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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.

How to get an Instant Loan without documents

Barely a little more than a decade ago, paperless loans seemed a far-fetched option before the internet, combined with digital banking made several advancements that changed our lives. Before the paperless era, getting a loan was a tedious, inefficient, and complicated procedure. Now, thanks to the free market that sits atop our digital infrastructure, the sheer number of lenders like Banks, NBFCs, and various other lenders has made acquiring a loan became way faster.

Even so, the core step of this procedure was always a huge pain to go through, and that was documentation. All of this is made simpler after paperless loans are introduced. Now, a borrower didn’t require any written application or documents from the borrower; one could apply for a loan through the digital platform to simplify the procedure.

Get an Instant loan without Documents

As the name suggests here, a paperless loan is a digital loan acquired without submitting hard copies of the applications or relevant documents. It may also be offered in the name of easy or instant loans. It’s fairly straightforward – you need to submit your application online via a lending platform like EarlySalary. All the terms such as EMI, interest, tenure, and the loan amount will be cleared through the application process.

Pros with Paperless Loans

1. Untroubled process – One of the core benefits of paperless loans is the simplification of the entire loan procedure. From loan application to acquiring approval and disbursement of payment – the entire borrowing experience has been brought online. Visits and waiting hours are a relic of a time gone by. 

2. Speedy processing – Of course, the fact that everything happens online makes the whole process relatively efficient. From submission of documents to disbursement of the payment, all of this takes a minimum of a few hours with portals like EarlySalary, to a maximum of a span of a few working days.

3. Confidentiality – Contradicting the top belief, paperless loans are a safe and secure procedure. The records of the borrower remain private and are protected via encryption on competent loan platforms.

How to apply for paperless loans

We’re all too familiar, perhaps painfully so, of scenarios where cash is needed instantly. Some of us are also familiar with how applying for a paperless and instant loan proves to be the best option in such scenarios. It aids in acquiring the amount faster, and all the tedious processing of loan applications is avoided. Here are some ways you can acquire a loan without a lengthy process and documentation.

1. Make effective use of ‘pre-approved loan offers’ – Commonly, various banking institutions, as well as NBFCs, present pre-approved loan offers to their existing customers. As the name suggests, no additional documentation is required from the borrower. Your current status makes you already eligible for the same.

Pre-approved loan offers are precisely based on several similar factors  -like their credit score, income, and repayment capabilities in history. Platforms like EarlySalary can accurately and instantly determine your loan amount eligibility.

2. Choose yourself a loyal lender – When you maintain an excellent financial relationship with your lender, loyalty can be key. Repeat loans are far easier to receive in such cases. 

Of course, the relationship is two-way. When trying to opt for a personal loan, pick a portal that has no hidden charges, no prepayment fees, and is one that treats you well.

3. Look for specifically fast track lenders – If you’re looking for instant loan approval specifically, check instant cash loans from EarlySalary. Documentation is minimal – such as your identification proof in the way of a PANCard, ID proof, or address proof. You can upload digital copies of such documents necessary along with your loan application. If everything falls into place, you might get your approval and disbursement within 24 hours.

Things to remember before applying for an instant loan without documents

1. Credit score – Even though various lenders now offer instant loans without too much documentation, you’re likely to face ineligibility to get the instant loan approved if you do not have a quality credit score. What is a credit score? Your credit score is the display of your repayment capacity. So, the better your score, the better are the chances to get instant loan approval. Check your credit score for free from EarlySalary.

2. Not entirely paperless – Even though the loan approval process has gone paperless, you still must carry your primary identification documents, like PAN card, ID proof, and address proof, with you at all times. You won’t know where it might be needed while going through your application process.

3. Always have a backup – In some cases, where a borrower is required to present their salary slips or IT return documents if you do not have them, carry other documents like Form 16 with you. Always know what additional documents might be used in place of what is required; you can also confirm this from your lender.

As easy as getting instant loan approval has become after it has gotten paperless, it requires you to be more focused on your submission. Be entirely sure about every term and condition that comes along with instant loan approval. The process is less cumbersome for you and easily accessible. Do not be afraid with your lack of documentation; research well, and you might find vendors who approve instant loans with minimum documentation.

Finally, always be sure to go through the terms and conditions of your lender thoroughly to pick the best choice for yourself.

Did you miss personal loan EMI? Know what will happen

Personal loans are unsecured loans, which you may opt for financing your big purchases, home renovations, investing in assets, etc. These are quick personal loans with minimal documentation requirements and a flexible repayment term that ranges from 1 year to 5 years.

You have the option of choosing your repayment tenure that would be the most convenient for you. However, there are times when you might have trouble paying the monthly EMI. Missing out on 1 or 2 EMI payments may not be a big deal, but it can have a few effects on your credit health. If you cannot make your loan EMI payment, your lending institution considers you a defaulter. 

Classifications of loan defaults

There are two types of loan defaults that banks and financial institutions classify, and you might fall into any one of these categories:

  • Major defaults: These are major payment defaults, where you exceed 90 days after missing your loan EMI payment. It means you have not made a payment in more than 90 days, and the lending institution considers you as a major defaulter. The drawback of falling into this category is that financial institutions avoid granting loans to individuals with major payment defaults in their credit reports.
  • Minor defaults: These are minor payment defaults, where you don’t exceed 90 days after missing personal loan EMI payment. It means you make the EMI payment within 90 days after your scheduled date. Minor defaults can still have an impact on your credit score.

What happens if you miss personal loan EMI payments?

Here are some of the consequences of defaulting on loan EMI payments. 

