Recruitment Trends to Watch out for in 2020

By – Collin Cornelio
Assistant General Manager, Cosmos-Maya

As technology continues to rapidly change the corporate landscape, the recruitment landscape is evolving in tandem. An expanding gig economy, a demand for creative employees who can keep their skills updated and adapt to changes, and a digitally savvy workforce are all driving an evolution of the recruitment system. Skills are in short supply, and the market for good talent is more competitive than ever. In such a situation, it is important to keep abreast of the latest recruiting trends. Here’s what to watch out for in the coming year.

Candidate experience

Earlier, employers had the upper hand in recruitment. Today, even as unemployment rises, there is a parallel dearth of talent being seen, too. A report by Deloitte predicts that the skills deficit, which is numbered at around 23 million now, will grow to 29 million by 2030. 

Evidently, this means genuinely talented job seekers have the upper hand in the recruitment process. This means that along with ensuring the candidate is the right fit for the job, recruiters also need to provide a great experience to the candidates. This can be done using tech to make the process easier, and a personal touch to candidates throughout their recruitment journey. Recruiters can stand out by giving constructive feedback to candidates at each step, rather than “ghosting” them. Job seekers also give importance to knowing how their work environment will be before they join, so “day in the life of an employee” videos on the website which provide genuine behind-the-scenes glimpses into life in the company can also help enhance the candidate experience.

Flexible work schedules

In the increasingly competitive hiring market of today, it is essential that recruiters know what the candidates desire. While 9-5 jobs were the trend up till a few years ago, flexibility is now highly prioritized by job seekers. According to a survey by the International Workplace Group, 80% of the respondents reported a higher preference for a job offer that came with flexibility. Further, 85% of businesses said that productivity increased with higher flexibility. Of course, flexibility depends on the nature of the job and is not suitable for every kind of work. However, an offer of flexible work schedules whenever possible certainly increases the chances of a candidate accepting the job offer.

Collaborative recruiting

Building a business through networking and the connections of current employees is a great way to bring quality talent to the organisation. An employee referral program which incentivizes current employees to refer people they know for recruitment can benefit the employer as well as the employee. The highly competitive recruitment market calls for creative measures to cut hiring costs and get the best talent, and connections are far more viable and compelling than job boards in such a situation.

Employer branding

To attract talent, it is crucial for employers to shape their brand reputation. Job seekers now prefer to look up employers’ brands before applying, so companies boasting of a superior brand image are more likely to find perfect candidates. Unlike earlier, when all employees cared about were monetary incentives and perks, they now also look at culture, values and ethics alignment. The newer, more “woke” generation prefers to work for organisations that have a positive impact on the world.  

Making your brand attractive, therefore, would require more than just corporate marketing campaigns. People now expect more a personal look at what to expect. Great employee reviews on Glassdoor and other social media sites, a professional website clearly stating the vision and mission of the company and an active social media presence are all important to build your organisation’s brand.

AI in recruitment

One of the most popular emerging technologies, AI has been portrayed equally as the answer to recruiters’ problems as well as the biggest challenge they would have to face. The reality, of course, lies somewhere in between. AI is being used to enhance the role of recruiters, but not replace them entirely. Artificial Intelligence brings less biases to the candidate selection process than humans do, though it does not make completely unbiased decisions. AI can be leveraged during the recruitment process to free recruiters from tedious manual process like paperwork. Chatbots, which use AI technology, can engage candidates throughout their journey. 

AI would, in other words, do the heavy-lifting when it comes to screening candidates without bias and creating a seamless experience for them. Human recruiters would, of course, still be required for the parts that need creativity and intuition, like designing the recruiting process, interviewing the candidates, etc.

Final thoughts

In an industry environment that is continuously changing, it is easy to worry about the uncertain future and the role technology would play in it. However, one thing is for sure – the role of human beings will not diminish, although it will definitely change. The above trends show technology playing a supporting role in recruitment, rather than taking centre stage. This is because even as tools become more sophisticated and automation pervades every field, the end goal remains – to attract the right candidates by creating a great experience with a human touch. The target audience, after all, is human.

How are Financial Wellness Programs Operated By Great Brands?

