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!


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.


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.


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.

Know what are the Benefits of setting up auto debit

In today’s fast-paced world, there are multiple things that demand your time and attention. Sometimes it can be difficult to keep up with things that inevitably fall through the cracks. Thanks to the new-age banking solutions, your bill payments are one of your to-do lists that can be prioritised and taken care of without much effort. Whether you need to transfer funds or make monthly instalments, digital banking solutions like the auto-debit facility have made financial management much easier. 

The auto debit facility is a system that helps you set up an automatic bill payment plan to manage your credit cards, utilities or even entertainment expenses. You can also utilise the autopay facility for your loan payments, eliminating the strain of missing EMIs.

With the scheduled payment system, all your payments are debited automatically on a fixed date, every month. All you have to do is inform the lender while completing the KYC documentation to activate the auto debit option. 

Read on for a brief overview of this automatic payment facility and its umpteen benefits.

How to initiate a direct debit from your bank account?

Automatic payment solutions help manage all your EMI payments on time. You can set up this facility using the below options:

  • Banks/financial institutions
  • Cloud-based software
  • Vendor’s website

To initiate this facility, simply call the customer service of your bank. Alternatively, you can also raise a request when availing of a credit facility. Post this, the bank will activate this option in less than 24 hours.

When activating the automatic debit option via the NetBanking mode, all you need is your NetBanking ID and password. Then, log in to your account and select the preferred option to activate your automatic payment facility. 

Subsequently, you can also visit your bank’s official website and activate the automatic payment option. Once you opt in for the facility, the amount is debited from your account on the set date every month. You can reschedule the date or stop the automatic payment facility as per your convenience. 

With this option, you don’t need to worry about handling payments manually. Whether you need to pay your DTH bills or clear your EMIs, simply schedule the date using this facility and it will get done on time.

What are the benefits of autopay options?

Besides being simple and easy to set up, there are other benefits of autopay options, which are:

1. Time-saving and convenient

One of the main advantages of using the automatic payment feature is the convenience it offers. On setting up this facility, all your bills and payments get paid without your intervention. You do not have to monitor the payment schedule. Simply, activate the facility, maintain an adequate balance in the account and the amount gets debited from your account systematically.

2. Boosts credit score

While the automatic payment feature saves time, it also helps improve your credit score. This is because you never have to worry about missing a payment. With the auto-debit facility, your dues are repaid on time and you even get reminders a few days before payment is due.

So, as long as you maintain the required balance in your bank account, your payments will get done on time. This includes loan and credit payments and it builds a healthy repayment track record which boosts your score. Remember, even one missed payment can cause a dip to your credit score and this facility eliminates the chance for the same.

3. Help in reward earning

Using the automatic debit option can earn you several rewards too. That’s precisely why you shouldn’t delay activating this feature. Pay your monthly bills on time and enjoy rewards like cashback, coupons or other discount options. Each time your account is debited, you can accumulate reward points which can be redeemed later.

4. Reduces environmental issues

By avoiding paper bills or cheques, you reduce the carbon footprint. This is one of the upsides to opting for the automatic payment facility. Since all payments and transactions are handled digitally, there is no need for any unnecessary paperwork and manual processes.

5. Minimises chances of identity theft

There is a lesser risk of identity theft when you avoid offline payments to clear your EMIs or credit card bills. Though online transactions also involves risk, it also offers you higher security while making such payments.

In fact, the RBI hiked the automatic direct debit limit up to ₹15,000 without any OTP to initiate a transaction. This makes the provision a lot more seamless as you are not required to provide OTP verification for larger payments. 

You can easily set up this automatic payment plan when you avail of a personal loan from Fibe. With a hassle-free documentation process and quick loan approval, Fibe allows you to address all your life’s upgrades with ease. So, whether you require funds for planned goals or unplanned emergencies, all you need to do is apply online at Fibe!

Wat are the benefits of a personal loan

With the advent of digital lending, there has been a paradigm shift in how India borrows. For example, the personal loan segment has grown about 100% between 2018 and 2021. This shows that customers today are more willing to take a personal loan and embrace credit. With lenders offering easy access and multiple personal loan benefits, people go for these instant loans to meet a diverse set of objectives. Read on to find out about the benefits of a personal loan.