  1. Low credit score: Your credit score determines your loan eligibility. Therefore, the first consequence of defaulting on your EMI payment is a decrease in your credit score. Most lending institutions and banks require a credit score of 750 or more for borrowers to apply for an instant personal loan. So, even if you miss one of your EMI payments, your credit score can drop by 50-70 points. 
  2. Low creditworthiness: All the information regarding your debt repayments is in your credit report, which can depict your repayment history. So, even when you have a credit score above 750, you can have low creditworthiness because of the comments about your payment defaults in your credit report. Therefore, the negative comments in your credit report might lead to loan rejection. 
  3. Late fees and extra charges: Another consequence of defaulting on your loan EMI payment is the additional charges or late fees that your lender may levy along with the EMI payment. The late fee penalty is usually 1%-2% of the due EMI amount. 
  4. Reduced future borrowing capacity: The lender assesses your credit report and credit score before providing you with a personal loan. However, defaulting on your loan EMI payment will create a wrong impression on the lender, who will then be hesitant to loan you the money, which reduces your future borrowing capacity. 
  5. Recovery agents: When you are not paying your loan EMI even beyond 90 days after the scheduled due date, then the last option for the lender or banks is to send agents to recover your loan amount. The bank usually will issue a 60-days prior notice to the borrower before declaring the loan account as an NPA. 

Ways to avoid loan defaults

Of course, you must always try to avoid missing out on your loan EMI payments. However, the future is uncertain, and situations can arise where you cannot pay on EMI payment on time. To avoid these, here are a few ways that you can consider before applying for a personal loan. 

  1. Plan your finances in advance: To avoid defaulting on your loan EMI, it is better to plan your finances in advance. You can use a personal loan EMI calculator to calculate multiple factors like interest rate and choose an EMI plan before applying for a personal loan. 
  2. Request for lower EMI: If you believe you will not be able to make the EMI payment on the scheduled date, then you must communicate with the lender about your financial situation and request them to lower your EMI. The banks and lending institutions usually reduce the EMI’s by extending the tenure of your loan repayment or convert the unsecured personal loan to a secured loan. 
  3. Request to make part payments: You can request your lender to allow you to make part payments, which is going to reduce the EMI and the interest payable by you every month. 
  4. Request for EMI-free period: Banks and lending institutions can usually offer EMI-free periods to borrowers who have lost their jobs or are not running their business operations temporarily. You can get a 3-6 month waiver on your EMI payment by your lending institution.

Conclusion

We hope you liked this guide on what happens when you miss your loan EMI payment. It is crucial to plan your finances in advance in order to avoid defaulting on your EMI payment. With the easy availability of quick personal loans, you need first to assess your financial stability and then apply for a personal loan. 

Financial Wellness Isn’t Just A Buzzword Anymore. What Is It?

Financial well-being is a topic that has already been buzzing in the minds of most corporate stakeholders on the planet. The term ’financial wellness’ has grown extremely popular. Although, there’s a persistent issue that, despite being demonstrated to be beneficial to both businesses and employees, it is difficult to describe and implement. So, how do we go about defining it? 

Every professional is different, with various needs, aspirations, and backgrounds. The concept of financial wellness is therefore a subjective concept to every individual. 

What one considers financial wellness may not be the same as what another perceives. The definitions in this territory are diverse and highly specific. And understandably, companies and employees have different perspectives on financial health.

Financial wellness can affect a significant difference in the life of your employees. So, to make it a little more general, let’s describe it as effectively managing one’s financial life while simultaneously preparing for short-term goals and working on long-term goals. Capeesh? Is it, however, true? Will it be more concerning to focus on personal finances now than ever before, given the pandemic situation? 

Financial wellness is not a goal to be reached but rather a continuous journey in which we must consider various factors to aid a thorough grasp of economic significance. It isn’t a simple patch that will make it work; it necessitates more. You are financially well when:

  • You have complete financial control over your day-to-day spending
  • You have enough money set aside for rainy days
  • You keep a detailed account of your expenditures
  • You are debt-free and do not require credit to meet your fundamental necessities
  • You can satisfy your basic needs, such as your standard of living, your health, and medical care
  • You don’t have to worry about your financial situation
  • You are capable of achieving your savings and retirement goals on your own 

Financial wellness has been shown to promote happiness throughout a career and into retirement.

How much does financial wellness impact an employee’s overall well-being?

According to studies, financial hardship exposes people to a higher risk of mental health problems, to the point that emotional anguish could be caused by financial insecurity. As an enterprise then, concentrating on financial and economic self-sufficiency is critical. Financial stress can have a negative impact on an employee’s performance, including engagement, mental health, and productivity.

According to a recent survey, approximately 40% of respondents are most concerned about their financial freedom. Employees were concerned about their job stability and health 21.5 percent and 17.4 percent, respectively. With the numbers speaking for themselves, there is no mistake about how important it is in the lives of both employees and businesses.

The role of employers has evolved,” said Julia Lamm, a New York-based workforce strategy partner at global accounting and consulting firm PwC. “You have to take care of your employees holistically. “Financial wellness is a part of that.” If this problem is not appropriately addressed, it will harm the firm. The following are examples of possible consequences:

  • Workplace engagement is at an all-time low
  • There is a lack of excitement for the work
  • Employees are less productive
  • Workplace stress and distraction are increased
  • A roadblock to the company’s success

What specific financial wellness-focused benefits should employers be offering?

Employers should ideally be assisting employees by providing Financial Wellness Programs to address financial difficulties that employees may be hesitant to discuss at work. Employees can use the Financial Wellness Programs to assess their financial stress, build a monthly budget, pay down debt, and reclaim financial control. These programs allow employees to speak discreetly with a trained financial counselor about their financial difficulties. Many organizations have created incentives for their wellness programs to boost employee engagement.