A financial wellness program is executed with the objective of educating employees at the ultimate goal of increasing their financial well being. This is supplemental to the standard employee benefits that goes beyond retirement planning and investing information. They help the employee feel financially secure, with a properly devised plan based on how and when they can be managing their finances for both the present and future. Employees reportedly spend approximately 150 work hours annually worrying about money. That’s almost four weeks of work time!

A recent study from Financial Finesse indicated that a company with 50,000 employees could save around $33 million to $49 million annually just by increasing their financial wellness score of its workforce by one point on a 10-point scale.

How Great Brands Operate Financial Wellness

Google offers its workers financial wellness resources, such as access to financial advisors and financial planning services. In addition to this, the company is the most well-known example that goes to great lengths to keep its employees happy with free lunches, snack kitchens, happy hours, casual dress code, commuter shuttles, on-site laundry service with the belief that perks are a critical weapon in the war to recruit top talent.

But not all employees are attracted to frills and perks. 

Glassdoor’s recent employment confidence survey shined light on the priorities of its employees. It revealed that just one-in-five employees rate office perks as important. These fringe benefits in fact, were rated ninth in a ranking of what mattered most to their employees. An individual more concerned about mounting debts or chronic illnesses has little interest in unlimited coffee or happy hours. No surprises then, that medical coverage, retirement plans, and wellness programs rank significantly higher and are supposedly crucial benefits that serve to reduce stress outside of the workplace.

Atlanta-based SunTrust Bank launched a financial education program called Momentum onUp geared towards improving their employees’ financial health. With the use of videos, modules and other learning activities, its motive is to boost user confidence in personal finance. Employees were also offered classes on financial education, projected account balance statements, retirement income calculators, online resources and personal consultation services.

Multinational professional services company Accenture, had a slightly different take on financial wellness programs – stating that simply creating a digital platform with a horde of content would not really gather the interest nor help the employees understand what they could use from the information available. In fact, too much information pointing at different directions could confuse the individual. A mix of this content while using the principles of behavioural finance would help companies to cover every element of the financial education in a holistic way while offering information in logically sequenced, digestible chunks. Today’s technology could take it to another level using artificial intelligence (AI) and analytics, taking personalisation that the employees expect to a more definite route. Analytics can help differentiate between types and categories of employees keeping in mind life events and stages as well.

In A Nut-Shell

Understanding the employee’s specific financial needs so that those needs can be more accurately met is the key to a successful financial wellness program. Workshops on subjects like personal and household budgeting, consumer credit building, spending behaviours and consumer attitudes and financial goal setting can go a long way in helping an individual understand the process and the future of their financial wellness. It’s important to factor in employees’ spending needs and their ability to grasp financial education concepts. These are what make a strong financial wellness program, and therefore, a strong organisation.

Financial Wellness – Why Women Are Left Behind

Globally, the idea of gender roles is undergoing a seismic shift from traditional values. There is no profession where women are now less confident or apprehensive to foray into. With changing times, a much needed change has been brought into the gender equality scenario. But, it’s no secret that we still have a long way to go before gender equality becomes a fully realized idea. 

One area where women still continue to lag behind as compared to men is financial wellness. In almost every country on earth, women tend to outlive men. So it makes little sense that women should still lag behind in this sphere. A recent study by Corporate Insight showed that women are less confidant, less prepared and less engaged than men when it comes to financial health. The same study also indicated that women consistently put “do not know” as their answer when asked questions about financial literacy. This trend has not undergone much change since 2016. Women also exhibited less knowledge, poorer saving practices, lower overall savings and contributions than men. 

These are all very worrying trends that stand in the way of gender equality. This also begs the question, why? What could be the reasons for this kind of financial disparity between men and women?

Why This Disparity?

Financial wellness is a direct result of financial literacy. As we just saw, women do not fare well in this sphere. This lack of education directly translates to a dearth of decision making skills at crucial moments of savings and investing. 

Another reason is the gender pay gap that despite widespread awareness, continues to persist in our society. Less than 6% Fortune 500 companies have women as CEOs, women are 80% more likely than men to be poor after retirement and are more likely to take unpaid work.

Add to that the fact that women get less than a third of pension than an average man, owing to factors like childcare, part time work and eldercare responsibilities.  Once these factors compound, the pay gap can look almost impossible to catch up to. Add to the fact that a woman’s longer lifespan requires her to save more as compared to the average man. This further thins the resources a woman saves for retirement, which is already less than the average man.

