Consumers are quite used to hearing the need to save, to tighten their belts and to budget as much as possible. The reality of today’s market is that tough times are impacting on employers and employees alike, and that the economic hardship continues to have an effect on all businesses and industries.
During these trying times, it is critical that people plan as much as possible – especially ahead of the festive season, a time when cashflow and expenses are foremost on the minds of most families.
Today, many companies are unable to give bonuses or a 13th cheque, which adds even more pressure on the consumer for whom December is usually a very long month, financially.
As custodians of the HR and HCM function in business, our message to the market is to make provision as far as possible.
In other words try to put something away, whatever amount, on a regular basis between now and December. The rationale is that whatever amount is saved can serve as a ‘cushion’ to help absorb the impact of the financial pressure.
From an employer perspective, it is important to remember that because salaries are usually paid earlier in the month, wages and leave pay must be calculated earlier to make deadlines and help employees.
The bottom line for both employees and employers is that the earlier preparation begins, the better it will be for all concerned.
This is, at least, a sure way to enjoy the festive season without having to burden yourself, friends and family with unnecessary worry.