Consider developing a holistic financial wellness program that includes both tools, education, and contributions for organizations looking for more impactful and meaningful ways to support employees this year. Today, however, simply adopting a financial wellness program is insufficient. It’s also critical that the effectiveness of such a program is regularly assessed through the use of a variety of Key Performance Indicators (KPIs), such as:

  • Supported employment programs should be encouraged
  • Individuals supported are using accessible financial self-sufficiency strategies
  • Individuals can have complete control over their finances by receiving financial literacy instruction or being linked to current programs
  • Assuring them of the most advantageous packages and strategies in the workplace.
  • A long-term financial assistance scheme
  • People with available community banking or savings resources are connected

How does supporting employees’ financial wellness pay off for employers?

Employers have started recognising that financial stress has a negative impact on employee’s health and productivity. Some businesses are taking well-intentioned initiatives to assist employees in managing their finances in an efficient manner and improving their financial wellness.

According to a report by SmartDollar, 90% of companies think financial wellness benefits have favorably influenced their workers. Employers now support their employees by looking after their financial well-being. A competent employer will constantly prioritize his employees’ satisfaction while also focusing on the company’s objectives. It can benefit the company in the following ways:

  • Employees who can get their finances in order will be more focused on their work devoid of stressing about finances
  • Financial literacy training assists organizations in reducing the risk of liability and providing employees with enough information to make informed decisions
  • Financial education is a perk that can assist a firm in enhancing loyalty, and improve retention
  • It encourages their involvement and commitment to the organization

Your employee benefits package just isn’t complete without financial wellness,” Brian Hamilton, senior vice president of SmartDollar. “It’s a boost to the bottom line from higher productivity, lower employee turnover, reduced absenteeism, and lower health care costs. When you can get positive results for both employees and the business, that’s the return on investment.” 

The  advantages of financial wellness are obvious, and often repeated here on the EarlySalary blog:

  • Employees must be financially secure since it guarantees a consistent and peaceful lifestyle and helps them avoid loans and debts. 
  • Financial well-being among employees translates into a pleasant and productive workplace. 
  • Higher staff retention and attractiveness and a more productive and lucrative firm; overall, are virtually guaranteed if the right steps are taken.

Contact us at Early Salary for any questions on financial wellness programs, financial wellness, its key performance indicators, etc. We can be reached all day on:

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How much Instant loan can I get based on my salary?

Trying to opt for an instant loan? But not sure how much loan you could get on your salary?” 

If you are a salaried employee and you plan to spend that extra buck on a trip or enhancing your skill, this is likely the first question that pops up in your mind. This post will hopefully explain to you: 

  • What part of your salary is considered while calculating eligibility, 
  • What are other factors affecting your eligibility, and finally 
  • How easy it is to apply for the EarlySalary instant loan online.

From a temporary cash crunch to severe financial emergencies, instant loan apps have never left us in trouble. Big dreams are often costly and can be only achieved late in life once you have accumulated sufficient savings. 

Understand your salary:

Salary is widely quoted as either net or gross (otherwise known as in-hand salary). It is important to understand the difference between them as financial institutes often consider the net component of one’s salary while offering and considering eligibility. Salary structure differs across various organizations. However, it is broadly divided into the following components:

  1. Basic Salary
  2. Allowances Like medical allowance, Travel Leave Allowance (TLA), House Rent Allowance (HRA), other miscellaneous allowances.

How much instant loan can I get?

When thinking about taking out a loan the first question that pops in your mind is – How much loan can I get? Other than the key question of the maximum loan, it is also a matter of clearing all the required eligibility criteria.

EarlySalary’s eligibility criteria differ for salaried as well as self-employed individuals. The eligibility criteria for applying for an instant loan is as follows:

  • The applicant’s age must range between 21 to 55 years.
  • The income should be at least Rs. 18,000 in metro cities and Rs. 15,000 in non-metro cities.
  • A self-employed person should be in business for a minimum of 5 years and can then avail of a loan calculated on the profit after tax based on the industry.
  • The applicant should have a minimum experience of 1-year and 6 months in the current company.

How can I check my eligibility for an instant loan?

The eligibility criteria mentioned above refer to whether or not a lender will consider your application. However, the limit on the maximum amount you can borrow is set depending on other factors. These criteria vary among lenders.

Prior to applying for a loan, it is advisable to work on factors that can increase the chance of your loan being approved. The eligibility for your loan is calculated based on several factors that include your age, salary, repayment capacity, and other factors. One can also use an instant loan eligibility calculator to avail an estimate of the maximum loan amount and the different offers you are eligible for.

You have the option of calculating the exact loan amount you are eligible for by providing the details required. Next, using the EarlySalary instant loan EMI calculator, you can

  • Enter the amount under “Loan amount”.
  • Set an interest rate.
  • Vary the loan tenure to check how the EMI will change depending on the number of months you have selected.

Other factors impacting loan on salary eligibility

The basic criteria for personal loan eligibility for most of the banks and NBFCs are:

  • Loan amount: EarlySalary provides a loan for up to ₹ 5,00,000 with a minimal rate of interest and quick processing. 
  • Salary: To avail of a personal loan, you should be earning a minimum income of ₹ 18,000 in metro cities. However, if you live in a non-metro city then you should be earning a monthly salary of ₹ 15,000.
  • Work Experience: You must have a total work experience of at least 3 years and for 6 months-12 months with the same organization. 
  • CIBIL Score: Your CIBIL score must range from 700-900 to avail of an instant loan. Your request will be subject to approval by banks or NBFCs to check if the CIBIL score is good or not. The higher the score, the better.
  • Current EMIs: It might affect your personal loan eligibility if you are already paying an EMI for any other loan. You should pay all their previous dues before applying for a new loan.
  • Other documents: basic documentation will be required such as Pan Card, Address Proof, ID Proof, and 3 Month Salary Slip (Not mandatory for all customers).

