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Breaking Stereotypes: The Future Of Finance And Tech Is (And Will Be) Women

Work culture in organizations is gradually moving towards diversification and inclusion. The current times are witnessing gender stereotypes bring identified and shattered in the wake of gender sensitization and diversity. Organizations across the globe are making concerted efforts towards the goal of equality of opportunity. Still, equality at workplaces is a far fetched dream. Take for instance the case of the US, where: 

Yet they earn lower salaries and fill up fewer seats in male-dominated professions like technology and finance. Fortunately, these stereotypes – those of women typically avoiding math, science and often all things logic – are on the verge of shattering.

A study conducted by the global research organization Catalyst stated that among Fortune 500 companies, the companies which had the highest number of women directors on board have shown better financial results and those having at least three women on their board have stronger-than-average results.

Gender Stereotyping deeply impacts the psyche and confidence of the female workforce. As per research, by the age of 6 years stereotypes regarding intellectual ability take root in girls. Girls identify themselves less with STEM subjects (Science, Technology, Engineering, and Mathematics). At the workplace, women find a less conducive environment to hold leadership and skill-based jobs, share their ideas in discussions concerning these subjects. 

Indian Scenario: Tech

The current Indian scene has begun a positive, and hopefully soon – pretty picture: 

  • Women representation in corporate jobs has increased from 21% to 30% in a span of five years, as posted in  Zinnov-Intel Gender Diversity Study 2019
  • Females are represented higher in non-technical roles at 31%, while in technical roles their share is 26%. 
  • Only 11% of the C-suite positions are held by the women, they were represented at  20% in mid-roles and 38% in junior roles. 
Women's Day

If these stats are compared with the global figures, Indians are surely taking strides in leaps and bounds to cut across cultural misfits and gender Stereotyping issues. As per a NASSCOM study of IT professionals and middle management from companies of Europe and India, 35% of the people with specialist technology roles are women in India as compared to a mere 17% female representation in Europe. 

Several organizations like Oxfam India through its campaign Bano Nayi Soch are all in for progressive ideas that subvert the norms of patriarchy.   

In 2016, Facebook initiated recruitment practices focused on bringing in black and female workers into their workforce – in who now make up 36% of its workforce. Sheryl Sandberg, COO of Facebook and the only woman on their board posits the concept of ‘leaning in’ in her recent book as the idea of being ambitious in any pursuit.  

Kiran Mazumdar Shaw, the CEO of Biocon and the first woman billionaire entrepreneur, reiterates that there is no dearth of talent in meritorious women and even though a small minority, they are well respected and worthy of inclusion. 

Indian scene: Finance

Women are considered excellent investors, but female representation in the finance sector remains meager. A CFA Institute Gender in Investment Management study shows a mere 11% representation of women investment professionals in the industry.  Research across the globe has proved how a culturally rich and diverse workforce delivers optimum results and lower risks for investors. Experts cite several pros of getting the women included in the workforce. 

  • Firstly, female inclusion will tend to bring in newer perspectives into the industry that can usher in a new revolution in the industry. Quality of output and decisions will definitely see improvements. 
  • Gender diversity can lead to innovations and rethinking of the old investment strategies that are sure to impact investment outcomes. 

Several initiatives have been taken to improve the involvement of the females at all levels. For instance, Young Women in Investment, India’s first initiative seeks to create female awareness and interest in the investment management industry. The initiative focuses on presenting investment as a long term viable career option to the women. The success and support of this initiative have definitely paved the way for the inclusion of females in the future of finance. 

Initiatives to Break Stereotypes

While we’re doing well, there can be several initiatives that can make the future of tech and finance into a substantial female-centric arena: 

  • Tech can be leveraged to advance gender parity and women empowerment in a number of ways. The development of the gig economy is offering a contingent workforce that is sure to lessen such gaps in the future. 
  • Unlearning the biases in our mindset and doing away with gender stereotypes will be a daunting task that would demand our attention towards sustainable and all-inclusive economic growth. 
  • A survey conducted by Unilever showed that 77% of men and 55% of women felt that men are best suited for high-stake projects. Such views deeply impact gender parity issues. Marketers and media need to stop the sexist portrayal of women. 
  • Social, political and cultural fronts should take it upon themselves to curb these formative practices of stereotyping and expose both the genders to all kinds of non-traditional fields like tech or finance to let them make their decisions rationally. 
  • There is a dire need to bridge the skill gap among women by taking advantage of digitization and tech innovations. The global “talent shortage” is currently at 38%, with the top ten hardest jobs to fill in STEM professions. The focus has to shift to building competencies and skillsets among women. 
  • Another key area of concern is the online representation of women. There are 250 million fewer females present online as compared to males. Connecting and bringing greater access to regions with no internet can bring about unforeseen opportunities and can even act as catalysts synthesizing women’s inclusion in tech and finance. 

The instilling of the right temperament among the youth holds prime importance as the majority of them make their career choices by the age of 26 as per a survey. Women do not lack in tech or finance skills and knowledge, what they lack is the proper nurturing environment enabling them to fulfill their dreams sans any bias or stereotyping. Once the institutions of today get in sync with gender equality and diversity themes, the potential and opportunities awaiting women in tech and finance can be attained.
And we can surely hope for a feminine era in finance and technology awaiting us in the near future. 

“You are fierce, bold and daring! Also, the best when it comes to caring.”
Happy Women’s Day!

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Spouse In The Same Office: A Closer Look At The Implications for HR

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

It is perfectly natural for a professional to fall for another if they’re working in the same office, or are spending a significant amount of time together. Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction. While they may be frowned upon, relationships within an office setting are far from uncommon. Some partners even often end up getting married. 

In this context, however, the HR function isn’t expected to remain out of the loop. Organizational policies, cultural sensitivities, etc – there are many factors influencing the HR functions’ role in managing professionals with a spouse in the same office. How can they approach this? Let’s look at some important aspects.

Disclosure of relationship

It is vital to maintain an environment where it is known that keeping a relationship or marriage secret is not in the interest of the company and can have larger implications. According to Sarah Churchman, head of diversity and inclusion and employee well being at PwC, the only way to manage relationships is for the couple to be totally out in the open. “If they don’t inform us, someone else in the department will. Not because they are necessarily behaving in an inappropriate manner, but simply because they may fear a problem with favoritism.”

Some enterprises have a policy in place allowing for managers to be demoted, transferred or even dismissed in the case of the manager being in a relationship with their direct report without disclosing the same. It is, therefore, essential that an office couple is made to sign out a disclosure form with the HR Department. This allows for a line of communication between the office and the parties involved and also serves as a formal notice of their relationship. It also prevents misinformation and rumor-mongering in the workspace which hampers productivity. 

