Blog1

 

How often have you been approached by your staff to lend them money? Chances are quite likely. Whether its a couple bucks or a salary advance. Did you consider the effect it has on your relationship with your employee and their work productivity? Maybe, maybe not… But you should.

Financial worry is one of the biggest drivers to low work productivity. Having to constantly think about how you are going to “get by” or pay for an unexpected expense means time out of the working day. I know, I have been their before, and every now and then I find myself there again. Fortunately for me I have excess to the traditional banking services. Cheap finance if you will. I have a variety of sources to assist me through any financial bump, be it Credit Card, Overdraft, Revolving loan, access to the equity in my bond, savings or the trusty old Parent net! Some aren’t so lucky. Some don’t have access to any of these facilities, and what would one do if they then found themselves in an emergency? Well, they end up getting ripped off by unscrupulous credit providers that take advantage of your employees situation. Getting charged well over the legal limit. Unless they come to you, their trusted employer, to assist.

So whats the problem with lending to your staff? Nothing, nothing at all. In fact your staff appreciate it more than you know. What is a problem though is when you become a internal bank for them and don’t know how to say no. I mean, how could you say yes to Jim but no to John? That puts you in a seriously difficult position. Other concerns that come to mind are: Will they pay? What happens if you need to fire an employee that owes you? Will you become an easy target?

There are alternative ways to help. Where you can assist your staff without putting your hands into your pockets or the business account, but also know that they are looked after through an employee lending facility. Nuyuku Finance helps companies provide ethical loans to its employees. There is no cost to the company nor does the company take on any risk. Employees feel their employer is looking out for them and the employer knows their staff have a reliable and trustworthy provider to call upon. So the ultimate question is:

Do you want to free your staff from high interest rates?

Do you want to reduce staff financial stress?

Do you want to increase productivity by staff not taking time off work to source a loan?

Do you want to eliminate negative impact on management for refusing loans?

Think this might be something worth looking into then email me for more info: sales@baysidefinance.co.za. If not leave a comment. I’m interested to hear your point of view.

Ciao for now…