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.

Instant cash loans: We all need a Plan – B

Life throws us plenty of surprises, or even shocks – such as job loss, sickness or death of a family member. The perturbations that originate can leave a lasting impact on the family. While these shocks may be dramatic, even small currents can pile up and push us off-course. Even seemingly small financial emergencies can have an impact over the long-term. 

So the idea is to create a plan – a Plan B to cover against financial shocks and also to allow you to pursue your goals. Living a perfect life may be a pipe dream, but a plan B can certainly help you move closer to it by building an adaptive financial planning mindset. Read on to find more.

Do I Need a Plan-B?

Life is not just a series of unexpected events. There are some events we can see coming from a long way off. For example, your wish to gift your parents a vacation or to buy your child a new laptop is often left to the mercy of time. If you think its hard now and will be easier later, then you are fooling yourself. 

Inflation raises the uncertainty associated with our finances. As inflation increases, purchasing power goes down. However, that does not mean we should be completely at the mercy of chance. There is a need to make small yet significant changes in our lives in order to compensate for external changes in our world. 

Downsizing from a 2400-square feet apartment to a 500 square feet apartment is a big ask. Pulling out your children from a reputed private school or delaying putting them in a school you want them to study for the shortfall of money is not fair. What you can do from an early age is putting part of your annual bonus and a fixed proportion of your earnings in a separate account. Maintain this discipline and take on small consumption sacrifices now in order to avoid a gut-wrenching expenditure cut in future. 

We cannot control everything and no battle plan survives contact with the enemy. All we can do is make an attempt to smoothen the path. Our savings may not be enough to cover for financial emergencies and this is when instant cash loans act as a cushion. 

Instant Cash Loans: Plan B

Many of us may prepare to expect the unexpected, but of course that isn’t a fool proof strategy. Some threat or even opportunities, can come at us sideways. This is where an instant cash loan comes handy. The good news is that it does not even require you to cut down on your standard of living in half. A quick instant loan can be processed within 24 hours and the entire application process is online. 

The process is fairly easy – you can apply for an instant cash loan online on EarlySalary. Advance salary apps can end your cash troubles and also help in meeting emergency expenses until your next salary is credited. 

EarlySalary offers 24×7 quick loans without the pressure of repaying it under strict schedules. An advance salary app can turn around your life for the better in more than one way. Here are a few: 

  1. Easy Application, Quick Disbursal

Forget exhaustive paperwork. The EarlySalary app involves no physical forms as the process is supplemented with eKYC. Personal  loan approval may take 7-15 working days but an instant cash loan is disbursed within 24 hours of your application and approval. 

  1. Low-Cost Loans and Exclusive Offers

EarlySalary offers instant cash loans at nominal interest rates. Considering the inflationary trends in our economy, this translates into extra savings. You can also avail of additional discounts when you shop or book through partner brands such as BigBazaar and MakeMyTrip. 

  1. Flexible Repayment Terms

EarlySalary’s instant cash loans can be repaid fairly effortless, with easy repayment options. Their flexible tenure lets creditors consolidate their debt, schedule payments, pay off bills and meet other emergency financial emergencies.

Sudden surprises can be exciting and thrilling too. An instant cash loan can assist you in times of crisis, and also monetise limited period opportunities. A cash loan is an ideal plan B as it equips you to better absorb the stuff that’s thrown your way and get back to the things that are important!

Employee Experience: Why It’s Critical

Organisations are constantly brimming with different groups of people. These may be their customers, the suppliers, or their trading partners. They often keep into account how their experience has been while associating with their organisation, say the customer experience. Companies take particular care about it and devise various strategies to keep them satisfied and engaged. 

However, these orgs tend to forget about the experience of one important asset – their employees. Companies are content by just keeping their employees satisfied, which is inadequate in today’s competitive environment. We have moved towards working to making employees engaged with the organisation, to a much holistic term – employee experience. 

The employee experience is the collection of all the experiences or interaction an employee has with the organisation. It accounts right from the time when they were a potential employee, to the last minute in the organisation. It can assist organisations learn a great deal about the kinds of problems that the employees face, even the smallest issue that troubles them, to anything that gives them even momentary joy. 

There are multiple reasons why it is critical that employers continue to work towards building a better employee experience. Let’s take a look at a few. 

