Employee Financial Wellness
Welcome to our Employee Financial Wellness Program, where we empower and educate South African employees to take control of their finances and improve their overall well-being. We understand that financial stress can have a significant impact on your employees’ performance and productivity, which is why we have developed a range of custom and innovative programs to support large employers in improving their employees’ financial health.
Why Make Employee Financial Wellness A Priority In South Africa
87% of South Africans are experiencing financial stress, leading to decreased productivity and increased absenteeism.
Employees who are financially stressed are five times more likely to suffer from depression and eight times more likely to have sleepless nights.
47% of employees say financial stress impacts their work productivity.
Here’s A Successful Employee Financial Wellness Intervention Case Study by Finlite In South Africa, Supporting Middle Managers, Human Resources and Employees Themselves
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Case Study: Transforming Financial Wellness – How Finlite Empowered a Major JSE-Listed Industrial Company’s Workforce
In an era where financial wellness is paramount to employee satisfaction and productivity, Finlite Financial Education emerged as a beacon of hope for a prominent JSE-listed industrial company. Facing a workforce predominantly consisting of blue and white-collar workers with salaries ranging from ZAR 6,500 to 30,000, the company encountered a pivotal challenge. A directive from the Department of Labour to reduce overtime hours threatened to destabilize the financial security and morale of over 500 employees. Click here to read more
Our Employee Financial Wellbeing Interventions
We have served employers big and small, from mining to banking employees, with both face-to-face and online interventions. Our programs have helped many employees improve their financial well-being, including saving employees’ assets from being repossessed, improving budgets and credit scores, helping employees who were about to resign due to financial stress and saving employers millions in productivity gains surpasses their ROI expectations.
- Financial Literacy Workshops
- Our workshops are carefully designed to address various financial topics, including budgeting, debt management, investing, and retirement planning. Led by experienced financial experts, these interactive sessions provide practical tools, tips, and strategies that employees can immediately apply to their financial lives. Through group activities, discussions, and case studies, participants gain a deeper understanding of financial concepts and develop the confidence to make informed financial decisions.
- Online Learning
- Our online learning platform is another innovative tool we offer, allowing your employees to access financial literacy resources at any time and from anywhere. The platform features a range of courses, including budgeting, debt management, retirement planning, and more. With interactive modules, quizzes, and assessments, your employees can learn at their own pace and on their own schedule.
- SoccerMoney Boardgame
- Our consumer education board game with a soccer theme is a unique and interactive way for your employees to learn about financial literacy. Developed specifically for the South African audience with careful research, this game teaches players valuable skills such as budgeting, saving, and investing, all while having fun. It's a great team-building activity that encourages healthy competition and collaboration among colleagues.
- Theater Education
- Finally, our theater workshops are a great way to bring financial education to life. Through live performances and interactive exercises, we use storytelling to convey important financial concepts and make them relatable to your employees' daily lives. It's a fun and engaging way to learn about finances and improve financial literacy.
- One on one Counseling and Coaching
- We also offer personalized coaching sessions to help your employees develop healthy money habits that align with their individual financial goals. Our coaches work one-on-one with employees to create a customized financial plan that addresses their unique needs and challenges. We believe in empowering your employees to take ownership of their finances, and our coaching sessions are designed to do just that. During these sessions, we help employees with anything from budgeting, debt management, SARS, savings and even investment guidance.
Testimonials from Happy Corporate Clients
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"Capitec has been using Finlite Financial Education T/A Seed of Prosperity. The product suite evolved even ahead of client demaind, demonstrating and uncanny understanding of their clients who are our employees. What's noteworthy is that they had never dealt with a client of that type before. They are doing a very good job and have a keen interest to understand the underlying issues leading to financial distress. "
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Finlite Financial Education/ Seed of Prosperity has been providing financial wellness services to Omnia Fertilizer since 2015. The value they have added to our employees is incredible. Our employees are now financially savvy with weekly consultations from an onsite consultant. They helped with employee's interests, debt and as well as helped employees protect assets that were about to be repossessed. We highly recommend their service.
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Benefits and ROI for
Employee Financial Wellbeing Programs
Increased Productivity:
- Stat: Financially well employees are 8 times more likely to be productive in the workplace. (Source: PwC Employee Financial Wellness Survey)
- ROI: Improved productivity can result in a 10-20% increase in output and overall business performance.
Reduced Absenteeism:
- Stat: Financial stress causes a 51% increase in absenteeism rates among employees. (Source: Sanlam Benchmark Survey)
- ROI: A reduction of 1% in absenteeism can lead to significant cost savings by avoiding disruptions in workflow and minimizing the need for temporary staff.
Improved Employee Retention:
- Stat: Organizations that invest in employee financial wellness experience 30% higher retention rates. (Source: Employee Financial Wellness Survey by Salary Finance)
- ROI: Decreased turnover costs by retaining skilled employees, saving an average of 20-30% of an employee’s annual salary.
Enhanced Employee Engagement:
- Stat: Financially stressed employees are 6 times more likely to be disengaged at work. (Source: PwC Employee Financial Wellness Survey)
- ROI: Higher levels of engagement lead to a 21% increase in profitability and a 41% decrease in absenteeism.
Cost Savings:
- Stat: Financially stressed employees cost employers an additional 11% in healthcare costs. (Source: Mercer Inside Employees’ Minds Survey)
- ROI: Cost savings through decreased healthcare expenses, improved debt management, and reduced financial assistance or loans provided by the employer.
Positive Employer Branding:
- Stat: 88% of job seekers consider an employer’s financial wellness program when evaluating job offers. (Source: MetLife Employee Benefits Trends Study)
- ROI: Improved employer branding attracts high-quality candidates, reducing recruitment costs and enhancing the organization’s reputation.
Improved Retirement Readiness:
- Stat: Only 6% of South Africans can maintain their standard of living after retirement. (Source: Sanlam Benchmark Survey)
- ROI: Increased retirement savings readiness reduces the risk of employees relying on employer-provided retirement benefits or social support programs in the future.
BEE Benefits for Skills Development:
- Stat: Providing skills development opportunities can contribute to higher BEE scores, demonstrating commitment to empowerment and diversity.
- ROI: Improved BEE score enhances the organization’s eligibility for government tenders, contracts, and partnerships.