Photo by: Bloomberg
Noting that around half of the country’s active workforce had impaired credit records, workforce solutions provider Manpower South Africa has urged employers to take an active interest in their employees’ financial wellbeing.
“It is estimated that the average worker wastes 15 hours a month dealing with their debt issues. They may even take up a freelance job that may include working night shifts, further impacting on their performance.
“In addition, these individuals experience extreme stress levels, which results in impaired productivity and increased sick leave,” cautioned Manpower South Africa MD Lyndy van den Barselaar.
While noting that employers could not necessarily raise wages to ease the debt concerns of their employees, she advised employers to equip their workers with money management skills.
“The best line of defence for employers is to educate employees as much as possible. Training employees to either avoid debt or get out of it as quickly as possible is one of the best gifts an employer can give. Otherwise, many employees could go their entire careers not seeing half of what they earn,” she said.