Different organizations have varying HR policies on how they deal with a spouse at the same office. If a company is strictly against work relationships, one of the spouses can be dismissed, though it would not be a popular move and discourage transparency. “You can’t legislate against office romances or indeed falling in love, and an outright ban would be totally unworkable,” says Churchman.

It is imperative for a company to have a policy on office relationships and furthermore ensure that all employees, especially spouses, get familiar with these and abide by them at all times during work hours. This includes coffee breaks, lunch breaks, business trips, etc.

Personal life and Professional life

The need to maintain a professional relationship between spouses in the same office space is vital. Often, the hardest battle in managing office relationships is inculcating the need to strike a balance between personal life and professional life. According to a research “on flirting at work” conducted by Amy Nicole Baker, an associate professor of psychology in University of New Haven, and an author on workplace romance papers, it was found that people who frequently witness other colleagues flirting often feel less valued by the company and have a decline in job satisfaction. This feeling of discomfort can also lead to many quitting their jobs. In order to prevent others from being uncomfortable and thus putting oneself under the radar. 

Spouse In The Same Office: A Closer Look At The Implications for HR
“Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction”

Public displays of affection and flirtatious conversations can disrupt the working of the office and reek of unprofessionalism. It is essential to treat your spouse like a regular colleague within office hours and even in work parties, off-sites and other such events which are an extension to the office workspace.

Senior-Junior Relationship

In the case of a senior and subordinate getting married, the need for professionalism is critical in order to prevent conflict of interest. According to most office guidelines – it is necessary for the senior spouse not to be involved in the appraisal or evaluation of their partner. The two must not work together in the same department in order to curb the space for favoritism and nepotism within the workspace. There is also a potential threat to the security of confidential client information and the risk of information leaks.

To avoid the occurrence of favoritism, one spouse should be transferred to another department, and ideally, no couples should work together in the same department.

Divorce

The unfortunate scenario of a married couple splitting up can have deep repercussions on their work ethic, their behavior in the office as well as the office environment itself. The disclosure form should specify what would happen to both the parties in case of this occurrence. The way two ex-partners are treated in the office also deserves attention. They might act in a more isolated nature and may be unable to maintain good performance. This situation is a nursing ground for potential blame-game and office politics. This difficult period of the employees’ life should be battled with care and acceptance. They might not need advice and might need someone to listen to them in order to clear their mind and concentrate during work hours. In case of poor performance, they should be nudged towards the direction of working better and given gentle reminders instead of indifferent statements like “Your divorce is not our problem.”
Perhaps an Employee Assistance Program to help deal with such traumatic instances is worthy of consideration from employers.

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Can Millennial Stress be Resolved by Financial Wellness?

Stress is an issue bigger than ever for millennials, who are rushing ahead with their worklife, finding little time to enjoy the intricacies of life. They are not only toiling themselves with projects, preparing reports and meeting targets, but also when off the work they busy themselves worrying about their debt, savings and expenditure.  India has been, off late, a very volatile economy with companies shutting down production and filtering out chunks of employees. As such millennials are forcing themselves to work in return for poorly paid salaries and unsatisfactory job environments. In most of the cases, they are not able to manage their day-to-day expenses and have to revert to debt; while in other cases are confused about their financial course.

A whopping 76% of Millennials say they are experiencing financial stress, up 23 percentage points from 2018, according to the PwC 2019 Employee Financial Wellness Survey.

Financial stress is the top contributor in affecting employee health and morale followed by their jobs and relationships. Matching your salary with your expenses is only the tip of the iceberg, when cash flow and debt issues add to the worries. Employees are worried that they are not able to save enough and will face or are facing a financial crunch. Let’s look at the major issues hounding today’s millennials in terms of finance:

Past concerns  

With higher education becoming more expensive each year, an increasing number of new employees enter the corporate sector already laden with the burden of huge debt in the form of education loans or personal loans. As per Workplace benefits report 2017, 40% of millennials say that they left high school and college unprepared for the real world. As such they look upon their employers for the necessary guidance and help related to a majority of topics around financial wellness. 18% of millennials want more help with their student loans.

In some cases, these debts may be gifted down from one generation to another. A son may have to pay off a home loan or some other debt incurred by his father. These circumstances dilute the finances and millennials find it difficult to lay away the stress.

Present concerns

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent). 

Peer pressure, maintaining the status quo and lavish lifestyles often lead millennials to the brink of a financial crisis if they do not plan their finances well in advance. Many are highly ignorant about how to proceed with investments; banks or mutual funds, long term or short term, commodity or shares, and a lot more. About 43% feel that they require more help with investing, 40% wanting more information on how to save taxes and 21% feel that they want to save more. It’s an additional issue when they require funds in a lump sum for unforeseen expenditure or a major purchase. They either trap themselves in instalments or else fall in a debt trap. 63% of Millennials consistently carry balances on their credit cards and two out of five have trouble making minimum monthly credit card payments.

Future Concerns

Besides provident fund schemes, gratuity and a few other benefits, employees aren’t assured adequately about their future. They remain concerned about their retirement and pension, their children’s education, medical expenses and a lot more. Pension schemes are offered by insurance firms, but which one is best suited remains a matter of concern. Career opportunities and growth also impact future and present decision making. Not surprising then that employees, especially millennials, find themselves to be dependent on their employers.

Why should employers take up financial wellness programmes?

Financial stress not only impacts an employee on a personal level, but his working capabilities and mental faculties get impacted too. Stress can be behind severe health concerns that may lead to employee absenteeism, employee turnover, and dissatisfaction. The issue of financial health becomes of utmost importance to keep the solubility of the firm intact on one hand and to achieve common organisational goals on the other. As per a survey, an employee spends 12 hours on an average each month stressing about their finances. 

Bank of America Merrill Lynch report says that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors.

A well thought of and structured wellness programme may act as a tonic for the employees’ financial health:

#1 Making an in depth study of employee concerns before finalising on the mode the financial programme is critical. Not everyone shares the same crisis, and not everyone will desire third party approvals or advice before taking decisions. A financial assessment is essential before you initiate the program and want it to succeed. This can be an eyeopener for those employees who may have been unaware of the causes of their financial stress and will make them ready to adopt the new financial course.

#2 Educating employees about financial health and other resources should be taken care of as well. This can be one through seminars, online courses, or even lectures and classes conducted by an expert or professional.

#3 The employees must be educated on healthcare costs as well. It doesn’t hurt to take this opportunity to promote healthier lifestyles as well. This can save them a lot in the long run. Group insurance schemes and health insurance schemes should be encouraged as a norm in the organisation.

#4 Financial debt management, especially the management of student loans, is another area of focus. Employers, if possible, could even consider taking it upon themselves to sort out the education loan or debt of the employees as a gesture of goodwill. This can be offered as an employee benefit as well. Executed right, the company can go a long way in earning the reputation of being the best in class when it comes to their employees’ welfare.