Coming To The Point: Use The EarlySalary Personal Loan EMI calculator

We’ve given you a whole bunch of factors and other contexts for your loan. But let’s get to the point, shall we? What EMIs will you be paying? How much would it cost you? EarlySalary’s instant loan EMI calculator is your reliable tool to determine your instant loan EMI, interest charges, and more in just a few minutes and some simple steps. 

Simply plug your loan details into the calculator to determine your monthly repayments based on your sanctioned loan amount and interest rates. It’s that easy to understand. With EarlySalary, you can even prepay your loan amount with no additional charges. Liberate yourself, with #OneSmallStep.

To find out more about instant loans and how easy they are to receive via EarlySalary, reach out to us on:

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FICO Score Vs Credit Score. What Is The Difference?

FICO score or not, all credit scores measure your credit risk. A healthy score can open doors, help you purchase, sell, and do a lot of other things — without spending a fortune on premiums. Beware of a poor credit score because it may make it difficult to access the finances you may need to fuel your dreams.

But not all credit scores are alike. Two major credit systems are used to determine creditworthiness — VantageScore, and FICO. We’ll show you why it matters and how to calculate them.

What are FICO scores?

FICO stands for Fair Isaac Corporation, which was also the first company to offer a credit-risk score. A type that is widely used, FICO uses a formula to measure and assign your creditworthiness. It considers the following factors:

· Payment history

· Outstanding balances

· Age of credit

· New credit

· Credit mix

Since 1989, FICO scores have been consistently used by more than 90% of top lenders, with regular updates in the scoring models. Along with base versions, it also offers industry-specific scoring models for credit products such as auto loans, credit cards, and mortgages.

It can be identified that these scores won’t necessarily be identical to what the lender would see when applying for credit through the bank.

Base FICO scores ( Fico 9 score) range from 300 to 850 and consist of the following important factors:

· Payment history: 35%

· Amounts owed: 30%

· Length of credit history: 15%

· New credit: 10%

· Credit mix: 10%

Here are FICO’s 8 credit scores and what they mean :

· Exceptional: 800+

· Very good: 740 to 799

· Good: 670 to 739

· Fair: 580 to 669

· Poor: 579 and below

Industry-specific FICO scores have a broader range of about 250 to 900 (it includes FICO Auto Score 8 and FICO Bankcard Score 8). These scores cater to specific types of credit. One can have free access to the FICO scores.

Credit scores

If you’re a lender, such as a bank, a mortgage company, or a credit card issuer, you must obtain the best possible credit score. If you take out a huge loan, with the accuracy to predict who would most likely pay back and who wouldn’t, you can opt for offering the most competitive rates while minimizing delinquencies and defaults. 

The other credit score is VantageScore, created in 2006 as a joint venture of the three major credit bureaus: Equifax, Experian, and TransUnion. A VantageScore is generated with just one month of credit history using the same range, making it better for new credit users. It uses a different formula to calculate a person’s score. 

In no order of importance, it consists of the following elements:

  • Credit usage, balance, and available credit
  • Payment history
  • New credit
  • Age of credit
  • Credit mix

It has four models, and the latest, VantageScore 4.0, uses a range between 300 to 850.

More than 2,200 financial institutions use VantageScore credits. The scores affect the following factors:

  • Payment history – extremely influential
  • Percentage of credit limit used – highly influential
  • Age and type of credit – highly influential
  • Total balances and debt – moderately influential
  • Available credit – less influential
  • Recent credit behavior and inquiries – less influential

The range distribution for the VantageScore 3.0 credit-score model is as follows:

· Excellent: 750 to 850

· Good: 700 to 749

· Fair: 640 to 699

· Needs work: 300 to 639

Is a FICO score the same as a credit score?

FICO Scores can predict the likelihood if someone will fall behind on a bill within the next certain months. It uses a complex algorithm based on information in the credit report from each of the national credit bureaus: Experian, TransUnion, and Equifax.

New versions of FICO scores are released periodically, and thus, one may find different versions in the market. For smooth and efficient working with each of the three bureau’s databases, it creates different versions of its scores accordingly. 

VantageScore also creates credit risk scores that similarly analyze consumer credit reports to calculate scores.

Consumer credit behavior is ranked using the credit scoring models, so someone with a higher score is less likely to miss a payment than someone with a lower score. Therefore, a higher score can help you secure better terms when you’re applying for credit.

FICO and VantageScore credit scores range from 300 to 850, and group consumers using these credit scoring ranges. For example, a FICO score of 800 to 850 is considered “exceptional.” 

However, each scoring model takes a unique approach that may result in a different score even if they use the same field and information from the same credit report. In part or entirely, FICO also creates other types of scores based on a credit report. For example, with the help of its credit-based insurance scores and bankruptcy scores, you may predict the chance that you’ll file an insurance claim or declare bankruptcy, respectively.

FICO is more transparent than credit scores and, most times, comparatively cheap for all the parties involved. However, reports produced by the three credit bureaus are important to monitor your progress because it helps to attain that ideal credit score.

What are CIBIL scores?

CIBIL scores represent an overview of your credit health, creditworthiness, and credit utilization information. This information refers to all financial transactions where you have borrowed or repaid the money.

Your CIBIL score is important because it showcases how dependable you are as a borrower. Thus, it has a direct impact on your eligibility for a loan, what loan amount should you be offered, along with what rate of interest to be charged. 

