Financial Lifestyle
Leading provider of Financial Lifestyle Solutions
We launched our SynRec Lifestyle Program in the beginning of June 2015. This is after years of research and the realization that in order to solve the problem there must be both a workable and practical solution.
The SynRec goal with the Lifestyle Program is to give an over-indebted employee a living wage, which is a minimum of 25% portion of their own gross wage. This system of SynRec will give the employee some of their dignity back and at the same time teaches the employee to take responsibly of his situation.
SynRec Lifestyle Program does not only teach the employee budgeting and financial skills, it also forces the employee to stay within their agreed repayment schedule.
SynRec has seen at first hand the effects of indebtedness in South Africa over the last 13 years and what effect it has on employee morale which then ultimately affects the productivity of the Employer. The root causes of over-indebtedness can be traced to the easy access to credit, lack of financial skills, unscrupulous debt collecting and spending more money that what is earned.
SynRec believes that the cause of indebtedness is not low wages, but the lack of basic budgeting skills and financial literacy. Another issue that SynRec has noticed increasing in the last 2 years is Maintenance orders. It is our opinion that it is due to the migrant labour issues, where for example it is common for migrant workers to have two sets of dependants. The consequence of this being costs and indebtedness.
Over indebtedness has a very large indirect impact on employers. Financial difficulties are the highest cause of stress. Desperate employees will go as far as theft and fraud. It also results in increased absenteeism. Productivity is lost due to time spent away from work whilst at work. Due to lack of concentration at work, their is an increase of employee injuries on the work site.
SynRec have been building relationships with attorneys over the last 13 years and found that it is possible to resolve Garnishee order issues and renegotiate affordability without any additional cost. Our objective is to assist employees without any additional cost as far as we can. It is also SynRec's intention to hold those credit providers that act unscrupulously accountable for their behaviour.
Put the control in the hands of the Employer – Process owner, by controlling the outstanding balances with the SynRec system. Allow for employees to better manage their financial situation with the SynRec Budgeting System, this includes educating employees on how to live from their present income. This will ultimately allow for our clients to have a more productive, satisfied and focused work force.