Easy-To-Meet Eligibility Criteria

Qualifying for an instant personal loan is simple due to its easy qualification benchmarks. In fact, this is considered to be one of the personal loan benefits that allows you to get funding without any delays. Usually, the applicant only need to meet simple terms, which are to:

  • Be a salaried individual with a minimum salary of ₹15,000 in non-metro cities and ₹18,000 in metro cities
  • Be between the age of 21 to 55 years
  • Be a resident of India

On meeting these basic requirements, applicants can easily qualify for a low-interest personal loan. Do note that some lenders have city-specific income requirements as well.

Minimal Paperwork

To avail of a personal loan, you need to submit soft copies of your basic documents only. Existing customers with a given lender may even enjoy a paperless process. But in instances where you do need to submit documents, you may need to provide:

  • PAN card/Aadhaar card/Passport
  • Employee ID card or any other valid proof of income
  • Latest pay slips
  • Bank account statement

Quick Processing

Usually, top lenders process loan applications within 24 hours. Some new-age lenders like Fibe can process and grant approval in just 15 minutes. Among the various benefits of personal loan, this ensures that the borrower get instant cash in situations like medical emergencies or any unignored home repair. What’s more, disbursal is quick and you get the cash directly in your account without any delays. Such personal loan advantages are only possible due to its collateral-free nature.

Flexible Repayment Terms

Lenders will often allow you to enjoy some amount of flexibility when it comes to the tenure. Selecting a flexible repayment tenure for your personal loan holds a major advantage and doesn’t make a dent on your pocket. For instance, Fibe allows you to choose a tenure ranging between 3 to 36 months. This allows you to pick EMIs that are both affordable and cost-effective.

No Restriction In The End Use

A restriction-free sanction is another one of the major advantages of a personal loan. Unlike other options, you can use it to fund any obligations without any issues.

Here are a few different types of objectives one can meet with a personal loan:

  • Consolidate existing debts
  • Fund a wedding
  • Pay for educational expenses
  • Cover the cost of any big or small trip
  • Relocate to a new place
  • Renovate a home
  • Buy electronic gadgets
  • Fund small business expenses
  • Manage miscellaneous unforeseen expenses

With knowledge about all these benefits of a personal loan, making a confident lending decision is a lot easier. However, besides all these personal loan advantages, there are situations where one shouldn’t go for a personal loan. For example, if the credit score of an individual is on the lower side and they have made several credit enquiries in the last few months, it is wise to wait before applying for a new credit. Take some time to work on the credit score and then apply. It is also advisable to apply for a personal loan with a trusted lender only.

As multiple lenders are now coming out with diverse borrowing solutions, it is well worth to do your market research to find a suitable option. One smart option is the Fibe Personal Loan, wherein you can get up to ₹5 lacs in minutes. Loaded with features, you can enjoy 100% digital process with instant approval and disbursal within 15 minutes post approval.

With so many advantages, a Personal Loan offers the ideal financial assistance where there is minimal requirement for paperwork involved and simple eligibility criteria. Also, the lenders doesn’t charge anything for the pre-payment of a personal loan and provide flexible repayment facility. Get funds instantly with Fibe today, apply online and borrow smartly.

A Well-designed Financial Wellness Program can Help You Succeed. Here’s How!

The days of organisations benefiting from a straightforward retirement plan or all-inclusive health insurance have long passed. Millennials, particularly Gen Z, are demanding more extensive, inventive, and distinctive fringe benefits. Besides benefits like work-from-home alternatives and flexible paid time off policies, financial wellness programs are quickly gaining popularity. Here is a brief explanation of financial wellness programs.

Most employees state that they need assistance conserving money for a secure future. Employers now have started offering various financial wellness programs to cater to employees’ specific needs. Human resource is the most valuable resource. By lending access to financial awareness and wellness via such programs, an organisation not only amps up employee productivity and retention but also enhances the bottom line.

A financial wellness program must first educate the staff so that the employees can choose which financial wellness benefits are essential for them. They will be better able to manage their finances strategically as a result. Employees are just as concerned about their physical and mental well-being as their finances. And they believe that maintaining a balance between both aspects is crucial for a prosperous future.

But what exactly are the benefits of a financial wellness program? Let’s find out how a well-designed financial wellness program can help any organisation succeed in the procurement of its objectives: 

Not only will the employees benefit from having a thorough and customised financial wellness program, but you as the company will also reap some benefits.

Advantages of a Financial Wellness Program

1. Enhanced staff productivity: A financial program must provide budget coaching, debt management plans and student loan assistance. A direct benefit of this would be improved employee output. Additionally, this will lessen people’s financial troubles. Employees who participate in financial wellness programs spend less time worrying about debt and other issues.