The Solution

Despite the numbers painting a sombre story, there are solutions that can be implemented to realize the intrinsic goal of a woman’s financial well being. 

  • The first step is raising awareness about financial health amongst women. Women in rural areas have a tendency to be pushed into domestic occupations, and with the presumption on them to handle familial responsibilities, it leads them to pursue their career aspirations less aggressively. Putting more effort in educating more women can only lead to better financial health.

  • Another solution can be personalized financial wellness programs. Women show wide variance in decisions like when to start a family, family roles etc. Financial plans should be tweaked to incorporate childcare decisions and other life choices that are limited to only women.

  • Organizations also need to do more to bridge the gender pay gap. Instead of giving parental leave only to women, they should also give paternity leave to fathers, so that childcare can be a shared experience, without putting female careers at stake.

Services like EarlySalary can work as ideal solutions to short term cash requirements. As a result, women can tide over expenses when needed, while retaining some flexibility and control over their financial health. With short term loans available for as low as Rs 9/day, borrowing for urgencies, or even leisure, is far easier than ever before. 

There is still clearly a long way to go until we achieve equality in financial wellness. By and large, women still tend to put their careers on the line for families and children. However, with time, it’s reasonable to be hopeful of this gender gap decreasing. Improving women’s financial health is a challenge that looks more scalable than ever before.

Don’t let your organization miss the mark of pay equity

While pay equity as a concept is fairly old, its context has continued to evolve with time. Originally leveraged as a tool to combat the adverse impact of unequal pay between people of varying social classes and backgrounds, it is now the de facto term to address gender pay disparity.

India has had a good track record for labour laws containing wage-related legislations – like the Minimum Wages Act, 1948 and the Equal Remuneration Act, 1976. These were framed to provide social security and fair employment conditions to prevent discrimination amongst skilled and unskilled labourers and disparity between wages paid to male and female workers. Now, however, a prominent struggle for women to get equal pay has become a rising voice in almost every industry. The glass ceiling women have been subjected to for a long time now faces significant opposition, especially since a large number of women now boast of equal levels of knowledge, skills and competency. 

It is high time that the strategy makers don’t let this gap broaden, as pay equity has a high impact on the overall wellness and performance of the employee. Let’s take a deeper dive into the significance and importance of pay equity on employees and organisations:

#1 Job security

One item of critical consequence for pay equity is job security. It doesn’t take rocket science to ascertain that if employees are treated fairly and rewarded aptly in accordance to their output, they would want to continue working in the same organisation. The assurance of no disparity encourages employees to feel positive about their careers and the company. You’re effectively ensuring that job incumbents don’t go searching outside.

#2 Lowered stress

No prizes for guessing that employees will feel happier and more satisfied in their current endeavors if they are paid fairly. Pay equity isn’t a metric for evaluating costs, it’s a tool for encouraging employees to work to the best of their capabilities and not feel burdened because of excess work and less compensation. With no pay disparity, it is a fact that women will be able to earn better and lead a more stress-free and joyous life. Having a job that is fair on this factor is certainly a good opportunity that no one would want to miss. 

#3 Talent Attraction

Looking to bring in (and retain) top talent? It’d certainly help if your organisation was one known for its pay equity and fair compensation. Expect your team to share positive feedback on your company with others, and let word of mouth (or even formal recognition) help build your brand’s reputation on this aspect. The results will be quickly visible – both when you’re looking to hire for open positions, or when you receive regular applicants.

#4 Financial wellness

Out of all the reasons for continuing a job, one of the major reasons is financial wellness that comes with having a stable income. Stability in life is important and for most of us, a good-paying job is an essential way to reach a state of financial security and wellness in life. With pay disparity at bay, the entire workforce is likely to be a step closer in reaching their personal financial goals. From recreational activities to situations of emergency, financial aid is a necessity that can be best provided by the firm they work for. 

#5 Higher growth prospects

With highly competent employees wanting to continue rendering their services, you can expect things to take a more favourable turn for your business. Engaged and committed employees, with the right training and development, are better positioned to graduate to higher-level managerial roles. This is a win-win for both them and the organisation, which can then skip having to scout outside when looking to expand. 