A high CIBIL score has a lot of benefits while applying for a loan such as:

  • Quicker and faster loan application process
  • Easier loan documentation process
  • Lower interest rates on the loan
  • A higher quantum of loan
  • Longer or more flexible repayment tenure

What is a good CIBIL score?

Anywhere between 300 and 900 is a good CIBIL score, with 900 denoting maximum creditworthiness. 750 or above in the score graph is ideal and will aid in qualifying you for loans and credit cards.

Here are the different ranges of a CIBIL score.

NA/NH: NA/NH means either it is “not applicable” or “no history”. If you have never used a credit card or have not taken a loan, you will have no credit history. 

350 – 549: A CIBIL score in this range is considered a bad CIBIL score. It means you have been delaying in paying your EMIs for loans or credit card bills. This might showcase that you are at a high risk of turning into a defaulter.

550 – 649: This range is considered fair. However. It suggests you have been struggling to pay the dues on time and only a handful of lenders would consider offering you credit with higher interest rates.

650 – 749: You are on the right path if this is your CIBIL score range You should continue displaying good credit behavior and increase your score further. 

750 – 900: This is an excellent CIBIL score. It shows you have been regular with credit payments and have a credible payment history. 

How can you maintain a great CIBIL Score?

A CIBIL score of 750 and above is considered ideal. Keeping your CIBIL score on track can help you increase the chances of getting a loan easily approved. Here are some important tips to have a great CIBIL Score.

  • Maintain track: Paying all your dues on time should be your priority since credit history and loan repayments have the strongest impact on your CIBIL score.
  • Low Credit Utilisation Ratio: Keep your credit utilization ratio at 30% for a good CIBIL score. 
  • Variety helps: It is better to have a good combination of secured and unsecured debt in order to get a high CIBIL score. 

Need Instant Cash Loan in a Few Mins? EarlySalary To The Rescue Rescue

There are times when a lot of us come across some unexpected personal expenses for which we may not have enough funds. Whether it’s an emergency or an indulgence we want to grant ourselves, and EarlySalary instant loan app could be the right option in such situations. These are easy to apply online and are for shorter tenure involving quick processing. We also ask for minimum documentation and disburse quickly. 

So if you want to fund your medical emergency, a family wedding, renovate your home or just want to pay your urgent bills on time, an online personal loan (instant loan) can deliver funds for all your requirements. But why pick EarlySalary over any other option?

Here’s the elevator pitch: EarlySalary instant loans offer you credit without any physical documentation process, through a completely online process. The loan gets approved on the same day without any hassle.

Now, on to the details!

Features of instant cash loan

  1. No collateral: Instant loans are risk-free. The borrower doesn’t need to put any of his assets as security against their borrowing. 
  2. No hidden costs: EarlySalary has a transparent system for personal loan processing. The entire process is completed online and you will get updated at every step.
  3. Instant loan approval: For Instant loans, the processing is done with the help of software and automated algorithms which cuts down the entire processing time. The work which used to take 4-5 days is now completed in minutes. Thus, you get instant e-approval within minutes.
  4. 24*7 customer support facility: With EarlySalary Instant loan online, you get 24*7 customer support. 
  5. Flexible Repayments: EarlySalary offers personal loans up to ₹ 5 lakhs. Apart from a good loan amount, you get a flexible time period ranging from 1 to 5 years to repay your borrowed amount.  

Benefits of instant loan apps like EarlySalary

  1. The loan application via the EarlySalary instant loan app is completely private. You don’t have to involve anybody.
  2. The procedure takes just 15 to 20 minutes.
  3. Whether you are self-employed or a salaried employee, you are eligible to apply for a personal loan.
  4. The interest rates can be as low as Rs 9/day.
  5. A personal loan can get approved on the same day of application
  6. The instant loan app online carries out a secured process which means your documents and data are safe with them.

How to get an instant loan on EarlySalary

Step 1 – Register

Download & register on the EarlySalary app on your smartphone. Fill in a few basic details like name, number, address, and bank details.

Step 2 – Get instant loan approval

Get approval in minutes.

Enter loan information. You can opt for a loan starting from ₹ 5000 to ₹ 5,00,000. Once approved, upload your KYC documents on the app.

Once you upload all the details and documents, the app will then review your request.

Step 3 – Ready to transfer

Once your KYC is in place, just select how much cash you want to transfer to your personal savings account, and you are set!

Eligibility criteria

Documents Required

You need to submit your identity, address, and income proof documents.

  • Identity proof – you can submit a passport or Aadhar card or pan card, or driver’s license. 
  • Address proof – you can submit a passport or rental agreement or utility bills.
  • Income proof – Your bank statements and salary slips for 3 to 6 months will be required to avail of a money loan.

Use The Instant Cash Loan EMI calculator

Skip the manual calculations. Use the EarlySalary EMI Calculator to accurately determine your repayment amounts, interest charges, and more.

EarlySalary’s instant loan EMI calculator is your reliable tool to determine your instant loan EMI in just a few minutes and some simple steps. 

We’ve already mentioned that EarlySalary offers instant cash loans of up to Rs 5 lakhs with minimal documentation and quick processing. Coupled with interest rates as low as Rs 9/day, this is by far your most compelling credit option in the market. Plug your loan details into the calculator to determine your monthly repayments based on your sanctioned loan amount and interest rates. It’s that easy to understand. With EarlySalary, you can even prepay your loan amount with no additional charges. Liberate yourself, with #OneSmallStep.

To find out more about instant loans and how easy they are to receive via EarlySalary, reach out to us on:

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LinkedIn Page

Download the EarlySalary app, or log in to our website to become a part of our #OneSmallStep experience.