2. Enhanced Employee Satisfaction: When employees have access to financial programs, they report higher levels of professional satisfaction. Programs that enable employees to meet their personal and familial financial objectives, building an emergency fund, investing in an investment plan and other things are all part of it.

Employee engagement is higher when they are prepared for unforeseen financial problems. They don’t have to worry about their finances in the long run, which is why.

3. Increased employee retention: By implementing a financial wellness program, an organisation is more likely to provide benefits to its staff that will help them feel secure in their job and prospects. Inclusion of group insurance, vacation perks, low-interest home loans, retirement benefits, etc., helps organisations foster a long-term relationship, amiable work culture and employee loyalty, ultimately leading to greater retention and lesser attrition rates. 

4. Strong Employee Recruitment: Job-hopping is a typical trend among workers today due to the high level of competition. To reduce this, employers must offer all the incentives and perks necessary to retain top talent.

Employees have a strong sense of stability because of benefits like health insurance and wellness programs included in the job application. HR managers must make aware prospective employees of the same for a successful recruitment plan and create a good brand image. The millennials feel appreciated in a company that gives preference to their needs and makes efforts for the same. Increasing the likelihood that someone will join your organisation.

5. Reduced absenteeism: The cost of living has significantly increased due to inflation rates. Employees struggle to make ends meet despite having well-paying jobs. Employees rarely have a carefully thought-out financial strategy for their expenditures, which is why they face month-end crunch or inability to face bigger expenses. Financial stress and worry lead to many physical and mental issues that may deprive the employees of their usual vigour, leading to increased absenteeism. 

At other times, employees may choose to take on side occupations to have some extra cash. This may impact their ability to perform their primary duties, increasing the number of absentees in the company. This could be a serious issue for the business.

However, HR managers may help employees out of this scenario by teaching them about financial wellness. These lessons will enable employees to create an effective budget for themselves that will, in the long term, enable them to stay out of debt. Consequently, the likelihood of seeking another employment is reduced, leading to reduced absenteeism.

A well-designed financial wellness program can work wonders for organisational success. So make sure to invest time in one. 

The Bottom Line

HR managers must implement a program that promotes financial wellness within the company. We’ve already discussed some potential advantages and benefits that could result from it. Such a program’s structure can take time and work to develop. Additionally, this can serve as a superb example for others of the company’s exceptional corporate culture and a positive attitude among the staff.

Having assisted over 4 million employees in sailing through their financial woes and other related management issues, Fibe is your one-stop solution and trusted financial wellness partner. If your organisation wants to set up a financial wellness initiative catering to employee well-being and finances, head to Fibe for a hassle-free experience. 

What are the Documents Required to get an Instant Cash Loan

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, fintechs have simplified the process of getting a loan.

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 doesn’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

Getting a digital loan doesn’t require you to submit hard copies of the applications or documents. To get a loan from Fibe, you just need to submit soft copies of your address proof, PAN and interest proof. Once approved, you can choose your loan amount and the  EMI tenure.

Pros with Paperless Loans

1. Hassle-free 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. Fast processing – Of course, the fact that everything happens online makes the whole process efficient. From submission of documents to disbursement, all of this takes a minimum of a few minutes with Fibe.

How to apply for paperless loans

Applying for a paperless instant loan can be a great solution for all your last-minute expenses. Here are some ways you can get a loan without lengthy paperwork.

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 Fibe can accurately and instantly determine your loan amount eligibility.

2. Choose yourself a reliable lender – When you maintain an excellent financial relationship with your lender, loyalty can be key. Repeat loans are far easier to get. 

Of course, the relationship is two-way. When trying to opt for a personal loan, pick a lender with an easy and transparent application process and great customer service like Fibe.

3. Look for specifically fast-track lenders – If you’re looking for instant loan approval specifically, check Instant Cash Loans from Fibe. The process takes just 10 minutes.

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 of getting instant loan approval. Check your credit score for free from Fibe.

2. Not entirely paperless – Even though the loan approval process has gone paperless, you still must submit documents like PAN card, ID proof and address proof. 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 of 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

How To Get an Instant Loan without Credit Score

A credit score is one of the first measures a lender considers when you’re applying for a loan in India. It’s this information helps the banks and lending institutions evaluate any individual’s creditworthiness and repayment ability while applying for a loan. So, does it mean that people without credit scores aren’t eligible for a loan? Not at all. A borrower can get an instant loan without credit score or a low credit score. Let’s have a look at how to get loan without credit score.