#6 Higher competence and productivity

Appropriate compensation and good pay packages serve as an important link to productivity. Higher productivity is far more likely if employees have a fair chance of receiving the right appreciation and compensation for their work. With better productivity, there’s also a higher chance of skill enhancement.. So, the competency and the efficiency of employees increases which is a win-win situation for both. 

Pay equity should be treated as a responsibility for bringing economic stability in the country and labour market. Pay disparity on gender biases needs to be stopped and for the company, assuring such aspects will fare well for retaining quality employees. A transparent and fair compensation scheme is important for the creation of a culture of growth. 

For business prosperity, it is best to make the best use of employees. With pay equity you can retain and attract the best talent around that will help you to drive the business towards continuous success.

How To Promote Financial Wellness In An Unconventional Workplace

Over the course of my career, I’ve been witness to a rather rapid evolution of workplaces and work cultures. This change has been particularly prominent in its recent stages – with an influx of new-age professionals joining the workforce. As a result – we now experience noticeably different work practices, styles, and cultures. 

Of course, this isn’t solely due to our changing workforce. New age businesses, enabled by technology that came up only about a decade ago and matured even more recently, have led to new conventions that can seem challenging to the more established HR folks. For example, flexible timings, working from home, a range of office perks and benefits – all of these are now taken to be the norm if an organisation is looking to attract the top talent. 

In this context however, working on long term strategic goals – like promoting financial wellness – can be challenging. How can the HR function effectively implement its agenda and plans, and even measure their outcome when they’re dealing with a predominantly workforce with seemingly varied priorities, that often works remotely, or simply has different expectations? In my opinion, the key lies in the following:

#1 Identifying Common Focus Areas

When faced with a workforce exhibiting varied characteristics, it’s prudent to identify commonalities and channel focus there. The findings (and probably action items) are likely to be those that can be applied as a whole, with reasonable certainty of results. I believe this is optimally achieved by relying on surveys, word of mouth, and a keen eye for detail. 

For example, many new age orgs are likely to find that in terms of benefits, a millennial workforce, more than any other before it, prefers flexible working hours, cash bonuses, and healthcare. Identifying such focus areas is the first step to executing on the organisation’s financial wellness goals.

#2 Building A Compatible Agenda

Conventional plans are unlikely to be effective in an unconventional workplace. If, for example, you intend to host financial literacy seminars, is there adequate data to verify its potential effectiveness? Is the organisation confident that this is what the workforce is looking for? In PWC’s 2018 employee wellness survey, only half (49%) of those surveyed agreed that their compensation was keeping up with the rising living costs. But when offered employer benefits, such as “financial wellness with access to unbiased counselors,” only 25% of respondents preferred the option. 

Data like this can be indicative of a mismatch, if any, between the workforce’s expectations and the organisation’s plans. It’s critical to keep an eye out for these and work on an agenda that is democratic and inclusive.

#3 Consistency

Financial wellness programs require consistency to be effective. Tuning the frequency of your action items and agenda in line with your workforce’s needs are key. Perhaps once a month is too little, and once a fortnight too much. Rely on data to arrive at an accurate perspective on your plans, and constantly iterate to improve on this accuracy.

#4 Focus On Engagement

Like all other tasks, financial wellness too, must be approached customer-backwards. The customer in this case, being your workforce. With engagement being a fairly reliable metric of effectiveness and success, it is important to observe if your workforce is truly making use of your program. This isn’t reflected in just attendance numbers, login sessions, or other such simple metrics alone. Repeat surveys for individual feedback, the organisation’s performance on demands from the workforce – it is actions like these that add up to make a comprehensive result-driven conclusion on the programs. 

#5 Identify Leaders

Expanding on the significance of building engagement, a predominantly millennial workforce may find itself engaging better if the programs can be led by their peers, or someone similar. As multiple surveys have indicated, this workforce desires empowerment, and enabling that via agendas like these can serve the dual purpose of improving job satisfaction both with and without the context of financial wellness.

#6 Think Big

In 2019, financial wellness isn’t solely about imparting financial literacy, providing cost effective healthcare, or dealing with financial stress. It’s vulnerable to impact from multiple other factors – emotional, physical, family, and more. By working on a holistic agenda that addresses these other needs of your workforce, you’re in a better position to succeed on all fronts. Health programs, promotion of a work life balance, and a focus on mental health are key ingredients to getting to the organisation’s larger goals. Think big.