#5 Then comes the basic question of managing the current expenses such as installments, deductibles, premiums and other expenses. There are several paradigms involved in financial planning and it can be overwhelming for a millennial who has just been placed on his job.

Encouraging employees to take part in these programmes and letting them get involved through participation, and one on one discussion will assist them in reducing their financial stress. The overall focus of the employee can shift to organisational task boosting his productivity and overall efficiency. At the individual level, it will boost their confidence to manage their current expenses and plan for their future expenses in advance. Financial wellness programmes can, therefore, help in improving employee health and quality of life. A healthy and financially sound human resource can be an unending source of profitability and efficiency for any enterprise.

What Does The New RBI Moratorium Mean For Borrowers?

With the global breakout of the COVID-19 pandemic, the Reserve Bank of India has taken an important decision with the objective to reduce the financial burden of debt servicing. As per the RBI order, all lending institutions have been permitted to give a moratorium or an EMI holiday to their borrowers for loan repayments and credit card dues. The moratorium is for installments and card dues in the period between March 1, 2020, and May 31, 2020. It has been given to mitigating income/ business loss to individuals or businesses. In this post, we’ll try to provide clarity on the barrage of questions that borrowers have regarding the three-month moratorium on loans and credit card dues. 

Am I eligible for the benefits under the moratorium period?

If you have taken a term loan or have a cash credit or overdraft, then you are eligible. This includes: 

  • Agricultural Term loans, 
  • Retail loans, 
  • Crop loans and 
  • Koans under Pool Purchases. 

All accounts which are defined as Standard Assets as on 1st March 2020 are eligible. There is no need to do any special paperwork to avail of this facility. Your term loan installments’ repayment including the interest due will be extended by 90 days. For example, if your loan is repayable in 60 installments and is scheduled for maturity on 1st March 2022, then the new maturity date will be 1st June 2022. 

Can I reschedule payments for all term loans? Will it affect my credit score?

Yes, you may reschedule payments irrespective of the loan segment and the tenor of your term loans. However, remember that moratorium is not a waiver. No, your credit score will not be affected if you opt-in.

What is rescheduled, the principal or the interest too?

You can reschedule your principal repayment due in the period 1st March to 1st June 2020. Let’s say that you had an installment due on 3rd March 2020. The payment will now be due on 3rd June 2020. If you have taken an EMI based term loan, then the repayment tenor will be extended by 3 months. For other term loans, the repayment period will be extended for installment and the interest due in the moratorium period, irrespective of the repayment tenor i.e. Monthly, Quarterly, Bullet Payment, Half Yearly, Annually, etc. If the repayment of your term loan has not commenced yet, then the interest portion for three months will also be reckoned. Please do note – interest due in 3 EMIs will still accrue. It’s only the payment that will be delayed.

Can the term loan go beyond the maximum period stipulated for a Product?

Yes, as per the new guidelines, a term loan can be extended beyond the period stipulated for the product and that given as per the loan policy. The interest in the Working Capital facilities will be treated as a deferred payment. 

Are there any costs of availing of the benefits of the moratorium?

Yes, opting for a moratorium has a cost. If you have 36 outstanding terms, then 1 extra EMI has to be paid; for 60 outstanding terms 2 more EMIs; for 120 outstanding terms, 5 extra EMIs, for 180 outstanding, 8 extra EMIs and for 240 outstanding terms, 15 extra EMIs have to be paid. The interest payment is deferred and not waived off. It is only postponed to 3 months and would continue to accrue on your account. 

Should I avail of the moratorium benefit?

If you can honor your obligations, then you may want to skip this moratorium. It is beneficial primarily for those who are bearing the brunt of the economic slowdown and are facing a serious money crunch. After all, paying dues is the best practice and opting-in should be a last-ditch decision. More so, not all banks may fulfill RBI’s suggestion. These are ultimately only guidelines.

Will my credit card dues be deferred?

RBI has given relief for credit card payments also. Your overdue will not be reported to the credit bureaus for a period of three months. No penal interest rate will be charged if the card issuer gives you an option for the moratorium. However, the card issuer will charge interest on the unpaid amount. Do check the interest payable with your Card provider before opting in, since those can be fairly high and is one of the reasons you shouldn’t get too friendly with credit cards.

Feel free to get in touch with us for any questions on credit and loans!

What Does The Coronavirus Mean For Your Finances?

The Coronavirus scare has caused widespread panic among investors, causing the financial markets to drop by historical levels over the last few days. Ever since WHO announced the novel Coronavirus outbreak as a pandemic, markets have plummeted, with indices like Sensex dropping nearly 3000 points on multiple days. Though the stocks have somewhat recovered (emphasis on somewhat), we’re still staring at historical lows, with pundits even beginning to speculate a fear-induced recession, as discussed in our previous post

As an investor – should you cut your losses and sell your holdings now? Here are some facts to help you make the decision.

Historical Trends

This is definitely not the first pandemic that has caused widespread panic leading to temporary turmoil in the global markets. Previous outbreaks like SARS, EBOLA, had also caused severe market reactions (though not to this extent, as the spread of the virus, was not nearly as contagious). However, the market has always bounced back and “corrected” its course in a 12 month period after the initial crash. There have also been indications of the Indian market correcting itself recently, the short term implications do not seem to be great for the investors. In the short term, experts are predicting a further 8 to 10 percent drop in the prices.

The Coronavirus impact on the stock market is comparable with the 2008 burst of the dotcom bubble in terms of the magnitude (an ex-Obama advisor has actually gone on to call it worse than 2008), but it’s not the worst recession of all time. Historically, the markets have always corrected itself, getting back to bullish markets within a year or two.

Coronavirus

Source: Financial Times

Long Term Implications

The silver lining of this outbreak is the fact that those who want to enter the market, to buy and hold for the long run, will get the cheapest prices to buy shares or index funds. Though prices may be likely to dip more as countries like India still seem to be in the early stage of the spread, they will certainly not recover till the outbreak shows signs of containment. That being said, the loss of money on paper should not scare you from investing right now, provided you want to hold for the long term (atleast 5 to 6 years). Exit strategies should be based on the state of the market then, but choosing the right set of stocks (risky, but the higher rate of return), or going for a broad index fund (safer, but with a marginally lower rate of return), is very likely to earn you money on the long run.

Coronavirus

Source: Dow Jones Market Data

Current Trends And Short Term Implications

In the current market conditions, for the next few weeks, a bear market may be prevalent. Though there was a short span of reversal of trends on the 13th of March, due to the widespread disruption of the economy because of Coronavirus, and panic among the investors, the price has continued to dip. 

If you are someone looking to invest in the short run for some quick profits, you may find better luck in holding off on investing in the stock market and going for safer investments with low leverage. On top of the spread of COVID-19, the untimely crude oil wars, and the world’s businesses being brought to a standstill, short term losses are inevitable. History tends to repeat itself, and the market will eventually correct its course in a few months, with the IMF and governments across the world trying to guide the economies through a rough period, financially and socially.