What is a Credit Score?

The Credit Information Bureau (India) Limited is the credit bureau that maintains records of companies and individuals’ credit-related activities, including credit cards and loans in India, specifying their credit score.

A credit score is a three-digit numeric summary of an individual’s credit history that reflects his credit profile. It is solely based on past credit behaviour such as borrowing and repayment habits, as shared by banks and lenders with credit regularly.

A person’s past behaviour is taken as an indicator of their future actions, and hence the credit Score showcases a consumer’s creditworthiness. A high credit score enables cheaper and instant loan approval, while a low indicates vice versa. The credit score ranges from 300 – 900 depending upon various factors like the repayment history, credit card utilisation, the number of times applied for a loan and loans for different purposes of the individual. 

Generally, a score between 300 and 699 is considered a bad or low credit score. Banks are unlikely to lend loans to such people, and even if they do, the interest is 0.5%-2% higher. And if the score falls below 700 (mainly due to defaults made in paying off the previous loans), the banks might refuse to offer any loan. For example, when a person applies for a credit card or loan, one of the critical factors lenders check is the person’s credit profile, as depicted by the credit score. Banks usually offer loans to individuals falling within the 750-900. But Fibe can lend you an Instant Personal Loan with a low credit score.

You can either improve your credit score by clicking here or apply for an instant loan without credit score with Fibe.

How to Get a Personal Loan without credit/ Credit Score?

Applying for a loan without credit score is quite tricky, but Fibe makes your work easy by providing loans to individuals even without a credit or credit score.

1. Opt for Collateral Based Loans

Primarily, personal loans are collateral-free and do not require security. But this is only significant if you have a good or high credit score. Moreover, if you don’t have a credit score, you will have to offer security on a personal loan. Despite that, you can pledge any of your valuable assets as collateral on a loan to Fibe. This will make it easier for you to avail of a loan from the lender of your choice.

2. Prove your Creditworthiness

A lender always looks for a creditworthy borrower to approve a loan application. Therefore, if you have a stable source of income, you can easily apply for a personal loan from Fibe. You can even apply if you have a low credit score or no credit score displaying your salary slip or bank statements as proof of your income. In addition, this will prove your ability to repay the loan amount on time.

3. Get a Guarantor/ co-applicant for the Loan

Likewise, you can apply for a personal loan with a co-applicant or a guarantor but make sure that the guarantor has a steady income. If your co-applicant is a family member, you should inform them beforehand regarding your intentions to avail yourself of a personal loan to avoid confusion. 

Then the co-applicant needs to fulfil the KYC process with Fibe’s easy-to-use app. They will then check the bank statements and credit history. Then you’re most likely to get your loan application approved if the co-applicant meets the criteria.

4. Apply for a Lower Loan Amount

It’s best to avoid applying for a higher loan amount if you have a low credit score or don’t have one. This is because the lender may either doubt your creditworthiness or charge high interest. But Fibe charges low-interest rates on such loans. This ultimately increases your chances of getting the loan approved.

5. Ask for a NA or NH on your Credit Report from your lender

No History (NH) or History not Available (NA) or on your credit report marks the absence of any previous credit activity and credit in the last 36 months. In such cases, you can avail help from Fibe consultants. They may consider your situation and offer a personal loan at a reasonable interest rate.

6. Bonus Tip: Do it The Fibe way

Fibe makes things easier for you. You will no longer have to wander from bank to bank since it’s challenging to get an instant loan approval without a credit score online in India. We aim to be one of the most user-friendly instant loan apps in India. These are the five documents you need to avail an instant loan online with Fibe: 

  • Selfie
  • PAN card
  • Address ID proof
  • Aadhar card
  • Bank statement

Individuals can apply for an Instant Loan without credit score at Fibe. You can also explore more Money Management, Investment, Instant Personal Loans, And Financial Wellness Ideas on Fibe for all your needs.

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

Fibe Raises Series D Funding of $110 Million led by TPG’s The Rise Fund & Norwest Venture Partners


  • Expands cash loans business to over 150 cities
  • Adds multiple senior leadership positions over the last 6 months
  • Aims to deepen the financial ecosystem for young and aspirational Indians through its platform

Pune, India, 29th August 2022: India’s largest consumer lending fintech, EarlySalary, has closed its series D funding round of $110 million led by TPG’s The Rise Fund and Norwest Venture Partners. Existing investor Piramal Capital & Housing Finance Limited also participated in the round. This is EarlySalary’s largest fundraise to date, following the company’s last financing round in 2019. The company had raised $34 million in previous rounds from Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited and angel investors. The latest investment will enable Fibe to grow its business significantly in the next 24 months. The series D round of $110 million includes a secondary sale. Unitus Capital acted as the exclusive advisor for the transaction.