#1 – Retaining and Attracting Top Talent

Companies are always looking for talented and experienced employees. If your organisation can’t deliver well on good employee experience, your competitor probably will. Employees know the company inside out, so it’s best not to fool them with foosball-table-like perks, but instead, provide them with something valuable. If they know their skills are being productively used, and their contributions are being valued, they’ll want to work for the company for a longer time. 

It also helps with attracting top talent, as the older employees will put up a real picture of how the company works. This can only be acheivee if they have a positive experience. 

#2 – Changing Employee Priorities

With younger people joining the workforce every day, organisations have to adapt to  millennials. Younger employees look beyond paycheck and perks – they want a better experience. They want to be deemed significant to the organisation, they want to be seen and heard. This is a critical aspect of shaping satisfactory employee experience – hearing out your employees. Their ideas and suggestions are as valid and important as the ones by top management. 

Younger employees bring new energy and thinking to the organisation, and to keep them happy, organisations must work towards creating a wholesome employee experience. 

#3 – Improving Productivity at Workplace

When an employee gets a better experience, their productivity is likely to increase as a result. They may feel more involved in their work, and know that their work matters to the organisation. While designing an employee’s experience, the organisation should always consider aligning the goals of the employees with the vision and mission of the organisation. When employees work towards achieving their goals, they concurrently the company’s vision as well. 

#4 – Better Customer Relations

Employees paint the best and the most realistic picture of the organisation for the world outside. If they are satisfied with their work, they will undoubtedly talk it up. Employees may also be interactinv with your customers on a daily basis, and thus, their relations with the organisation can play a pivotal role in building a customer’s relationship with the organisation. Therefore, keeping the employees experience holistic and comprehensive is very critical and beneficial. 

#5 – Profitability 

Working towards building a superior employee experience can seem like expensive business, but it almost certainly isn’t. The results could quite possibly be the best return on your investment. When employees work towards making the organisation better, expect an increase in profitability as well. With better customer relations, positive word of mouth publicity, and even lowered costs. Employees have a larger impact on the profit of business than employers might typically think. 

Organisations would want to strive towards improving employee experience. After all, it does play a pivotal role in building the future and growth of the organisation.

Financial Wellness Programs: Why Does Employee Adoption Remain A Challenge?

Money has always been a cause of concern for people. The worry is not always about getting a bigger paycheck, but knowing how to manage finances and utilise funds for long-term benefits. 59% of employees say that their biggest cause of stress is financial or money related problems. 

But a question arises, somewhat understandably – why should an organisation worry about the financial health of their employees when they are already paying them? The reason is rather simple – financial stress induces sufficient distraction, and this can directly impact productivity, and of course, health. Stressed employees are likely to switch jobs faster as well.

To assist employees with their finances, organisations are now introducing Financial Wellness Programs. These programs are aimed at improving financial literacy among employees as well as helping them in practical finance matters. Financial wellness programs can often involve sessions by experts that offer advice on how and where to invest money, how to do retirement planning, or how to manage a financial crisis. 

Such programs also help employees build a better credit rating and managing their debt better. With one such load off their mind, employees will definitely be able to focus better on their work. However, even with organisations offering such programs, employees don’t seem to be adopting them at an appreciable rate. We shall discuss what can be possible reasons behind this. 

#1 – Not taking employee inputs

The most common reason can be that the organisation has devised the program without taking inputs from their employees, and so they don’t find it useful to adopt the financial wellness plan. If an employee doesn’t see the program benefiting them in any way, they will simply not take it up. This shouldn’t be a surprise.

To avoid such an issue, the first step when introducing a plan should always be to communicate to employees. What are their primary finance-related concerns? Are they worried about their retirement plans? Or is it credit card debt that seems to be affecting them? Only after an organisation is aware of the pressing issues, they will be able to address and solve them in their financial wellness programs. 

A wellness program should be tailored for a broad audience, since organisations are a diverse workplace consisting of people from all walks of life. The financial comfort of a young employee will be different from that of an experienced one. Such aspects can only be considered if organisations ask their employees for suggestions and contributions. 

#2 – Improper communication

Financial wellness programs are still a relatively new concept, with many in top management positions remaining unaware of how such programs should be structured. They are unable to build a vision for its usage and benefits to employees, and this naturally results in a passive response.

