Are you an EMPLOYER? If so you need to read this.

You have created a decent work environment, proper benefits, but have you gone as far as assisting your employees to create sound financial habits.

Most HR personnel have had to deal with the following:

  •  Employees who need loans to carry them through every six months or so
  •  Employees who ask for their leave to be cashed in
  •  Employees who have had garnishee orders issued against them
  •  Employees who leave to be able to access their pension fund money
  •  Employees who take more sick leave than they should.
  •  Employees who on reaching retirement age suddenly realize that their pension is not enough and do not know what to do

Employers quite rightly expect their employees to do their job and in fact have rules in place to govern the relationship. However, a financially stressed employee will never be able to perform to his/her potential. These employees have to put food on the table, pay school fees, pay for transport to get to work, pay medical expenses etc. and are due to their lack of knowledge so ripe for the micro-lenders of this world. A loyal employee who has given great service should not be left to fend for himself in the complex world of managing money without having been given the tools to do so. An employee has to lay the foundation for his retirement whilst he is employed whilst still taking care of his immediate financial requirements. Without proper education he has little chance of success and will probably land up relying on his family or the state for support in his/her later years.

Whilst EMPLOYER’s assist by providing employees with retirement funding mechanisms such as pension and provident funds very few employees understand how these funds work or even the basic benefits that accrue to them. A lot of employees even resent the fact that they have to contribute to these funds. It seems incongruent to make membership of these schemes compulsory and yet not educate the members as to how they can get the best results.

Academy of Wealth has developed several courses to assist employees to get up to speed with their money matters. We have two pillars which deal with financial matters, the first being our financial literacy series and the second our retirement and wealth building series. Visit our courses page to see what we have on offer, or contact us at jon@financialpassport.co.za for advice on the perfect product for you.