Founded in Pune in 2015, Fibe provides accessible financial lending solutions of up to Rs. 5 lakhs to working professionals. The company expanded into the affordability segment and introduced Buy Now Pay Later (BNPL) services to its customer segment with a clear focus on education, health and consumer product financing. Over the course of its journey, Fibe expanded its services to over 150 cities and aims to continue growing its customer base.

Fibe’s core purpose is to provide a financial ecosystem for young and aspirational individuals. 80% of Indians use banking services, however, almost 50% of the Indian population doesn’t have access to credit due to various reasons. The focus of Fibe is to provide a safe and reliable credit platform to the underserved population, primarily in Tier 3 and 4 cities, at affordable rates.

Fibe’s comprehensive suite of products includes personal loans payable in EMIs over multiple tenures. The company will continue to expand its BNPL segment and build out an extensive network of partners across the healthcare and edtech segments.

To create a superior customer and product experience, the company will continue to focus on enhancing its tech and analytics frameworks while delivering a high degree of transparency, risk management and customer centricity to achieve its growth plan. In the last six months, Fibe has added key executives across risk, sales, treasury and other functions to strengthen its management team.

The company has rapidly expanded its presence from 18 cities to over 150 cities and increased its customer base to 12 million app downloads with approximately 1 million customers. It has grown 7x over the last two years and emerged as a market leader in providing financial assistance to young middle-income individuals across the country. The business continues to be profitable over the pandemic and expects to grow manifold in the future.

Commenting on this funding, Akshay Mehrotra, Co-founder and CEO said, “We believe in a customer-first approach to providing credit to young middle-income Indians and we are thankful for the trust millions of Indians have put in us. As our customers’ aspirations and credit needs grow, we will focus to continue to retain their trust and grow with them. The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers. We are confident in our ability to keep innovating and achieving 10x large growth in our customer base.”

Ashish Goyal, Co-Founder and CFO said, “Fibe’s core purpose is to enable financial services access to its core segments. This capital raise enables us to grow and meet our customer aspirations. We believe that we will be able to add significant value to the fintech ecosystem. This capital raise from two of the most marquee investors is also a validation of our core principles of building a business that is customer-focused, profitable and driving meaningful gains in financial inclusion.”

Akshay Tanna, Partner at TPG said, “Through its innovative platform, Fibe delivers a critical financial service to the growing, yet underserved, middle-income segment in India. By providing modest, short-duration loans at competitive rates, Fibe is improving the financial health of its customer base and empowering them to finance things like upskilling courses, healthcare needs, personal emergencies, and short-term cash flow mismatches. Akshay and Ashish have built a world-class team and a market-leading product that is poised to continue to meet the needs of India’s rising middle class and we are delighted to be a part of its next chapter of growth.”

Financial inclusion is a core focus of The Rise Funds’ multi-sector global impact investing strategy. The Rise Funds have invested in several financial technology companies that are building a more inclusive financial system around the world including Varo in the US, Duxiaoman in China, and Airtel Money in Africa.

Niren Shah, MD at Norwest Venture Partners said “We are delighted to partner with Akshay and Ashish at Fibe, who have built one of India’s leading, profitable and scalable consumer fintech platforms. Digital lending is emerging as one of the fastest-growing fintech segments in India and we believe that Fibe is well-positioned to serve the credit needs of millions of underserved but aspirational Indians. Fibe’s strong growth has been driven by a world-class technology, analytics and governance platform, which has resulted in exceptional credit underwriting and asset quality.”

With the recent digital guidelines by RBI, Fibe believes that the ecosystem is also enabling an innovative and constructive environment to grow its digital footprint and digital way of banking. Fibe aims to expand operations across verticals and targets to reach millions of customers. It aims to build a significant presence in the impact categories of providing cash loans to young Indians, salary advances to corporate employees and an ecosystem to provide avenues like BNPL to its customers.

About The Rise Funds
The Rise Funds are a core pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on achieving the United Nations’ Sustainable Development Goals. The Rise Funds deliver capabilities and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and conservation, education, food and agriculture, financial inclusion, healthcare, and impact services. With approximately $15 billion in assets across The Rise Funds, TPG Rise Climate, and the Evercare Health Fund, the TPG Rise platform is the world’s largest private markets impact investing platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns. For more information, visit therisefund.com or @therisefund on Instagram.