Financial wellness isn’t just about offering knowledge and information on managing finances (i.e. financial literacy). It covers the theory as well as the practical part of it. Financial wellness combines two aspects: 

Therefore, there should be clarity and proper dissemination of information about financial wellness program among employees. Any question and queries about the program should be answered timely so that it becomes easier for an employee to adapt to the program. This is likely to help boost responsiveness.

#3 – Focus only on benefits and not on education 

Some employers tend to believe that paychecks and a handful of additional benefits are adequate measures to ensure the financial health of employees, but this is not always the case. Employees also need help managing their funds. Right from how to budget for the household, manage student and other loans, and saving for contingencies, many do need assistance. 

A financial wellness program should put equal emphasis on education as well as benefits. Live sessions, one-on-one-counselling and personal coaching as and when possible – all of these are significant value-adds. 

A financial wellness program is an initiative that demands some thought and planning, and can be fairly rudderless if employees don’t seem to be adopting it. Organisations would do well to analyse the critical points and bring in necessary changes. After all, that’s what a true win-win would look like. 

What Are The Essentials For Holistic Employee Wellness?

In the corporate context, the concept of wellness has often been associated only with regards to the physical health of an employee, and employers have historically been focusing their wellness plans around these. However,  ‘wellness’ may not just mean good health to all the employees. For someone, it can be physical wellness, while for some mental wellbeing can be more important. Therefore, focusing on a singular aspect of wellness is likely to be inadequate in employee satisfaction and in designing a plan that fits everyone. 

Holistic employee wellness has evolved as a new concept in recent times. With organisations recognising employees as their biggest asset, it has become increasingly important to ensure their holistic wellbeing. There are certain essentials that constitute holistic employee wellness. These can be broadly classified as physical wellness, mental wellness, social wellness, career wellness, and financial wellness. 

#1 – Physical wellness

Workplaces may not have a significant direct effect on the physical wellness of an employee, but they can take measures that ensure better lifestyle choices that are healthier for their employees. Practical or flexible working hours is a good way to assure that employees do not get overworked. Organisations can also promote good health by providing options such as standing desks, gymnasium, healthier food, and others to help employees be healthier. 

Continuous work can also affect the physical health of an employee, thus proper relaxation and rejuvenation programs can also be implemented. 

#2 – Mental wellness

The mental health of employees is an increasingly prominent issue in today’s workplaces. Employees now often report work stress, depression, poor work-life balance and more. This not only affects them as a person but also their productivity as an employee. Thus, employers may be risking productivity if they ignore the mental health of their employees. 

Therefore, there is certainly a pressing need for understanding the requirements of employees to ensure they are not mentally stressed, and working environment plays an important role in this. Organisations would do well to hire experts that can suggest specialized plans to deal with mental issues of employees. 

#3 – Social wellness

Employees spend almost ⅓  of their life at the workplace. Not surprisingly then, their social life is greatly affected by their life at work. While employees constantly work, collaborate and brainstorm together, this is not an indicator that their interpersonal relationships are just as good. Employers understand this, which is why they organise various programs with a focus on making employees more comfortable with each other and the workplace more relaxed. 

Social wellness can also improve the relationship between a superior and subordinate, and help iron out any differences that may arrive at a workplace. 

#4 – Career wellness 

Employees naturally desire a career with some sense of direction in their organisation. Stagnation is best avoided, and that is made possible with opportunities to hone skills, progress in roles and positions, and being recognised for contributions.

To ensure improvement in career wellness, employers may want to initiate leadership programs, where extraordinary performers can be recognised and trained to become leaders for tomorrow. Their job should be tied to giving the organisation the right push, so they feel their job is relevant and recognised. 

#5 – Financial wellness

Perhaps the most critical factor in these paradigms that employers tend to overlook is financial wellness. Financial wellness does not only constitute better pay, it includes all related benefits an employee receives as well. All such benefits should often be consulted with the employees. Financial plans are never one-size-fits-all. With every employee sharing unique goals and plans, programs should be changed and broadened as and when needed. 

Employees also want to start planning their future as soon as possible. Thus, it becomes an employers responsibility to train their employees about good financial management. Programs to help them understand various financial schemes, retirement planning, financially investing for long-term goals, will help the employees to a great extent. 

Organisations may also want to connect employees with services that offer quick and hassle-free access to credit, like EarlySalary. Money, after all, is an enabler – and credit is how this enablement is executed.

It is time for employers to look beyond the paycheck and start thinking of employees as not only a productive asset, but also understand their human needs.