• Ru Harris

MpiloTech’s innovative approach to the financial wellness of their staff

BESPOKE software developer MpiloTech has cultivated a family-oriented culture for their 65 esteemed employees based on authenticity, respect and mindfulness. As the only partner in Africa to Temenos, the world’s foremost banking software, MpiloTech has access to top-notch innovative banking solutions. They’ve spent over 100 000 hours designing and developing bespoke software solutions for some of SA’s largest companies such as Standard Bank, ABSA, FNB, Discovery and MTN.

In August 2020, MpiloTech showed their commitment to the financial wellness of their staff by signing up to Level Finance’s Earned Wage Access platform. The HR manager identified with the pain point that financial worries and expensive credit can impact mental health and employee performance at work. He had been using his overdraft every time he had cash flow issues. The charges were fairly high (R150 in fees for every R1 000 he used). What made it worse is that using his overdraft facility negatively impacted his credit score. When Level Finance pitched the idea of earned wage access as an employee benefit, he saw value in it not only for himself but also for his valued staff.

A Financial Wellness Benefit for the Modern Workplace

The purpose of introducing the on-demand pay benefit to MpiloTech was to stop staff from having to access expensive credit in-between paycheques. Partnering with Level Finance was a no-brainer for MpiloTech. The software company wanted to offer their staff immediate access to their earned wages to cover a financial emergency before payday, as well as other financial wellbeing features such as savings and budgeting to help them manage their money.

An Employee Wellness Benefit That Changes Lives

In the first month the adoption rate was around 12% but that jumped to just under 30% by the third month. Activated employees use the service once a month. However, there’s a small percentage that use the service more than once. MpiloTech’s HR team, in partnership with Level Finance, conducted surveys to determine the impact that Level has had on the staff. The survey found that 85% of users are less financially stressed since the company introduced Level. As a software developer, the MpiloTech staff are not required to be in the office, but pre-Covid the team used to be office-bound. During lockdown, operations moved completely remotely and with that there was no need for staff to spend so much on transport every month.

Over the lockdown period, Level has provided MpiloTech staff additional flexibility and control of their earned wages, reducing financial stress during a global pandemic. Level gave employees peace of mind knowing they could manage unexpected expenses without using expensive credit between paycheques. Caring about the financial wellbeing of their employees has ensured that MpiloTech’s employees view the brand more favourably and they are less stressed about money, which means they can focus on the job at hand

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