Employee benefits: Making financial well-being part of your retention strategy
4 in 5 South African employees worry about money every day. Here’s why making financial well-being part of your benefits package can improve focus, loyalty, and retention.
South Africa must follow the Basic Conditions of Employment Act, which sets out mandatory employee benefits such as:
- Paid time off (at least 21 days per year)
- Sick leave (up to 6 weeks' paid sick leave during a 36-month cycle.)
- Family responsibility leave (3 paid days per year)
- Overtime pay (1.5x on weekdays, 2x on weekends)
- Maternity leave (up to 4 months)
- Paternity leave (10 days unpaid)
- Contributions to the Unemployment Insurance Fund (UIF) and Skills Development Levy
However, to stay competitive, many employers also offer additional benefits, including:
- Medical aid or health insurance
- 13th-month salary or annual bonus
- Retirement or pension plans
- Life and disability insurance
- Flexible working hours
- Remote or hybrid work options
- Employee wellness programmes (e.g. counselling, fitness, nutrition, yoga)
These extra benefits help attract and retain skilled workers, improve well-being, and build stronger company culture.
The World Economic Forum’s Future of Jobs Report 2025 found that 64% of employers see supporting employee wellbeing as a key strategy for attracting and keeping talent.
Employees now want benefits that truly improve their lives. The focus has shifted from fun perks to more meaningful support - particularly around wellbeing and balance.
Well-being now means more than physical health
Modern wellbeing is holistic. It covers:
- Mental and emotional health: managing stress and building resilience
- Social well-being: feeling connected and supported at work
- Financial well-being: feeling secure, in control, and confident about the future.
Rising living costs, debt, and economic uncertainty have made financial health just as critical as physical or mental health.
In fact, Wealthbit’s Financial Stress Report found that 67% of employees say financial stress affects their career decisions, including whether they stay or leave their jobs.
That’s significant. It’s something you can’t afford to overlook when planning employee benefits for your business.
The hidden cost of financial stress
Money worries don’t stay at home. They show up at work, in focus, productivity, and engagement.
Financial stress can lead to:
- Reduced concentration and slower decision-making
- Presenteeism: employees showing up but underperforming
- Higher turnover, even when salaries look competitive.
Many employees in our Financial Stress Survey reported fatigue, anxiety, and burnout caused by financial pressure.
Even employees who “look fine on paper” can be struggling, juggling debt, rising expenses, or feeling like they’re falling behind. Without support, that pressure can quietly lead to disengagement or resignation.
How to measure financial wellbeing in your team
Our Financial Stress Survey Tool helps you understand where financial stress is affecting your people. It’s fast, anonymous, and provides you with actionable data.
You’ll be able to:
✅ Spot early warning signs before stress turns into resignations
✅ Get honest, anonymous input from your team
✅ Identify patterns and problem areas
✅ Back up wellbeing and benefits decisions with real data
Get your company’s Financial Stress Survey link
From awareness to action
Knowing stress exists is step one. The real change happens when you embed financial support into your culture, not as a one-off initiative, but as part of your ongoing employee benefits strategy.
That’s what our Financial Freedom Programme™ is built for. It helps employees make real progress with their finances through tools, guidance, and check-ins that lead to lasting change.
The results speak for themselves:
💡 Improved focus and energy
💡 Stronger loyalty and lower turnover
💡 A culture where people see a future with your company
The takeaway
Financial stress is far more common - and costly - than most leaders realise. By including financial well-being in your benefits strategy, you’re not just supporting your team; you’re strengthening your business.
👉 Download the Financial Stress Report to see how big the issue really is
👉 Use the Financial Stress Survey tool to get better insight into what’s happening in your own team.
The sooner you start, the sooner you’ll build a workplace where people want to stay and succeed.
Sign up for Wealthbit’s Money Systems newsletter and make financial freedom simple.
Related content:
Wealthbit's 2025 Financial Stress Report
Help your people feel in control of their money and bring focus back to work
Data report: Financial stress is driving talent out the door