It’s heartening to see a growing number of organisations shifting focus to, and prioritizing, financial wellness. I’m sure many would agree, there has never previously been a greater need for it, in the context of the diverse workforce we are a part of, and the exciting nature of businesses we have across all sectors.

For Gen Y, this is why taking instant loans is a better option

American politician and businessman Gavin Newsom once expressed his thoughts on the uncertainty of life. He said, “I feel we are well prepared for a disaster… but the reality is you can never be prepared enough. Never.” 

In today’s time, it has become essential to have an in-depth understanding of financial wellness. The working class, predominantly composed of Generation Y, is seeking multiple ways to generate passive income. Despite extensive preparations, unforeseen urgencies can lay the best of efforts to waste. Acquiring conventional loans is a tedious process. They also bring along the burden of repayment which wears you down. Instant loans and credit cards are popular choices during financial emergencies. There a few considerations, however, that must be kept in mind when deciding.

#1 Ease of Use

During a financial crisis, it is essential that you do not constantly borrow money, with the interest rate drastically fluctuating each time. Inefficient money expenditure should not lower your credit score. While there may be a temptation to use a credit card at your disposal, it is important to remember that these have higher as well as variable interest rates. On the other hand, instant loans tend to offer lower and fixed interest rates. Timely payments of personal loans allow you to lower your available credit percentage and thus boost your credit score. 

Banks expect timely payments which you may fall behind on, owing to variable interest rates subject to market conditions. This irregularity disrupts the repayment plan you would have formulated.

#2 Quick Access Without Consequences

Traditional bank loans require collateral. This makes access to money difficult if you do not have the required collateral. Moreover, in case you fall behind in payments, the bank will report you to credit bureaus. This will impact your credit score drastically affecting your ability to obtain subsequent loans. 

A credit card provides quicker access to instant money than personal loans.  The downside is that credit cards urge you to spend frequently. In this way, you will never be able to keep track of your debt and, in the long run, you’d find yourself trapped in a debt cycle. This can lead to a lower credit utilization ratio and ultimately harm your credit score. Furthermore, credit card users are no strangers to additional fees. 

Today it is no longer tedious to take a fast instant loan online as it was previously. Now, there are many online loan apps and lending portals that offer instant approval on cash loans within 3-5 days. In case you require a particularly instant loan approval, online lenders might approve it within 24 hours. 

#3 Multiple and Varying Needs

The maximum credit limit for both credit card and instant cash loans is based on credit scores. The deciding factor is repayment tenure. Since the interest rates on a credit card are high, it is advised to use it when the requirement is small and thus can be paid off quickly. Dragging credit card payments for a long period can burn a hole in your pocket. Similarly, failure or delay in payment of your bank loan instalment leads to a drastic decrease in credit score. Quick instant loans are better for larger requirements and have a set term payment. The monthly payments are higher and distributed over a long period of time. 

The Better Option

Considering all the factors, it is clear that for Generation Y, taking an instant loan is a better option. These allow for multipurpose usage with minimal interest rates. Instant loans also allow for less spending when compared to credit cards. Unlike traditional bank loans, instant loans can be obtained without any form of collateral. Moreover, digital lending platforms have made the gaining and repayment of instant loans flexible, easier, and faster. Check out EarlySalary to get started!

Worried About Child’s Future? Don’t Be

Education is possibly the most important aspect of a successful life. While this is quite true with respect to a financially stable life, education is so much more. It helps you figure out what you like the most about life, what you want to work with in life. So yes, education is absolutely necessary for all. Sadly, in today’s times, education is also quite expensive. It can be a heavy burden, financially, on parents or even adults looking to get an education themselves.

Education Loans To Ease Your Burden

Quality education calls for quality educational institutions. And with education pretty much being a business these days, studying at such institutions requires a considerable amount of funds. Putting a child through school in a good school in itself can be straining on your finances at times. Adults looking to acquire new skills can also be bogged down by the expenses learning can incur. Thankfully, an education loan can help you out with the financial side of education until you are stable. But education loans come with their own problems too.