Employees Financial Wellness Mean During Times Of Economic Volatility?

Jobs, offices, and businesses are opening around the world after a year and a half. With the pandemic (hopefully) fading into the background, companies are starting to operate working from offices and resume hiring with 100% capacity. However, the effects of the pandemic involved a substantial hit on not just the medical vulnerability of the world but also our economical and mental state. More than 49% of employees worldwide have stated that they are now worried about their finances since the pandemic has taken a blow on their savings.

In times like this, employee financial wellness programs had helped – way before the pandemic began. With the programs, employees had the knowledge to pick the right investment opportunities and make the right financial decisions at any point.

But with the current economic volatility of the world, how can employers aid their employees with financial wellness programs?

What employers can offer their employees in Finance wellness programs

1. Post-retirement finances:

Take the US – a developed country and a relatively fair model for where we want to be. A US survey by Plan Sponsor revealed that more than 31% of employees have no post-retirement savings. Most employees spend their savings on other items rather than thinking of the age of retirement where they will no longer have salaries. To most employees, retirement seems far off, and it may seem like there isn’t much need to start saving for retirement from a young age.

However, studies after studies have proven that starting to save a penny in your 20s every day might lead to you saving hundreds of thousands by the time you’re 60. And the truth is, you don’t need studies to understand the power of compounding.

Employers should provide professionals with the right plans for post-retirement that will demand little savings from a young age. Even if one is starting in their mid-40s, these plans shouldn’t be overwhelming to implement. It is critical for enterprises to have clear communication with the staff about the perks, benefits, and disadvantages of each plan as well. Employees should be aware of what they are subscribing to before they do it.

Companies should also provide professional administrators or financial advisors that will help the employees through the process.

2. Debt management services

A significant portion of today’s millennials is stuck in debt. With vague spending habits and high prices of commodities and gas, staying out of debt is impossible. Companies have a moral duty to assist employees in these situations. Debt can be in any form – mortgages, student loans, fees, taxes, or unsecured credit cards. They’re all equally painful.

Webinars and counseling sessions to help deal with different debts, and precise balances are a low-hanging fruit every enterprise should grab. Employers should be trained and educated over picking the right credit cards, interests for different types of loans. In this way, the employee is well informed before running into debts, by managing their own finances.

 3. Emergency funds

The pandemic has taught us a lot, but the most important lesson is how to be prepared for emergencies. Most employees found themselves financially helpless during the pandemic – as many as 49% of them were living from paycheck to paycheck. This has naturally stressed the minds of the employees, which in turn impacted their work performance.

Employers should offer employee savings plans that will automatically deduct funds from a person’s paycheck. The funds will then be allocated in the savings account that can be withdrawn during any emergency like a pandemic. From accidents, unwanted health issues, pregnancy, or any other trouble, employees should have multiple options of savings.

4. Financial education

Another low-hanging fruit – employees should be counseled every once in two months regarding their finances. They should be educated about their financial health and wellbeing and maintaining the funds. Counseling sessions, one–on–one talks with advisors, videos, worksheets, surveys, and webinars should be arranged regularly to assure that none of a company’s employees are suffering in any way.

Having the right resources available at their fingertips, employees will have the chance to choose the pace they want to move ahead within their investments. If they have a question, they can get back to the company for insights. In times like the pandemic, these resources should come to the employees in handy for them to manage their finances well.

Financial Wellness During Difficult Times

Employee financial wellness programs are an obvious win-win, with most leaders emphatically aware of the benefits they bring. Here is how you can learn to make the best strategy for an employee financial wellness program with EarlySalary. 

Sneak Peek At The Factors Affecting The Eligibility For Instant Loan

Planning to take an instant loan? Do you know whether or not you are eligible for one? Lenders always have their eligibility requirements, so getting an instant loan is always a matter of checking those off your list. But let’s revisit some basics first.

What is an instant loan?

An Instant loan helps individuals to meet their financial commitments or requirements. This type of loan comes in handy if you have unexpected expenses to take care of that have a short- or medium-term period.

People use the funds received through an instant loan to make big purchases, consolidate high-interest debts, meet wedding expenses and educational expenses, go on a trip, and many other reasons.

The loan is usually taken from a bank or a non-banking financial company (NBFC) at a pre-agreed rate and terms and conditions.

Why opt for an instant loan?

We always look at multiple options and then take the loan which is the cheapest and most convenient to repay. Because after all, we sure want to take that extra mile on a trip or eat that soufflé in that fancy restaurant.  

Instant Loans are approved fairly quickly without any asset showcase or documentation. The process is minimal and convenient. Not to forget, the easier access and immediate disbursement of an instant loan can save you from looking at other loan options endlessly.

Just like all the other types of loans, instant loans also require you to meet the eligibility requirements of the lender. While the eligibility criteria can vary between lenders, there are a few requirements that every lender would require you to fulfill to get approved for the loan.

Here are 5 factors that affect the eligibility criteria for approval of an instant loan online.

  1. Age

This criterion is factored in to ensure the lender that you have an adequate number of working years remaining. In most cases, lenders prefer applicants between the age group of 21 and 55 years.

Therefore, salaried applicants must be in the range of 23-58 years, and self-employed non-professionals must be in the range of 28-65 years at the time of applying for the loan for easy acceptance.

 2. Minimum salary

Since collaterals do not back up instant loans, your monthly income and repayment capacity becomes important. The income requirements vary based on the location you live in, i.e. it may vary across metro cities (Tier-1 cities) and towns, and villages (Tier-2 cities).

Applicants with more work experience are generally considered to have a more financially stable future as compared to someone who has recently started working. At EarlySalary, the minimum salary requirement is ₹18,000 for Tier-1 cities and ₹15,000 for Tier-2 cities.