About Norwest Venture Partners
Norwest Venture Partners is a global, multi-stage investment firm that manages approximately $ 12.5 billion in assets and has funded more than 650 companies in the last six decades. Norwest Venture Partners is focused on early to mid-stage venture capital and growth equity investments across a wide range of sectors including Fintech, Insurance, Consumer-tech, B2B, SaaS, Healthcare, Logistics, etc. Some of the prominent investments in India include Swiggy, OfBusiness, Kotak Mahindra Bank, Five Star, NSE, Vastu Housing, IndusInd Bank, SK Finance, Mintifi, Xpressbees, Amagi, Thyrocare, Duroflex, MENSA, etc. Norwest has offices in Palo Alto, San Francisco, India, and Israel. For more information, visit www.nvp.com.

About Fibe (Formerly EarlySalary)
Fibe is India’s leading consumer lending app focused on young, aspirational and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Fibe has grown multifold over the last 2 years and emerged as a market leader in providing financial assistance to young middle-income group in India. The company has already disbursed nearly 2.8 million loans worth Rs. 7,500 crores.

Loan Terms You Ought To Know Before Borrowing Funds

With fintech advancements, the lending sector in India has progressed by leaps and bounds. Today, consumers no longer have to stand in queues to get loans, as almost all financial undertakings can be completed online. While this ease of access is admirable, loans are still the same financial responsibility they always were. As such, it is well worth it to understand the instrument fully, and this means knowing the loan terms associated with it. While a majority of the exposure to these loan terms will be through promotional content, you are likely to encounter the entire glossary when reading through the loan documents.

What’s more, the latest RBI regulatory framework mandates lenders to issue borrowers a Key Fact Statement, which is a document containing vital loan information. Naturally, this statement will contain pertinent loan terms, and understanding what they denote is key to borrowing smartly. Here is a brief overview of the important loan terms to look out for when availing funds.

Credit score

Of the many finance terminology definitions to know, credit score is likely among the more important ones. Simply put, your credit score is a 3-digit score assigned to you by a credit agency. The CIBIL score is a popular credit score that lenders consult when assessing your creditworthiness. Generally, there is a minimum credit score for loan approval when borrowing funds, with most lenders requiring a score of at least 650.


This loan terminology is an acronym for annual percentage rate, and the APR dictates the true cost of borrowing for a year. The APR is almost always higher than the interest rate offer advertised for a term loan. This is because it accounts for the interest payable, as well the other costs listed in the loan agreement.


The collateral simply denotes the asset pledged in order to avail the loan. In many cases, the lender will not approve a sanction or go through with loan disbursement unless you pledge an asset that you own. These instruments are called secured loans and the value of the asset often impacts the principal amount of the loan.

Credit appraisal

This finance terminology refers to the assessment process conducted by a lender before approving a sanction. This involves checking the applicant’s credit score, fixed obligation to income ratio, income stability, and if the applicant has a history of being a loan defaulter. Credit appraisal is a key part of the process and lenders won’t approve applications without doing their due diligence.


In the context of borrowing and lending funds, deferment refers to the provision where lenders allow you to pause payments for a set period. This is based on the agreement between borrower and lender, and mostly comes into play only in instances of financial hardship. Deferment terms will be listed in the loan agreement.


This is simply the digital upgrade of the NACH, which is a provision offered to you by lenders to automate EMI payments. The e-NACH provision is a framework that exists completely online. With an e-NACH mandate, you can authorise recurring payments from your account for a wide range of services.


This term is an acronym that stands for equated monthly instalment. In a loan agreement, it denotes the monthly amount due during the entire loan repayment process. When planning your loans, always check the EMI amount and ensure that it fits in your budget. Any discrepancies in the EMI details must be addressed immediately.


This term refers to the financial institution or credit lender in question. As per the latest RBI regulations, authorised lenders may be referred to as Regulated Entities (REs) or Lending Service Providers (LSPs), based on their categorisation.


A guarantor is an individual who agrees to share the financial responsibility of repaying the loan if the primary borrower fails to hold up their end. Guarantors are often required when the primary borrower requires a large sum of money but doesn’t have a strong enough profile to back the requirement.


This is a common loan terminology that you will come across when availing secured loans. Simply put, lien means the lender’s legal claim on your assets until you have completely repaid your debt. When availing a secured loan of any kind, take note of this term and any clauses associated with it.