Traditionally speaking, banks have been the most popular source of education loans. But our financial structures have evolved fairly rapidly in the recent past. Now, credit is available from multiple different sources, with some of them arguably superior to conventional banking channels. EarlySalary is one that stands out from the crowd for its trust and ease of procedure. With a quick and hassle-free process, EarlySalary works hard so that you can concentrate on your education without worry. In fact, with a partnership with Avanse, a leading firm in educational loans, EarlySalary is best placed as a source of education loans to everyone.

Education loans are offered by many of the financial institutions, virtual or physical. What makes EarlySalary stand out is the integrity and the fast-paced processing with which the company works:

  • With other institutions, you will likely be left to follow a tedious and irksome process just to apply. 
  • Then comes the long and anxious wait for the approval of the loan. 
  • Finally, you have to wait for the disbursal of the loan. 
  • Only after all of this is done will you be able to start on whichever educational path you have decided to tread. 

Who wouldn’t want to opt for a better alternative? And now you can do just that with EarlySalary’s program called FeES.

School FeES Can Help You With All Your Educational Expenses

School FeES by EarlySalary is a wonderful program that parents and adults can use, not just to simply pay school or other educational fees, but also do it instantly, without effort. Should you be required to pay quarterly fees or annually, FeES will do that and more by making the deposit process a quick task. You no longer have to worry about any delays or the deposit process. Simply download the EarlySalary app, register with a mobile number and you are all set. We can sense you are thirsty to know more, so let’s look at how you can get started with the School FeES program. 

First off, eligibility. Let’s get that checked off before we move further. The eligibility criteria for the School FeES is simple, and as follows;

  • First off, you must be a resident of India.
  • You must be above 21 years and below 55 years of age.
  • You must be a salaried individual with a minimum salary of INR 18,000 if in a metro city or INR 15,000 if in a non-metro city.

Pretty straightforward isn’t it? Now that you have made sure you are eligible, let’s look at some of the features of the FeEs program.

FeES Offers More Than Just Education Loans

FeES provides you with more than just money. It brings easy procedures and a quick procedure. EarlySalary is not here just to offer you a loan, but to give you peace of mind. Here’s a closer look at some of the features of this program;

  • Depending on your eligibility, you can acquire an education loan of up to INR 5,00,000.  
  • No paperwork required. Directly transfer the required amount from credit limit to the institution.
  • Enjoy benefits of EarlySalary’s tie-ups with firms in the education sector, making it even easier than before.
  • Multiple options for loan repayment – choose between 3 to 12 EMIs for repayment. With no pre-payment charges.
  • Control all education loan procedures and records using the EarlySalary app.
  • You no longer have to deal with internal dilemmas between your kids, since EarlySalary offers two FeEs loans at the same time.

Pretty neat isn’t it? FeES loan can be a boon for parents looking to secure their children’s lives; those looking to learn something new or someone hoping to acquire better skills. All are welcome to make use of this wonderful education loan on offer by EarlySalary

EarlySalary strives to make the lives of its customers as easy as they can. To make sure they do not spend any more sleepless nights awaiting the approval of education loans. We believe those eager to learn should be encouraged, not slowed down. Getting started off with EarlySalary is as easy as the loan procedures we offer! Simply download our app and avail our education loan. 

Financially Ready For Marriage? Wedding Loans Are Here To Help

A marriage is a grand celebration of love, and comes with its share of expenditure. With a personal loan though, you are free to plan the happiest day of your life.

Marriage is a big deal in India. And with it comes the wedding event itself, and other ceremonies. You may be in a place financially to get married and start the next phase of your life, but let’s not forget the wedding expenses. This celebration of love is a grand affair, and comes with its share of expenditure. But you need not fear. With a personal loan to cover some of the expenses, you are free to plan the happiest day of your life.

Wedding Loans and Personal Loans

As you may already know, you are bound to find a plethora of options for personal loans out there in the world. Usually, financial institutions will charge an interest rate between 11%-31% on personal loans. The rate may vary depending on: 

  • The borrowers profile; 
  • Their credit score, 
  • Salary, 
  • Risk profile, 
  • Income tax returns, etc

These are all aspects that will play a part in determining the rate of interest on the personal loan.