3. Cibil score

Apart from the general eligibility criteria that you will be required to fulfill, you will also need to have a good CIBIL score for your instant loan request to be approved.

A credit score is a 3-digit number that represents your creditworthiness to the lender and helps assess your risk of default. It describes how you have managed your finances and bills in the past. The lower the score, the lesser are your chances to get a good deal on your loan application. The higher, the better.

Most lenders in India rely on the CIBIL score, which ranges between 300 and 900.

At EarlySalary, we look beyond just a CIBIL score to determine your creditworthiness. It’s what makes us special. But you can nevertheless look at the factors that determine your credit score to improve your chances.

4. Liabilities

Your current liabilities can make or break the deal when it comes to approving your loan application. The lender will weigh your debt-to-income ratio and then decide whether to approve the application or not.

This is because most of your monthly income may go towards loan repayments like paying huge credit card bills, home loan EMIs, car loan EMIs, and other debts, which may not leave you with enough money for your domestic expenses. This information helps the lender know that while you repay your existing liabilities, you would also be able to pay off the new instant cash loan you are planning to take.

5. Work experience

Just like your income, your work experiences are also important. The employment status of a customer helps the lender decide if the employee has a financially secure future. The minimum experience may vary depending on the lender you choose, your occupation, and other factors as well.

A minimum of 2-3 years experience is favorable; the applicant should be employed with the current employer for a minimum of 1 year.

Equipped with the knowledge of these factors of eligibility, you may check your instant loan availability. Looking for a friend who never lets you run out of cash when you need it the most? You have us here! Be it a medical emergency in your family, wedding, vacation, child’s education, or something as simple as purchasing a new appliance or even a mobile phone, EarlySalary instant cash loan is an excellent way to manage a host of emergencies and non-emergency expenses.

Budget-Friendly Laptop for Your Child’s Online Classes

The pandemic has led people and organizations worldwide to make several important changes, and not just in their workflow and lifestyle. Among these is the way education is imparted. It has gone completely online with the help of video-conferencing and online file-sharing applications.

Virtual learning has become the new normal, but as the students spend more time plugged in, learning using a mobile phone might not be the greatest idea, as many of us may have already realized. A dedicated laptop for this purpose will help them get up to with their educational content and make them ready for the world ahead. But, again, as we all realize, the pandemic has rattled everyone’s finances. Budget-friendly, but good-quality laptops for this purpose are therefore what you want to be looking at. Here’s EarlySalary’s list of top 5 Budget-friendly laptops for your child’s online education.

Avita Pura dual-core

Source: AVITA LIBER NS14A1IN018P 14-inch FHD Ultra Slim & Light (Pentium N4200/4GB/256GB SSD /Windows 10 Home/Integrated Graphics/1.49 kg), Matt Black 

Loaded with 256GB SSD storage, this 14-inch FHD display device is among the best in its category. A single charge can enable up to 10 hours of work. Online classes and assignments should work great on this device. Running on Windows 10 Home with AMD Radeon R5 graphics, this device is a great deal starting at Rs. 23,990.

Acer Aspire 3

Source: Reliance Digital 

Selling for just Rs. 29,999; this budget laptop comes with impressive 1TB HDD storage onboard. Perfect for the students, it is powered with 4GB DDR4 RAM and AMD Athlon Silver 3050U dual-core processor. The AMD Radeon graphics on the 15.6-inch screen display ensures that your lectures are clearly visible. It runs on Windows 10 Home OS and has multiple connectivity ports for your usage.

Inspiron 15 3000 

Source: DELL Inspiron 15 3000 Series Core i3 7th Gen – (4 GB/1 TB HDD/Windows 10 Home) 3567 Laptop Rs.39063 Price in India – Buy DELL Inspiron 15 3000 Series Core i3 7th Gen – (4 GB/1 TB HDD/Windows 10 Home) 3567 Laptop Black Online – DELL 

This is one of the most affordable Dell laptops available in India. With a display of a 15.6 inch HD anti-glare panel, it runs on Windows 10 Home operating system. It is powered by AMD Athlon Silver 3050U mobile processor while being supported by AMD Radeon graphics. It is backed by 4GB RAM and comes with a storage capacity of 1TB HDD, ensuring you can save not just all your assignments and study material, but all sorts of entertainment and other material without worrying about storage overload.

The laptop comes with a 3-cell 42Whr battery which keeps its lights on for a fairly reasonable amount of time. Another reasonable characteristic here is its price – just Rs. 27,989. Its sufficient storage capacity under Rs. 30,000

Asus Celeron

Source: ASUS Celeron Dual Core – (4 GB/1 TB HDD/Windows 10 Home) X515MA-BR004T Thin and Light Laptop (15.6 inch, Transparent Silver, 1.80 Kg 

Powered by Intel Celeron dual-core processor which is clocked at 1.1 GHz, this laptop is available at Rs. 22,990. Intel’s UHD 600 provides its graphics which comes up with storage of 1TB HDD and 4GB DDR4 RAM.It also enables WiFi 5 and Bluetooth 4.1 support. Since it comes with almost all facilities like webcam, connectivity ports, and keyboard, you do not have to worry about trying to buy an external unit to facilitate your child’s  online learning.

HP 245 G7

Source: HP 245 G7 Commercial Laptop (Ryzen 3, 4GB RAM, 1TB HDD, Windows 10, Radeon Vega 6 Graphics), 2D8C6PA – for Small and Medium Business 

Its price of Rs. 31,495 makes for a good deal for a laptop running on an AMD Ryzen 3300U processor with 4 cores and Radeon Vega 6 graphics. This is fairly lightweight considering its weight is just 1.6 kg. It provides all the essential connectivity features like multiple USB ports, a combined jack for headphones and microphone, an HDMI port, and a webcam too. It comes up with a 14-inch full HD display running on Windows 10 OS. The trusted brand name of HP with a budget price makes it a great piece for your child’s online education.