Default in any credit agreement means the act of non-payment. It is on one of the important credit terms to know as lenders have varying default penalties applicable. As such, knowing the meaning helps ensure that you have a better idea of the terms and conditions applicable.


The term simply refers to the loan period or the tenure of the loan. It is the loan repayment window applicable and will be clearly listed on the loan agreement. You should note the term of the loan before approving or authorising disbursal as it does impact the cost of borrowing.

Loan agreement

This is a document shared to applicants by the lenders once the credit appraisal process is complete. This document formalises the loan and has all the vital information of the loan. You will have to approve the loan agreement, and will now also receive a Key Fact Statement that contains loan information.


This is sometimes listed as the origination fee or processing fees, and it means the cost applicable on your loan. These fees are charged by lenders for providing credit services and are sometimes expressed as a percentage rather than a flat amount. Keep an eye on these charges as they can be quite high.


Prepayment is the act of paying a portion of the outstanding loan or the entire outstanding amount ahead of the tenure. In all loan agreements, you should look for the prepayment terms and fees applicable as foreclosure of loans can save you a lot of money.

Fixed/Floating interest rate

Floating or fixed interest rate primarily refers to the interest rate applicable on the loan. The floating variant means that the interest rate may change based on market movements, whereas the fixed interest rate is locked in from day one. It is important to know the meaning of both to borrow efficiently.


The principal is the loan amount. This amount is also referred to as the sanction and will denote the full amount approved by the lender. There may be certain charges and fees applicable on the loan, which get deducted from the principal amount. Also, during loan repayment, the principal amount reduces with each payment you make.

While this isn’t an exhaustive list of the terms you may encounter when availing loans, understanding these important loan terms is vital. It can give you a leg up in negotiations with your lender, and help you make better borrowing decisions. However, if you come across other terms and have doubts about your loan or the offer made to you, get them cleared right away.

Most lenders will have dedicated support teams and relationship managers who can offer you needed insight. To ensure that you have a hassle-free experience, pick your lender wisely. One smart option is Fibe with whom you enjoy a completely digital, transparent and simplified experience.

Return to Work Perks Offered by Employers

Highlight: Apart from financial safety, the thing that job seekers nowadays consider is employee benefits. Providing these benefits plans might help the organisation attract great talents. Read to find some awesome perks a company can offer its employees to bring them back to offices after lockdown, and how Fibe can help.

Employees are, no doubt, an organisation’s most valuable asset. But organisations often fail to recognise that salaries are more a threshold than an effective measure to keep the employees happy and engaged. Back to work perks and incentives remain a great opportunity for companies to utilize the untapped potential and take advantage of the talent pool.

The post-covid times, especially, have reinvigorated the appeal of these non-monetary benefits as a great way to bring employees back to office after lockdown and push them to work full-time from there. Many companies, including Google, Deliveroo, DailyPay etc., are opting for the carrot over the stick and offering special return-to-work perks.

5 Perks to Include in the Updated Compensation Plan

Figuring out how to welcome employees back to the office after lockdown? Here are some of the most popular work back to work perks to consider:

  1. Paid time-off: Proactive companies provide open vacation or Paid time-offs for their employees. The employees can take as much vacation time as they need. In return, they have to meet the deadlines and produce high-quality work. These kind of back to work benefits will actually motivate employees to not only return, but give their best shot in the work they do.

    A study shows that long-term happiness is achieved from good experiences, not material things. An open vacation policy boosts employees’ productivity and efficiency. The only catch is that employees should meet deadlines and produce results. Companies adopting these policies notice a win-win ownership mindset in the employees. These employees think for themselves and the growth of the company.
  2. Offer a Flexible Schedule: Logging more hours into the employee’s work schedule does not guarantee higher productivity. Organisations should act proactively and give them a chance to explore their most productive times of the day. A traditional workweek is outdated in 2022 and it’s high time employers realize this, especially if they’re looking to introduce return to office perks.

    Having a hybrid work model and giving employees the flexibility to work for some days in a week from wherever they feel comfortable – whether office or home – can help organisations bring more workers to their desks post-pandemic.

    Allowing employees to have time outside of the office improves their mental health. A study showed an increment of 12% in employees’ productivity levels who possess mental well-being. A better option is reducing the working days to 4 per week. Clearly, return to work benefits like these improve outcomes not just for the employee, but also for the organization as a whole.
  3. App-based Wellness Programs: Proactive companies are adopting app-based wellness programs for their employees. These apps give employees a space to choose numerous wellness packages related to mental health, financial wellness, life coaching, exercises etc. 88% of workers consider that health and wellness programs give employers a competitive edge when it comes to company culture – for both current and prospective employees.

