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Lasec uses Jem to reduce loan administration and save employees R45k/year

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

Annual savings
 on loan interest 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 Earned Wage Access, 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 company policy prohibited them from processing employee loans. Employees resorted to using expensive loan sharks within their community. These loan sharks were charging employees as much as 35% per month in interest.

Results

R45K

Annual savings on loan interest 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 earned-but-unpaid earnings at a once-off, low transaction fee, Lasec has helped their employees save roughly R45,000 in interest.

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 GARDENERHR MANAGER, LASEC