Amidst the crude oil price crash, the increase in the value of Indian rupee, people usually find gold to be the investment to rely upon during the time of crisis. However even Gold rates have been going down recently, but some argue that they remain a good bet to diversify your portfolio and hedge your risks. It is better to invest your money on fixed-interest bonds or deposits if you are looking to exit in the short run. 

Coronavirus

Source: tradingview.com

The market, as it is right now, is pretty volatile. It is in the best interests of everyone to not panic, and get jilted by the temporary loss of money on paper temporarily, and to hold the investments and wait for the market to get back to normal.

If you were looking to cash out of your investments during this period but are not constrained by the losses, EarlySalary is here to help – with instant cash loans at interest rates as low as Rs 9/day.

Quarantine during the Covid-19 Crisis? Here’s how to engage yourself

With the outbreak of the coronavirus pandemic, governments across the world have been forced to direct their citizens to quarantine themselves in their homes. This move of self-isolation is a necessary step in order to curb the rampant spread of the virus among the public. Confined to our own houses, many of us are missing the thrills of our social lifestyle. With nothing much to do apart from the tasks assigned under work from home, boredom is definitely engulfing us all. But there is nothing to worry about, the Earlysalary team is here to guide you on how you can turn the present situation to an exciting period with the following activities:

Yoga and body-weight exercises

Quarantine

Health has been one of those aspects of our life that have been neglected for a while. Today, with time on our hands, we can take good care of our bodies by indulging in physical activities such as yoga and other exercises. These will not only provide much-needed agility, but studies have proven them effective in keeping stress hormones under control, essential in surviving such straining times.

Since the onset of coronavirus, the body’s resilience to the disease or immunity has been a crucial point of discussion. Robust examinations of various health reports have shown the debility of viruses in front of bodies with impeccable immunity. Therefore, the task to undertake a physical health routine has become necessary. 

Meditation

Quarantine

As panic tends to increase around the world, it becomes crucial to calm your inner world. Meditation empowers one to subdue a tensed mind and soothe the nerves. Since ancient times, sages have been voicing the importance of having a meditational ritual in day-to-day life. Whether you want to use this time to connect or grow spiritually or seek tranquillity, a thoughtful-meditation practice is all you need. 

Learn Something New or Take an Online Course  

Quarantine

We all have some passion or desire to learn something which, unfortunately, due to scarcity of time we haven’t been able to explore or pursue. With the availability of online courses and millions of videos on platforms like YouTube, the current lockdown provides an opportunity to undertake those desired activities. The time can also be utilized for upgrading one’s skillset by pursuing courses that relate to their profession. This will not only provide professionals with an edge over their peers but also prove vital during appraisals or provide them with better opportunities.

Connect with friends and relatives

Quarantine

Social distancing does not imply getting yourself completely detached from your social life. We are living in an age where we can connect with anyone virtually. Talk to your friends and relatives and catch up with them on phones. In such hard times, assuring words from friends and family can do wonders for one’s mental health.

Read and write 

Reading has always been one of the sought-after activities to productively utilize time. Reading a book transports one to the fantasy land of the author’s imagination. There are numerous online sites and apps like Kindle and Kobo available to download and read books of vivid genres. 

Learned men and successful individuals have always emphasized the need to share one’s knowledge with their fellow beings. And what a better way to do that, than writing. We all possess pearls of wisdom that the world needs to know. Whether you have some tips on money management or handling relationships, this free time can be used to share those with other netizens on platforms like Medium or Quora.

Cultivate your hobbies

Quarantine

While fulfilling the demands of daily life, our hobbies can get sacrificed in the long run. The current time period can be used to revisit those long lost hobbies or to cultivate the current ones. If it’s gardening that enthralls you, then you now have time to pick up your tools and tend to your garden. Or if it is cooking that gets you going then it’s time to hit the stove and cook that dish you wanted to try for a long time.

Spend time with your family

Quarantine

The quarantine can be seen as a blessing in disguise for family life. In an age where families are turning dysfunctional at an alarming rate, coming and living together can be fruitful for many. It is time for the younger members of the families to connect with the older ones. Families have an opportunity to come together and bond with each other. The present times are testing and nobody knows exactly what the future holds.  It is up to us now to turn the circumstances in our favor and celebrate the essence of life. 

So instead of getting glued in front of a television set and getting frightened by the blaring of media houses, one can turn the present situation to their own advantage. Optimizing your physical and mental health should be part of your major commitment right now. Taking the necessary precautions and following public advice issued by WHO is essential to keep one safe from the invisible havoc. On the other hand, Earlysalary will safeguard your financial health with our instant personal loans, whenever you need us!

Stay Home, Stay safe!
We all are in this together 🙂 

A Beginner’s Guide On Getting Instant Loans Without Documents

Facing a cash crunch? An instant cash loan can help. An instant loan is essentially a personal loan which disburses loan with a short approval process. Loan apps such as the EarlySalary app provide personal loans that can fulfill your short term monetary needs. These are unsecured forms of credit that can be availed with minimal documentation at competitive rates and convenient repayment terms. 

The quickest option is to apply for an instant loan on the instant cash loan app. It has become much easier to avail a loan with just one click and that too at the comfort of your home or at the office with a smartphone and a working internet connection. The application and approval process is completely online. There are three basic eligibility criteria that you must check before applying:

  1. You must be above 21 years and below 55 years of age.
  2. Salaried individuals with a minimum salary of ₹18,000 (Metro Cities) and ₹15,000 (Non-metros).
  3. Must be an Indian citizen

If you need instant cash and fulfill the above criteria, read on to find 3 easy steps to avail an instant loan online without documents.

Step 1

EarlySalary, a loan app, asks for minimum documentation like proof of identity, proof of residence (leave and license agreement or electricity bill, latest three months bank statement (where salary/income is credited), salary slips for the last 3 months or the 3 months bank statement and one passport size photograph. All these original documents must be uploaded in PDF format.

Step 2

The next step is to download the loan app from the Google Play Store and register on it. Upload your documents on the app itself and fill in the necessary details. EarlySalary provides instant loans starting from INR 5,000 to INR 2 lakh. You can choose the borrowing amount on the basis of your repayment capacity and the EMIs. The duration of the loan can range from 3 months to 12 months. The entire documentation and transaction process is carried digitally – so no physical visits or verification is required throughout the process. 

Step 3

Once you submit a request on the loan app, it is reviewed and processed within 8 to 24 hours of your application. The approved loan amount is directly credited to your bank account. This is the easiest way to get an instant personal loan online.

Data Security 

If you are worried about the security and confidentiality of your personal details then Earlysalary processes maintain all precautions to protect your personal loan details. The app provides a Secure Socket Layer (SSL) Encryption. You are provided a secured login through https:// protocol. The 2-Factor or Multi-factor authentication lets you securely login using security questions or by the use of a security code sent to your registered mobile number. 

