Entrepreneurs exist to solve problems. Through job creation, they help solve one of the core problems in the world -unemployment.

In Africa, where unemployment rates are incredibly high, entrepreneurs’ efforts must be highly applauded.

Yet still, entrepreneurial leaders have an equally challenging task to handle: reducing the number of the working poor.

A casual observation of the lifestyle of the African workers would indicate that most live from hand to mouth.

They have nothing to save or invest for their future, and so, should such employees lose their jobs, they would quickly slide into poverty.

If we are to go by one of the significant remarks of Dr Myles Monroe during an interview, that leadership is about empowering people, then CEOs have a lot to do to empower their employees financially.

Every leader should detest working with disempowered and impoverished teams.

Poverty denies people the opportunities to make better life choices regarding proper housing, adequate nutrition, and quality education for their children.

A deficiency in the above areas affects the health and performance of the employee at work.

From a study done by Justin, W, poverty is one of the leading causes of theft among the working poor.

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US businesses, according to the study, lose $50 billion annually as a result of employee theft.

With visionary entrepreneurial leadership, however, even low paid workers can gradually climb out of poverty, thereby reducing theft-related losses.

Human Capital International is passionate about seeing SMEs and their employees attain financial stability.

Financial growth can only happen when entrepreneurs and entrepreneurial leaders follow certain principles.

Here are some exclusive principles transformational CEOs employ to help their staff attain financial independence.

Consider using them to help your employees lift themselves out of poverty.

Create skills and training opportunities

Strategic leaders invest in staff training and skilling as a way of helping team members realise their full potential.

A well-trained staff will be efficient, and as such, his or her skills will attract premium compensation.

When a leader selects employees for training, it is a strategic move to increase the market value of such staff.

According to Getsmater (2019) blog, investing in staff professional development is mutually beneficial to the company and the individual.

For instance, according to the study, ninety-four per cent of employees who receive training stay longer compared to untrained staff.

Therefore, as a strategic entrepreneurial leader, invest in the training of your staff to increase their market value, and you will eventually reap the return on such investment by keeping them.

This article will interest you: Five Fundamental Entrepreneurial Leadership Qualities Every True Corporate Leader Must Possess.

Of course, there is the argument that when you train employees, they abandon you for other organisations.

Unfortunate as it may seem, the question is, what happens if you don’t train them in this competitive market environment and they decide to stay with you?

In offering training opportunities, allow your team to network and benchmark with people from different backgrounds and experiences.

When you expose your team members to polished individuals with better ideas, they do not only expand their worldviews, but they equally desire to become better and deliver competitive performance on the market.

Help them acquire insurance and live healthy lifestyles.

Health spending is an expensive venture that has deprived workers of their savings and incomes.

According to a study conducted in Togo and Burkina Faso, health shocks in Sub-Saharan Africa are more prevalent among the vulnerable poor and uninsured households.

The study cited health spending as the leading cause of poverty in those countries.

For employees to have settled minds, therefore, entrepreneurial leaders should offer them medical insurance cover.

This strategic move will ensure that employees concentrate at work and worry not about spending their salaries on treatment should they fall ill.

Money that would go for treatment is then saved and can be used for future investment.

Although offering insurance is an extra cost to the company, strategic SME leaders see it as an investment for the wellbeing of their staff.

Offering insurance is not enough, though. Employees must match it with regular exercise, routine checks, and healthy eating habits.

Encourage savings and investment among teams.

Savings and investments are the gateways to long-lasting wealth.

Sadly, few employees save or invest.

It is a leader’s role, therefore, to teach this culture to his or her team.

This is one of the principles, Trainer and Entrepreneur, Emmanuel Dei-Tumi talks about in his book: Unravelling the Secrets to Wealth Creation.

No employee should spend all their salary before saving, however small it may be.

Remember, saving money alone does not guarantee financial freedom. Saving and investment do.

Your staff’s financial freedom will make your work as a leader a little easier.

The burden on you to dish financial bailouts will be minimised. They will equally lead happy family lives and adequately provide for their dependants.

A study by Applied Financial Concept Inc (2014) indicated that employees who experienced financial stress were more likely to abscond from work.

Don’t allow a situation where your employees will opt for gigs to make ends meet instead of concentrating on your tasks.

As the CEO of the company, you are also the CIO – Chief Inspiration Officer of your team.

Teach them the principle of Cut, Save, and Invest (CSI) and see them create a better financial future for themselves.

The job of a world-class entrepreneurial leader who is also a generational thinker is to electrify their teammates around attaining financial well-being that makes them step into their holistic potential. One that makes them more significant than they were before they joined the company.

Therefore, try these tested principles in your organisation, and you will be rewarded with inspired and focused employees to work with.