temporary staff’s past and current work rates are viewed on demand via the WorkTRACZone digital dashboard. This provides accurate salary projections, allowing you to plan ahead and foresee any potential complications.

Related: 11 SA Entrepreneurs on What They’ve Learnt About Managing Staff

 

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