An additional feature of EarlySalary is that the firewalls filter the unauthorized and unsecured data coming and going out of EarlySalary’s servers. You do not have to provide any additional information while logging on EarlySalary as we do not use cookies. All your details and credentials are secured and kept confidential.

With the current global epidemic of Covid-19, self-quarantine and social distancing are the easiest precautions that one can take. Hence, getting an instant loan without the need for physically traveling with documents at interest rates as low as Rs 9/day is certainly the safest option for credit.

Still, wondering how to get an instant loan? Check out the EarlySalary loan app, read the FAQs and the process of how the online loans work. This will help you arrive at a decision.

This Gudi Padwa, give your finances a fresh start

In India, there is a prominent connection between the auspiciousness of a festival and managing one’s finances. March end witnesses the closing of balances and accounts in firms and institutions all across India. In comes April, and we ready ourselves to begin anew our financial planning standing at the threshold of the New year as per the Samvat calendar. Gudi Parva marks the beginning of a fresh year and new harvest season in Maharashtra, while North India busies itself to celebrate Chaitra Navratras. The time is considered auspicious to purchase assets like gold, start a new venture or invest money in new portfolios. Before we start with our financial planning, why not consider a few pointers to give ourselves informed perspectives and optimum knowledge? 

Here are a few key areas to look upon before we begin the new financial year 2020-21 and end it financially stronger. 

Financial Health Check-up

New beginnings also call in for a revision of the old. Planning is both forward and backward-looking, isn’t it? Moreover, we are amidst a lockdown due to the current epidemic, stock markets are at an all-time low, businesses are either shut down temporarily or ambling through, barely coping up with the abnormal state of the market. This makes it all the more essential to review our current state of affairs. 

  • Reviewing the investment as a portfolio is essential to gauge the overall returns and cost-benefit ratio. Assess the mix of investment in bonds, stocks, deposits and other liquid assets keeping in view the long term goals and risk-taking capacity. 
  • If the markets are showing a negative trend it is better to disinvest and go in for safer options such as bonds and deposits to reduce risk. 
  • Taxes play a major role in determining the quantum of our investments. Align the investments with the new tax schedule and invest in tax saving schemes like municipal bonds and ETFs. 
  • While reviewing our current investments, we should always keep our long term goals, such as retirement plan, child education, and marriage, updated and in sync with our short term priorities as well. 

Formulating a Financial Budget

Once we have got the hang of our last year’s investment schedule and return graphs, we can decide our budget for the new year in a more informed way. 

  • The simplest way is to write down the ex-ante income expected to be received and the expenditure to be taken care of. We should allocate our expenses well against the given income. 
  • Secondly, this is the best time to cut off unnecessary expenses and find alternate channels to reduce expenditure. 
  • Try and have separate budgets for healthcare, education, vacations, rent, insurance and other utilities that would occur all through the year. 
  • Budgeting also includes setting goals, like saving funds or acquiring assets or non-financial goals such as going on a vacation or buying a fancy car, and setting aside funds for that. 

Tax and Insurance Knockout 

Tax planning and insurance go hand in hand. The Income Tax Act of 1961 has ample deductions when it comes to insurance.

  • Health insurance for our family is the basic needs nowadays with the humongous amount of medical bills that accrue in a single hospital visit.
  • Besides that, life insurance and pension schemes, ELSS mutual funds and PPF schemes offer various tax benefits to the taxpayers.
  • Instead of waiting for the year-end to pay off our taxes, we must make it a point to plan our finances so as to save taxes and ensure better returns on our investments. 
  • We must also take care that our current insurance coverage matches our current lifestyle. For instance, a new parent should lay aside funds for his child’s education. A new employee must increase his cover to include his dependent parents. Payment of premiums should be planned as well to enjoy unhindered claims and cover. 
  • If required, consult a tax advisor or a chartered accountant for formulating a customized tax saving plan. 

To Save or Invest?

The onset of the new year also calls for finalizing our savings and investment goals. Saving and investment aren’t a yearly ritual but monthly exercises that scale as per our monthly income or salary. 

  • Risk takers can go in for higher return avenues such as equity while risk-averse people can find sound investment options in term deposits with banks, PPF, NSC or even mutual funds. 
  • Mutual Funds require a long term view, many would say about 7 years, to grant us favourable return and growth. Hence, MFs should be a long term goal. 
  • Wealth creation goals also come into fore while planning our finances. If we aim to buy a property in the near future, we should plan accordingly and save more. 
  • We need to provide for unforeseen expenses and keep our emergency fund stocked with enough savings. 

Managing Debt

The last and the most important aspect of planning our finances is debt management. Oftentimes, we go overboard with our expenses splurging unnecessarily. Or at times, we opt for a secured or unsecured loan to pay off the instalments of our house or vehicle, or else paying tuition fees at times. While starting afresh, all previous loans and their interest must be considered. 

  • Credit cards are another source of short term credit, the annualized rate of which may go up to 50-60%! A home loan may eat into your pockets at 9-11% depending on the prevailing rates of interest posited by the banks. Prioritize to repay credit card debt first.  
  • Next, make it a priority to pay off the debt with the highest rate of interest. Online lending portals, like EarlySalary, offer salary advances and loans at interest rates as low as INR 9 per day. Use a low-interest debt to pay a high-interest debt. 
  • At regular intervals, channelize the savings to the loan account. By doing this we can pay off the debt early and even save on a few interest installments. 
  • Use debt judiciously. Monthly crunch can be met by advances such as those provided by EarlySalary. These loans are flexible and inexpensive. We must try and explore newer sources of debt as well.

Another noteworthy thing is to protect ourselves from frauds and scams. This can easily be done by protecting the financial documents from being misused. Avoid using your Aadhar card or PAN card as identity proofs in all places. This makes us vulnerable as our financial information is easily available to dupes for misuse.

Planning can only be fruitful with optimal implementation. Sticking to our schedule and keeping ourselves flexible to the changes, we can surely boost our financial immunity and help us to kickstart a new financial year without any friction. 

Happy & Safe Gudi Parwa, happy financial planning! 

How EarlySalary has combated the Coronavirus

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

The Coronavirus pandemic has caused most businesses to hit a slump, pushed finances down, created widespread panic, but most importantly – has infected around 2,20,000 people around the world as of now, killing almost 9000 of them. In dark times like this, it is of utmost importance to be safe and spread awareness so others can stay safe too. We at EarlySalary understand how significant of a problem COVID-19 is, and have taken several measures to combat this problem head-on, making sure that we do our best to not have this situation impact any of our services, while making sure that our employees remain safe, away from the pangs of the deadly Coronavirus. The safety of our employees and their families is our absolute priority. 

