SmartAdvance
Are your employees’ cash-strapped and asking for emergency loans?
Are your employees’ cash-strapped and asking for emergency loans?
Times are tough. Even responsible employees find themselves hard pressed to make ends meet and occasionally need money for odd emergencies. Understandably, companies don’t want to encourage or administer employee loans but realise that the financial wellness of employees affects productivity.
Effectively, by using this method, you’re allowing your employees to choose when they get paid.
SmartAdvance is a pay advance solution for employees based on time they have already worked for the month. It reduces company admin around personal loans while helping staff to avoid loan sharks and financial distress which affect productivity.
Once registered, employees can apply through WhatsApp for up to 25% of their basic salary at any time during the month. At the end of the month, all the loan transactions are imported into your payroll. As the money has effectively already been earned, no interest is applicable.
Employers can assist their staff by providing some financial relief without the administrative burden, risk and bias of administering employee loans and offer education to employees on how to manage their finances responsibly.
Employees get more financially savvy and get access to money already earned. No shame or crippling interest rates and far less stress.
Transactions take place via WhatsApp, Facebook Messenger or USSD (sms codes).
To get started, we run an export of bank, phone and email details from SmartHR and register users. Advances are paid directly to employee bank accounts within 24 hours.
In addition, there is some financial wellness advice that is tailored to the individual.
At just R30 per user per month paid either by the company or the employee, can you afford not to be taking advantage of this benefit?
Passionate about HR Technology that drives successful teams. We’re privileged to work with companies of all sizes across a variety of industries. SmartHR modular solutions have been successfully implemented across Africa, Asia and Australasia.
Address:
Lords office Estate – Block 12
1st floor
276 West Street
Centurion
(Opposite Super Sport Park Cricket Stadium)
Email: info@smarthr.co.za
Phone: +27 12 643 0990
Fax: +27 12 643 0982
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