We are thrilled to announce the release of our annual Social Impact Report! In our first year of operations, we surveyed the data from more than 1,500 employees from March 2020 to February 2021, and the results yielded from this survey were incredible. The key findings were:
1. Lack of transport funds is the main reason why employees are struggling to make ends meet
We found the cost of transport to be the main reason South African employees cannot make ends meet every month. This was because the leading cause of employees requiring a portion of their salaries before the end of the month was to pay for their commute to work. In fact, in the period under review, employees using SmartWage collectively required R200,000 in advanced salaries just to get to work. In the absence of these advances, employees would likely have turned to loan sharks or asked HR departments for salary advances.
2. SmartWage saves employees R330 per month, on average
SmartWage is saving each employee that uses our services an estimated R330 per month on funds that would have otherwise been spent on interest had the employee relied on a payday lender. Seeming as though the United Nations recently found that 18.9% of the population – some 11 million South Africans – survive on around R800 per month, saving R330 per month is a financial lifeline for many of our users.
3. SmartWage significantly reduces staff absenteeism and salary advance admin for employers
The report also showcases the impact SmartWage has on the day-to-day operations of the employers who we have partnered with. In the period under review, we likely saved employers a collective 500 days of work where an employee would have been absent or late due to transport issues. In the same period, SmartWage collectively saved our partners an estimated 112 days that would have been spent on advance administration, translating into a collective R179 200 saving on HR related expenses for employers.
Read the full report here and see how you can make a tangible impact the overall health of your business as well as your employees’ everyday lives.