The COVID-19 pandemic has left many in uncertain economic situations, and organisations are focused on how they can help support the financial wellbeing of their most important asset, their people.
One way to do this is to provide a unique benefit that can help employees with essential purchases when they experience emergency or unplanned situations, such as a washing machine, refrigerator or oven breaking at home.
When these things happen to employees, and they do, employees cannot afford to wait for their next payment to get a new washing machine, fridge or oven; they need to get it right away. Regardless of financial status, these unexpected purchases have a negative impact on monthly budgets with many employees not having sufficient savings to help in these situations.
The result? Employees having to use high-interest credit cards or payday loans and getting themselves into a cycle of debt and the stress that comes with it.
How SmartTech™ Relief can help
With SmartTech™ Relief, employers can offer their employees the opportunity to instantly purchase emergency whitegoods and technology items at the lowest price in the market and critically, with no interest or upfront payment required.
It can be set up as an employer-funded loan, or a third-party loan via our financing partner, Akira. ( please note that there is 8.5% interest if a client wants to use Akira) Both financing options mean SmartTech™ enables users to spread the cost of their technology purchase. Payments are deducted directly from the employee's salary.
This unique benefit from Reward Gateway allows for HR teams to:
- Offer only products that are considered essential, such as whitegoods and other household essential items, if they wish;
- Create spending limits to make sure employees are spending within their means for replacement purchases during these uncertain times;
- Set pre- or post-purchase authorisation:
- A client can set up approvals if they want to (and this would allow them to know one of their employees has had an emergency and offer any other help required).
Take a look at the employee user journey in our video below:
Both SmartTech™ and SmartTech™ Relief are available to Reward Gateway clients at no additional cost or implementation fee. Plus, we can get existing clients set up with the programme within a couple of weeks!
Speak to an Account Manager or a Client Success Manager today to discuss how to get started.