How EarlySalary has combated the Coronavirus

Here are some of the steps taken by us at EarlySalary in order to achieve our goal of providing as much service as possible in the times of distress, while keeping our employees safe.

  • We have enabled the staff of EarlySalary to work from multiple EarlySalary offices to prevent crowding and the potential risk of the spread of the virus
  • We have provided the employees with the option to work from home, and have taken various efforts to enable them to perform their work effectively from their residences
  • We’re relying heavily on tools like Zoom and Google Hangouts to remain connected and in collaboration. Not everyone is used to such extended work-from-home periods though, so we’ve been proactive with organizing learning sessions on staying motivated, remaining productive, and more. This is in addition to weekly team meetings to remain in the loop, of course!
  • We have imposed a travel restriction, to help ensure that they don’t get affected while traveling
  • Efforts have been made to ensure that all personnel are educated on the various safety measures and guidelines, like maintenance of personal hygiene, reduction in physical contacts, etc.
How EarlySalary has combated the Coronavirus

Despite the Coronavirus scare, we at EarlySalary remain committed to ensuring that our service to our customers isn’t affected. We’ve carried out business continuity exercises to ensure that our operations carry on unhindered. While ensuring an atmosphere of safety for our personnel, EarlySalary continues to put the customers first and assigns the highest priorities to ensure that our business stays up and running, 24*7. 

How EarlySalary has combated the Coronavirus

I, personally, am proud of the way our teams have adapted to working in this situation with all required measures and ensuring business continuity. Since we are an app-based service, all our services continue to be available throughout the day, seven days a week. I would like to ensure our clients, present and prospective, that despite all of the challenges presently faced, we at EarlySalary are firing from all cylinders. Infact, we understand that, at times like this, when the virus is running rampant and affecting the economies of people throughout the world, the need for us to carry out our jobs, and assist our clients in times of financial distress is absolutely necessary. With the current disruption in the economy, we understand that the need for instant loans on salary, with low-interest rates, like the ones provided by EarlySalary, will be necessary, now more than ever. We are fully equipped to handle our clients’ needs in need, 24*7. All our accounts managers are available for calls/video calls to assist you with any queries that you may have.

I also urge the readers to ensure that you take all the necessary precautions and stay safe. Wash your hands regularly with soaps and sanitizers regularly, avoid travel as much as possible and make sure to visit a doctor and get yourself checked at the first sign of any of the symptoms. As the old saying goes precaution is better than cure, as highlighted by this short poem that my colleague, Suneta Bhoslay, Deputy Manager (HRD), EarlySalary has composed:

Hopping, skipping and having fun
No one knew the fear of one (Virus)
Shaking hands and hugging each other
Never before was a threat to one another
They said it is spreading far and wide
We never saw it’s might and the plight
Some lost the battle and others seek how to tackle
Never was hygiene taken so seriously
It’s the question of our loved ones now dangerously
Let’s keep ourselves well hydrated, hands are clean and faces masked
Better late than never
Let’s win this battle forever

Stay HOME, Stay SAFE.

The Top Talent Trends to Watch Out for in 2020

The corporate landscape is undergoing major paradigm shifts with the introduction of new technologies like AI and Machine Learning. One of the sectors which have been affected the most is Human Resource Management. With worries that Artificial Intelligence will replace employees, and efforts to digitize hiring, the HR landscape has undergone several changes over the past few years. The transformation will continue this year, and 2020 is likely to set the trend for HR practices over the coming decade. Here are some talent trends to watch out for in 2020.

A Multi-Generational Workforce

2020 marks the year of Generation Z (age 23 and below) hitting the job market. Baby Boomers (age 55 to 73) are still a part of the workforce thanks to increasing longevity and improving health, and the Millennials (age 24 to 40), of course, still make up a chunk of the working population. This varied demographic gives organizations the benefit of the views and perspectives of three generations, but it also comes with its fair share of challenges. 

According to LinkedIn’s Global Talent Trends 2020 report, the different generations prioritize different things in the company they work with. Baby Boomers give priority to working for a company with a purposeful mission, while Gen Z is more likely to value training, with 36% of them considering it a top factor in a new job. However, the generations also share some similarities, as they all value good compensation and benefits, a healthy work-life balance and a positive work culture. To attract and retain the talent of all ages, organizations are now creating new career paths and introducing more flexible, personalized benefits to cater to their diverse workforce.

People Analytics

The rise of data and its immense applications has made its mark everywhere and the HR sector is no exception. The use of data analytics in Human Resource Management, or “People Analytics”, is a fairly novel concept, which is likely to pick up this year. People analytics, or HR analytics, is a data-driven approach to HR, which means that HR professionals don’t have to rely on just their instincts. Data can be used to aid effective decision-making. People analytics draws insights from human behavior to assist in recruitment as well as in testing the effectiveness of their policies and interventions, thus helping companies grow and become better. 

LinkedIn’s Global Talent Trends 2020 report states that 73% of talent professionals consider people analytics a major priority for their companies over the next five years. The rise of people analytics, of course, comes with its own set of challenges, chief among them being the need for data analytics skills amongst HR managers. Another major challenge that needs to be tackled is the fact that people analytics is an entirely new field, so there is a steep learning curve ahead for most companies. Further, caution needs to be exercised while utilizing the data for the company’s benefit, and HR professionals remain empathetic to their employees’ needs while adopting people analytics into their policies.

Employee Experience

According to Deloitte’s 2017 Global Human Capital Trends Survey, 80% of executives rate employee experience (EX) as important or very important to them. This overwhelming statistic is indicative of the beginning of a new era of employee focus. As our industries continue transforming at a dizzying rate, finding and retaining talent has become an uphill battle for most enterprises. Creating an effective employee experience, therefore, sets employers apart and helps attract as well as retain a skilled workforce. 

EX is everything an employee sees, feels and interacts with as part of their work. To improve on this metric, the idea is for employers to actively collaborate with their employees to understand their needs and design experiences accordingly. This involves a holistic approach, including conventional HR tasks like compensation, learning and performance management, but also wider aspects like workspace design. The focus on employee experience is thus increasing, and 2020 is likely to see innovations in work culture as part of EX.

Artificial Intelligence in Hiring

Artificial Intelligence
However, in the long run, once the challenges are overcome, AI will definitely prove to be a boon.

The use of AI in the recruitment process promises several benefits. The chief of these includes the potential of AI to reduce human biases in hiring and the fact that its use will free HR professionals from tedious processes like screening candidates based on their resumes. AI, as it evolves, can be leveraged to help enhance candidate experience by providing a personalized journey to each candidate throughout the hiring process. Further, it can be used to help in the training of new employees, design their personalized career paths and provide a personal touch to every employee in the company. There are, of course, several kinks to work out, as seen from the 2015 debacle of Amazon’s AI-based recruitment system. However, in the long run, once the challenges are overcome, AI will definitely prove to be a boon.