While you can use personal loans for any purpose you wish, specialised wedding loans are available too, just to pay for your wedding expenses. Certain financial institutions even offer destination wedding loans. Typically though, these will incur a higher rate of interest on you. So you have to be sure if you want to avail such a loan that might have you repaying for some time after the wedding.

If you are planning on getting a loan for your wedding, it is vital that you know how much money you require to cover the extra costs. You do not want to find yourself needing more money after taking a loan for a lesser amount.

Do You Need a Loan For Your Wedding?

Weddings, especially in India, are a complicated affair that can easily daze most people. With a wide range of aspects playing a part in the wedding, it can be rather overwhelming, not just in practice, but in monetary terms as well. This is going to be a special day in your life and you want it to be perfect. At the same time, you don’t want to struggle to cover the expenses for a long time afterwards.

Before we dive into the details about wedding loan, you need to first figure out if you need a loan in the first place. Planning is essential here to determine exactly what your wedding will be like and how much it will cost you. Once you have the scope of the ceremony and festivities in mind, you can navigate much more freely and figure out if you need some extra cash to help you out.

While you may have decided on a budget for the wedding, it is not uncommon to see expenses go beyond the initial budget. In this case, you can always opt for a loan to help you pay for part of the wedding. 

What To Do If You Urgently Need A Loan For Your Wedding?

The months leading up to the wedding can be pretty frenzied. With many tasks to do and take care of, it is natural to miss out a few things or forget to calculate some expenses. You might find yourself panicking if you are running short of money and the wedding is approaching at an alarming pace. How do you cover the extra cost when you are already out of funds? With a banking institution, you are bound to require some time for the application and approval of the loan, and even more time for the disbursal.

Thankfully, we are living in an age where banks are no longer the only option you have for a personal loan. With ecommerce going strong, we have seen many online personal loan companies willing to give out loans. Again, with so many options available, it can be rather confusing and we do not want you confused or struggling with such things when your wedding is so close by. So we will help you out with the many online loan companies out there.  Among them, EarlySalary stands out firmly as an established and well-trusted source of loans.

EarlySalary is a godsend for anyone, short on time, looking for a personal loan. With a few quick and easy steps, you can check your loan eligibility on the EarlySalary app in seconds. It also does away with the tedious application and approval process of personal loans. Instead, EasySalary has made loan processing a very quick and easy procedure, with loan disbursal within minutes of approval as well.

This is just the beginning of the advantages that EarlySalary offers. The hassle-free process is just the cherry-on-top. You can check out all the advantages and details of availing a personal loan from Early Salary.

So, now you know exactly what to do if you are short of funds for your wedding. No need to delay your special day or make it any less special by cutting down on the celebrations. Especially when you have EarlySalary, available to assist and make your day as special as you deserve it to be.

9 Signs you are living a Financially Sound life

Financial stability is a goal most adults work towards and wish to have. Although achieving it can seem intimidating, it is a reliable indicator of one’s ability to live an effortless life in today’s world. The need to feel financially stable and secure comes with adulting, and is a commonly seen outlook in young adults of this generation. So, what are some signs that tell you about your financial security? Let’s take a look.

  1. You’re prepared for emergencies

There can always be certain surprises that can come your way like a Job loss or a medical emergency, and having an emergency fund set up just in case for instances like this can make you feel secure and take away the stress that comes with it. An emergency fund is usually worth six months of living expenses or half a year’s worth of your salary. If you already have a financial source for situations like this, then it is a sign that you’re more financially sound than you think.

2.Your net worth increases every year

If you can save even a buck a month, it is far better than saving nothing. Creating/having some kind of account where you only put in some of your monthly earnings is a great way to save for the future and ensure that you develop a habit of saving which can only get better over time. This way, monthly savings can contribute to an overall increase of one’s net worth. If you are actively saving a certain amount every month, it can mean that you are well above the line of financial security.
3. You don’t spend on unnecessary areas

Can you afford to splurge on yourself or buy whatever is on your mind, and yet don’t do it simply because you know it is unnecessary? This is another big sign of financial security as it shows you can manage your expenses and not spend more than you earn.

4. You use credit cards wisely

Using credit cards wisely can positively impact your credit score. By using these cards for small expenses and maintaining timely repayments will increase your credit score. This is, of course, distinct from some who end up falling into the debt trap using their credit cards.

