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Lasec Uses Jem On-Demand Pay To Reduce Loan Admin And Save Employees R45k/Year

CLIENT
Lasec Group
INDUSTRY
Manufacturing
EMPLOYEES
±400
PRODUCTS
Earned Wage Access
PAYROLL SYSTEM
SAGE 300
R45K

Annual interesting savings
on loans for employees
100%

Reduction in loan
requests

Project Overview: Lasec Group

Lasec is a Southern African supplier of scientific & laboratory equipment. Before they started using Jem On-Demand Pay, their HR department was struggling with employee loan request volumes. Lasec implemented Jem shortly after Covid, when their employees were going through a particularly financially stressful period.

Challenges

  • Lasec’s HR team wanted to help their employees in their time of financial need but their company policy prohibited them from processing employee loans.
  • As a result, employees were opting to resort to expensive loan sharks within their community. These loan sharks were charging employees as much as 35% per month in interest.

Results

R45K

Annual interesting savings on loans for employees

100%

Reduction in loan requests
  • Since implementing Jem, they no longer receive any loan requests from their employees.
  • As Jem offers early access to their salary at a very low rate, Lasec has helped their employees save roughly R45,000 in interest since using Jem.
  • One Lasec employee, Priscilla Ramlugan, said: “When I'm short on traveling money, I use Jem to be able to get to and from work. Earning monthly is not easy especially when you are the only person employed in your household. Jem has been so helpful to me and my family. ”

EARNED WAGE ACCESS

EWA 3

 

‘We've received really great feedback from our employees since we launched Earned Wage Access. It's really helped them avoid loan sharks and get out of debt.’

1605702715385
ALLISTAIR GARDENER(HR MANAGER)

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