Career Nomads

With the number of millennials in the workforce rising and the new generation of employees entering the industry, a new phenomenon has risen – that of “career nomads”. These are high-performing, talented professionals who have no problems switching jobs, companies or even their careers. Several organizations are wary of hiring such people, but these career nomads are highly talented, and experts say that the gains that arise from such people’s multidisciplinary experience and high learning agility, far outweigh the risks. Of course, talent is expensive to replace, so several firms are now taking steps to retain such job hoppers in their company. Measures include hiring for talent across disciplines and a priority on agility, enabling such career nomads to jump across roles within the organization rather than leaving it altogether. 

Diversity and Inclusion

For the past few years, diversity has been a priority in several companies, who have spent tons of money trying to diversify their workforces and leadership pipelines. However, the results of these efforts to increase diversity for diversity’s sake, have not been too great. An overwhelming number of leadership positions in multinational companies are still held by white males. This is in spite of studies showing that diverse teams deliver better results. According to the White Paper: Hacking Diversity with Inclusive Decision-Making, “Inclusive teams make better decisions up to 87 percent of the time.” 

This decade will possibly see a shift from the race to fulfill diversity quotas to promoting inclusion in organizational culture. Leaders are gradually learning to prioritize talent over biases and seeing the value of a diverse workforce comprising people from the LGBTQ+ community, differently-abled people and more, transcending the barriers of race, gender, and sexual orientation. 

Learning in the Flow of Work

The ever-changing landscape of the industry caused by rapid developments in technology is a source of worry for many. Even employed professionals and workers worry about how long their job is going to last, and whether their current skills would even matter a few years down the line. HR executives are thus recommending that employees look to sharpen their skillset and keep themselves updated on the skills required for their respective jobs. Organizations prefer to retain their existing staff by up-skilling them, rather than hiring new employees for the job. Hence, more and more companies are helping their employees learn new skills while on the job. “Learning in the flow of work”, a term coined by global expert Josh Bersin, is now becoming the norm. The focus is thus shifting to continuous learning and transformation, with companies up-skilling their employees according to needs, and also redesigning job structures for more agility.

Transparency in Pay 

“Never ask a woman her age or a man his salary”, is an old adage that is now only half true. Asking anyone their age is still considered impolite in most societies, but the taboo hasn’t remained around professionals’ salaries. In fact, according to a recent Korn Ferry survey, 24% of respondents think it is appropriate to share their salary information with their colleagues, and more than a third believe that it is more acceptable to talk about pay now than it was five years ago.

This is a global phenomenon, with pay transparency translating into pay equity in several countries. Around 80 countries have passed equal-pay-for-equal-work legislations, and more than a quarter of these have a mandatory reporting requirement. There is also a concentrated global effort to make salaries of executives transparent, with legislation to that effect passed in the US and one set to be passed in the European Union this year. All this in mind, it is not surprising that 75% of respondents of the Korn Ferry survey say that pay transparency will become even more important in the coming year.

This International Happiness Day, Cope With Money Worries In 5 Easy Steps

Money worries have been a part and parcel of life ever before we shifted from the barter system to the more convenient currency system. It’s especially for young adults, who are relatively new to managing money as they begin their careers. Unfortunately, this often results in stress, anxiety and an overall discomfort we’d rather not deal with. This week, as we celebrate International Happiness Day, let’s tackle a persistent source of our happiness problems – money management.

Experience plays a major role in managing money, but most regret not knowing the basic mantras of savings earlier in their lives. The earlier you start implementing some basic, but effective steps in your money routine, the more money you will have effectively “earned”, and could be put to use, thanks to the simple concept of compound interest (more on this later). Keep an open mind, and dive in!

The 50-30-20 Rule

If you have researched managing money before, you may have already come across the “50-30-20” mantra. For the uninitiated, it goes like this:

  • Spend 50% of your salary on necessities and essentials, 
  • 30% on luxuries and at your discretion. 
  • Aim to save the remaining 20%. 

If you have debts, it is important to pay these off with 20% before you start saving. Aim to pay off your debts as soon as possible, by trying to increase the 20% as much as possible, by cutting down on the luxuries. Once debts are paid off, it is important to invest this money, so they earn you some return while being available for usage when needed. Keep in mind that 30% is the maximum recommended limit for luxuries, and 20% is the minimum for savings.

Buffer Money

It is absolutely essential to keep some readily available money worth 2 months’ salary (4 months’ necessities) as an emergency stash fund. We would recommend a high-interest savings account, with minimal annual charges for this purpose. Make sure this is distinct from your salary account to assist in deterring your impulse to spend this money. When creating this buffer, try to spend only on your basic needs and live like you are broke. All the money that you save during this period should go toward creating this buffer.

Make Use Of Instant Loans

Despite our best efforts, we can still run into a cash crunch every once in a while. Or we may just want to reward ourselves and splurge on the odd occasion, without having all the cash we need. This is where it’s important to be prudent with debts, by making use of instant loans, offered at a low-interest rate, from new-age fintech platforms. With options like EarlySalary, you can avail instant loans from right within your smartphone in an entirely paperless fashion, at interest rates as low as Rs 9/day. Of course, aim to pay it off as soon as possible, since EarlySalary doesn’t levy prepayment charges as well.

Budget

Track every single penny that you spend. This is perhaps the single most basic task for managing money worries. Budgets not only help track down unnecessary expenses, but they also help you identify where you should rather be spending your funds on. This elementary step, which should cost you 10 minutes of your time to set up, has the potential to generate significant savings. The impulse to spend money may be largely reduced once you form the habit of making budgets and sticking to them.

Invest and Reinvest

Read the following statement out loud, and memorize it. “Invest long term. Invest regularly and religiously. Reinvest the returns”. Now that you have memorized this, practice this. 

  • Any safe investment, like index funds, mutual funds or bonds, performs admirably well in the long run. 
  • Post-retirement, or whenever you might want to harvest on this tree, time your exit based on the market trends to reap maximum rewards. 
  • Conduct proper research, as each investment carries its own risks. Diversify your investments over a variety of different funds, schemes, bonds to minimize your exposure.

Regular investment and reinvesting your returns are extremely beneficial because of the power of compounding. Assuming an average of even 7% per annum return (compounded monthly), just INR 1,000 invested every month for 20 years along with the returns (total investment of INR 2,40,00), will accumulate to be INR 523,000. On the other hand, if the initial INR 1000 rupee investment is delayed even by 2 years, it will end up a grand total of INR 4,23,000. You do the math.

These are, of course, some basic tips on managing your finances. As you deploy them for yourself, you will not only witness noticeably improved results on your financial well being but also evolve some financial strategies unique to your situation and goals. We’ve already covered planning taxes, making use of credit, etc. and more on our finance-focused blog. Feel free to check them out! 