5. You aren’t stressed about the future

Knowing that you have enough money and sources of income to support your lifestyle in the future is also a sign. Being confident that you can acquire sources of income in the future without any effort is also evidence of being financially sound.

6. You are debt-free

Debts weigh you down financially and can pose a burden for everyday life making it hard to manage your finances and maintain savings. More than 65% of adults are trying to pay off their debt as they lead you down a frustrating spiral.

7.You take advantages of monetary benefits

If you are financially secure, you know where to look for ways to save money whenever purchasing any kind of commodity or making an online transaction as you’d be well acquainted with using them. Taking an active advantage of deals on insurance, healthcare benefits, work incentives and other benefits like coupons also help you ensure your financial stability as money isn’t being spent where it could be saved.

8.You have automated transactions set up

Automation greatly helps save time and effort that requires when making online transactions. The fact that you can confidently set up automated transactions like subscriptions and account management while being confident that you can manage them, is an indicator that you are financially sound. 

9. You have no problem splurging on yourself

Lastly, when it comes to buying essentials, you don’t let your finances control you and are generally able to buy all the things that you need. 
If these signs resonate with your current financial situation, then you are certainly well-off and are capable of keeping your head above the water for a long time. If you falter on some of these, it’s never a bad time to take up an instant personal loan from EarlySalary to tide over your expenses and be back on the road to financial stability!

5 Reasons Why Personal Loans May Get Rejected

Personal loans are generally ad hoc credit provisions from financial institutions when in dire need of money for a variety of expenses. They are often short term loans, which provide immediate respite in times of need.  They require no collateral; all you have to do to get a personal loan is get approved by the institution and you’re good to go! 

Although sometimes, personal loans may get rejected due to a variety of reasons which can cause distress for the loan applicant. EarlySalary brings you some of the reasons why this may happen, so we can always stay one step ahead. 

#1 Stringent Loan Requirements

The approval of personal loans often depends upon your credit history, job profile, current financial situations, employment history amongst others. In some cases, it can also depend upon the city you are living in or if you’re of the right age. Manoeuvring through these conditions is a hassle and people often get stuck in one clause or the other. The requirements should therefore be read correctly and thoroughly before submitting your application. Personal loan apps like EarlySalary require only basic documents to be uploaded for the loan to be approved within minutes. For approved users, the disbursal is often instant.

#2 Poor Credit History

Approval of a personal loan also depends upon the credit score of the borrower. In fact, it is one of the crucial factors for your loan approval.The score provides an assessment of your likeliness of paying back the loan amount. Credit scores are measured by agencies such as CIBIL, based on your credit repayment history. A score above 750 is considered to be a good score with almost no chances of rejection. Online personal loan apps such as EarlySalary, however, adopt a broader approach to borrower assessment, and do not rely primarily on the credit score. The personal loan interest rates by these platforms can be as low as Rs. 9 per day on an amount of up to Rs 2 lakhs.

#3 Frequent Job Changes

Creditors look for stability when a person applies for a loan. Frequent job changes often translate to instability in the eyes of the lender. Switching your job multiple times in the past can therefore reflect negatively when being asses for a loan. Some financial institutions may require staying at the same job for a number of years. Therefore, having a stable job with a steady income can only increase the chance of loan approval. 

#4 Other Eligibility Criteria

There can often be other binding criteria to become eligible for a personal loan, apart from a steady income and proper documentation. These conditions are often set by the lender and have to be complied with. These can range from being the right age or being in the same city in which the lender operates. These factors are often not in control of the person, but with a virtual loan platform like EarlySalary that offers instant personal loans online, there is no need to be in any specific city in the country. You can get your quick personal loan approved within minutes via the EarlySalary app, which has been downloaded more than 8 million times.

#5 Prior Rejection Of Applications

Though obtaining a personal loan is a relatively easy process, frequent borrowing can be a red flag for many lenders as well. This is because the more you borrow, the more are the chances of defaulting which affects the credit score. And since a low credit score is undesirable, it may lead to your future applications being rejected. 

All these factors can be avoided by careful reading and understanding of the terms and conditions of the lender. A successful application for a personal loan online enables a person to wriggle out of an undesirable situation, and for that to happen, keeping in mind the above-mentioned reasons can help you get the loan approval you need.