To Conclude

If you’re looking to get a laptop that is a bit out of your budget range, even with these budget-friendly options, try getting an instant loan from EarlySalary perhaps? With the lowest interest rates in the industry, you don’t have to worry about the budget, and rather focus on getting an ideal laptop for your children’s education. 

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5 HRM Books Every HR Should Read To Ensure Financial Wellness To Employees

Financial wellness is not a destination that we can arrive at without much worry, but rather a journey that we must undertake and make a way of life. But how can we be sure of this? Financial wellness is a term that refers to a person’s overall financial health and is one of many factors that contribute to employee well-being. Receiving financial guidance employee benefits is more important than ever for employees seeking to improve their financial well-being and achieve short- and long-term financial objectives. Given the pandemic situation, it is now more critical than ever. 

As a result of the COVID-19 pandemic, more employers feel obligated to assist employees in improving their financial wellness. Employees can use the Financial Wellness Programs to evaluate their financial stress, create a monthly budget, pay down debt, and reclaim financial control.

According to Rob Levy, managing director of the Chicago-based Center for Financial Services Innovation, which promotes financial wellness, research shows that 56% of workers are not financially healthy. The Global Wellness Institute now estimates that the global wellness industry is worth $3.4 trillion, with workplace wellness accounting for $41 billion. Companies are developing more advanced methods of promoting the health of their employees as wellness programs become more widely adopted. Wellness programs help employees reduce stress, fatigue, anxiety, and other conditions that lead to workplace conflict. A financial wellness program that is strategically implemented can be a win-win situation for both the organization and the employees.

HR professionals are broadening the concept of wellness. However, more often than not, HR assists employees in assisting themselves by providing seminars and webinars on money management and even personal budgeting tips. Wellness programs are now used by HR managers to recruit and retain employees and increase productivity. HR’s challenge is to find cost-effective ways to assist employees in dealing with financial difficulties. If HR wants to ensure their employees’ financial well-being, they must provide them with the tools they need to make wise choices.

The following are five HRM books that can assist HR in assisting their employees’ well-being.

  • Costing Human Resources: The Financial Impact of Behavior in Organizations (1991) By Wayne F. Cascio

The book provides HR with insights into how to quantify behavior in organizations. Future managers are shown how to cost out identified problems and how to effectively deal with common human resource management topics such as turnover, absenteeism, the cost to business of smoking, the financial impact of employee attitudes, the costs and benefits of Employee Assistance and Wellness programs, the financial impact of valid selection procedures, and the financial impact of well-designed employee assistance and wellness programs. Real-life examples are provided to assist readers in connecting theoretical concepts to practical applications.

  • The Financial Wellness Mandate: Be the Employer of Choice by Offering the Benefits Today’s Workers Want and Need Most (2021) By Daniel R. Bryant

HR professionals who take the time to understand the financial challenges that employees face and the most important trends shaping workplace benefits will win the war for talent and improve financial outcomes for both workers and businesses. Expert in financial and workplace benefits, Daniel explains the importance of financial care and its inextricable link to employee financial wellness. The book focuses on the undeniable power of behavioral economics, why it matters in how employees handle money and how employers consider benefits and the rise of consumerism, and its means for employees’ ability to plan and deliver workplace benefits. 

  • Investing in People: Financial Impact of Human Resource Initiatives (2015) By John Boudreau and Wayne F. Cascio

The book explains how to select, implement, and apply metrics to improve decision-making, optimize organizational effectiveness, and maximize the value of HR investments. It demonstrates the logical connections to financial and line-of-business metrics and the use of HR metrics to drive more effective decision-making. The authors show how to measure and analyze every HR area’s value that impacts strategic value using their robust “LAMP” methodology (Logic, Analytics, Measures, and Process). It entails effective methods for integrating HR with enterprise strategy and budgeting and gaining commitment from business leaders outside of HR.

  • Build It: The Rebel Playbook for World-Class Employee Engagement (2018) By Glenn Elliott, Debra Corey

Glenn Elliott, the author, is a multi-award-winning Entrepreneur of the Year, CEO, and growth investor. It is jam-packed with tips, tools, and real-life examples from companies like NASDAQ, Unilever, IBM, KPMG, 3M, and McDonald’s to help you get started today, not tomorrow. Readers will discover:

  • How employee engagement improves company performance
  • The key factors that influence engagement and how they interact
  • What the world’s most daring companies have done to defy traditional HR rules and boost employee engagement

The book includes case and research studies from academics and human resources professionals who have excelled in enhancing employee participation through one or more sections of the bridge.

  • Workplace Wellness that Works: 10 Steps to Infuse Well-Being and Vitality into Any Organization (2015) By Laura Putnam

This guide provides HR with the tools they need to start making a difference in their employees’ health and happiness and promoting an overall culture of well-being throughout the organization, based on the most recent research and supported by real-world examples and case studies. The book shows you how to assess your organization’s needs and develop a plan that benefits employees.

  • Create an effective well-being platform.
  • Encourage employees to make better decisions.
  • Create and deliver the strategy that your organization requires.
  • Increase quantifiable change by being more creative in your implementation.

These books adapt to the needs of human resources managers and managers of modern firms. HR professionals must seize every opportunity to gain knowledge and insights from any available source. And what can be better than a book to keep you up-to-date in a rapidly changing world.

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