Customer Reviews: A Closer Look At The EarlySalary Experience

At EarlySalary, we’ve always focused on meeting our customer’s financial needs – no matter what they might be. We’ve always put the customers first and will continue to do so. This has involved striving to provide easy, hassle-free, low interest, instant salary credit, and on that front, we’re proud to have successfully disbursed over a million loans. The customer experience has been extremely positive so far, but you don’t have to take our word for it. Read on and see for yourself – what does it mean to be one of the million customers of EarlySalary?

Emergency? Fret Not!

Emergency cash crunches are unexpected, but almost a certain event that could happen in a person’s life. The necessity to spend money which is not readily available is a horrible situation for any person to be in. Worry no more. EarlySalary offers instant loans on your salary, for situations just like this

Deepali Singh, one of our valued customers, faced an unfortunate emergency recently and was staring at a cash crunch. “Recently my brother had met with an accident, and everyone knows how bad the cash crunch is at the end of the month,” she said. We were more than happy to instantly sanction her loan after a quick KYC process right from our app. “Thanks to EarlySalary for the quick help, and a great experience,” Deepali adds.

Another one of our customers had an emergency of his own to deal with. In Jafar Shaikh’s own words – “I lost my wallet. Thanks to EarlySalary for helping me in the middle of the night, Money was quickly transferred through the app, and I was able to pay online”

Planning The Next Big Purchase?

We understand how difficult it is to save up for the next big purchase, which would cause a strain in anyone’s finances. This is exactly the reason we strive to help you make a satisfying purchase, with interest rates as low as Rs. 9 per day.

“I wanted to buy my own bike, and was looking for something which would help me financially,” says Jillson “I was going through my Facebook feed, and luckily, I found EarlySalary. I downloaded the app and applied for the loan, and now I have my own bike”. We’re happy to be of help, Jillson! 😊

Ajinkya Bhavsar was able to share some joy with his family and we were honored to have played a part. “Being the youngest in my family, I have never gifted anything to anyone in my family. I applied for a loan on EarlySalary and got approval within a minute. Thanks to their low EMI shopping loans, I could buy a new phone for my dad. Thanks to EarlySalary.”

Easy Loans, with Minimal Documentation

Josilla D’Souza intended to buy a car, and improve her CIBIL score at the same time. She tried to apply for credit cards, but found the process to be slow due to the amount of documentation required. “Thanks to EarlySalary’s online documentation, which took a few minutes, my loan got approved, and helped improve CIBIL score,” she says.

EarlySalary experience

Providing documentation to avail of a loan can often be a hassle some ordeal. The process is long, tedious, and sometimes requires you to skip work just so you can get a loan. That is the reason why we at EarlySalary have always stressed on asking for only the necessary documents, and make the process simple, so anyone with access to their smartphones can get their loans approved in a matter of few minutes

Nivedita Chakraborty had recently relocated to Gurgaon. “It’s been only a month since I joined a new job, and I really needed money for shifting. They’ve approved the loan based on only one month’s bank statement. Love you EarlySalary”.
We love you too Nivedita! ❤

Have you had a similar experience with EarlySalary? Get in touch and we’d love to hear from you! Whether you want money for an emergency, an essential purchase, a want or a luxury, get instant approvals with minimal documentation, for a low-interest loan on your salary. Download the EarlySalary App, and be a part of our one in a million experience while we revolutionise credit in India!

Are your EMPL😊YEES truly HAPPY?

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

It is, of course, a challenge to manage a workplace with an abundance of demotivated employees. A happy workforce elevates not only team efficiency but also speeds up productive results faster. As a boss, I recognize that a team may not always voice their concerns to me directly. So how does one ascertain if they are truly happy? And what can we do to elevate team motivation?

Employee’s Input

If employees willingly volunteer to go the extra mile on tasks, or consistently exceed expectations on output, it’s a reasonable indication that they feel useful, value the work they do and seek to deliver beyond their scope. It is, therefore, reasonable to understand that they are likely happy with their job. Keeping track of this can be vital – the more people volunteering to deliver beyond expectations, the greater is the overall employee happiness of the firm.

Work & After-Work Engagements

To me, participation in meetings, actively asking for assistance, or providing creative solutions to problems are some obvious signs of employee satisfaction. Stretched further, they can also indicate that your team can envision a long-term future with the organization and values its growth.

Employee Happiness
Participation in meetings, actively asking for assistance, or providing creative solutions to problems are some fairly obvious signs of employee satisfaction.

Outside of work though, there remain a significant number of professionals not particularly keen on colleagues or even be reminded of work after their scheduled working hours are complete. If there are indeed healthy participation numbers in team events or parties, especially without pressure from upper management, this is a good sign of positive mental health, bonding and overall high satisfaction level within teams. Employees wanting to engage with their colleagues and connect with them on a personal level can have a significantly positive impact on productivity and work environments.

Having said that, it is vital to conduct such events on a regular basis. These serve to further boost team cohesiveness and morale.

Custom Roles

It is rare for an employee to find their perfect position. Such roles are most often created. If your employee is taking out time and effort to personalize their roles, it’s an indicator that they feel valued in the company and want to see it grow.

Workers work better in a calm and supportive environment. Providing opportunities to employees to tweak their responsibilities can assure them of having a significant role in the company. This both increases their job satisfaction, keeps the employees happy, and helps you retain valuable talent!

Ensuring Employee Happiness

Financial Well being

Like many leaders, myself included would concur, It is critical to ensure that your employee’s primary focus remains their work output, both qualitatively and quantitatively. This isn’t an employee’s responsibility alone, as the modern workforce of today does seek such support from their employer. Concerns like children’s schooling, or family health can be a source of considerable stress. Hence, it is critical to provide the most financial support – whether in terms of emergency funds, or educative programs – to employees.

Medical schemes, insurance for the family, etc. are some low hanging fruits in the context of these goals. It is when these stressors are addressed that the employees are better positioned to focus their undivided attention at work.

A Supportive Environment

Ensuring an environment where teams can be open about their challenges is essential to a happy workplace. This allows issues to receive remedies sooner and boosts efficiency. A sufficiently motivated worker can even reciprocate and regard the organization as one of their own and go out of their way to assist whenever required. This may be exhibited even in small gestures, such as when they conserve resources at the office.

Employee Happiness
Employees that are meaningful not only add value to the enterprise but also contribute to lower attrition while the organization remains a positive force in their careers. 

It is, after all, the prerogative of HR professionals to continually assess the nature of the relationship between employees and the organization. Employees that are meaningfully not only add value to the enterprise but also contribute to lower attrition while the organization remains a positive force in their careers.
Performance reviews, regular feedback, and an HR function that seeks to evolve and adapt are, in my opinion, some essentials for a motivated and dedicated workforce. Taking employee viewpoints into consideration and making an effort to evolve over the long term is another critical factor in employee happiness.
It’s a win-win.