    Online wellness programs are a great idea for back to work benefits allowing employees to take these classes at home or from their desks without fearing health risks. Plus, there is something for everyone to choose and benefit from and this will significantly attract more employees back to office after lockdown.
  4. Rest and Relaxation Perks: Adding return to office perks beyond work desks and PCs, such as cafeterias, gyms, shopping complexes, creches etc., can help employees maintain work-life balance and encourage them to return to offices. Employees can be given free memberships or coupons for these utilities. These changes would help improve the mental well-being of employees and encourage a healthy lifestyle. Happy employees are the most productive ones. What could be a better perk than this?
  5. Celebration Perks: Have you heard about Google organising the return-to-work celebration? The concept is interesting. This could be a great opportunity for the employees to build relationships with the new and existing employees.

    These kinds of return to office perks come with many benefits. First, it might boost the level of excitement in an employee to return to work. Second, it might leave them curious about the purpose of the celebration. The celebration could be related to the company’s success or some new offers. The more employees are aware of the benefits of returning to office, the more motivated they will be.

    Celebrating birthdays and individual successes, meetups, organising weekend parties, fun activities or interaction sessions could be a ritual to keep the workplace brimming with life and a second home for employees.
  6. Provision of Food: Free meals may work as an employee-retention magnet and give a big boost to their productivity. A Harvard Business Review study stated, “employees typically consume one or several meals plus snacks during work hours,” emphasising the importance of their food.

    The company can pay for some of the employees’ meals, offer them food discounts or provide longer meal breaks. Organising occasional lunch and dinner meets can also yield better results.

Bringing people back to office after lockdown won’t be easy in a situation where Covid-19 has not fully vanished. Companies need to build their work engagement policies, work compensation plans, and return to work benefits from scratch to meet employees’ needs in the new normal. As organisations look forward to their employees returning to offices or working on a balanced hybrid work model, new negotiations between the employees and employers on the benefits of returning to the office are bound to change the dynamics and hierarchy of back-to-work benefits.

Fibe offers employee financial wellness programs in tandem with organisations and a catalogue of financial services such as instant loans, salary advances and much more. It helps employees set their finances on track while they work their way to success.

How To Engage Employees At Workplace?

Highlight: Engaged workforce can work 10x better than a skilled but demotivated workforce. The managers need to organise certain activities to engage employees and make them feel responsible for their work

The key to running a successful organisation is employee engagement. If you, as an HR, can understand the level of passion and dedication an employee has towards their work, it would become easier to bring out the best in them and benefit the organisation.

Some employers think that satisfying the employees with perks and salaries would be enough to run a successful business. But the truth is far away from this notion – it’s just as important to engage employees in the workplace. As a matter of fact, 80% of the employees feel disengaged or less engaged at work, as per a Gallup report. A study by IIMB throws some interesting insights on employee engagement:

  • Employees who are engaged feel like a part of the team and work together in sync with minimal disputes.
  • Effective employee engagement activities will increase employee productivity and increase the profit revenues of the company.
  • Engaged employees show pride and motivation toward their work and provide high-quality services to the customers. Customer satisfaction means profit, and profit is the key to getting acknowledgement in the market.
  • This creates a positive environment in the business and reduces the number of leaves an employee takes throughout the year.
  • If the employees feel their needs are a priority in your organisation, they will find the work environment safe.

All these factors point to the significance of developing effective strategies for engaging employees.

How To Engage Employees in The Workplace

Now that we discussed the significance of engaging employees, let’s discuss how to engage employees in the workplace.

  1. Know your employees better: Communication is an essential step to engage employees. Communicate with the employees and understand them as individuals. Learn about their background, goals and achievements. Say hello to the employees and inquire about their families or hobbies. This would make them feel their presence is known.
  2. Provide employees with tools to achieve their goals: Another effective way to engage employees is to train them according to their assigned roles. This might help them gain confidence and understand what they’re doing at work and why it is important. If they are not trained well, there is a chance they’ll find their work overwhelming which can lead to reduced productivity.
  3. Tell the employees about the company’s progress: As much as HR needs to know about the employees’ progress, employees also need to know about their organisation’s progress. Knowing about the company’s profits and struggles could be a natural motivator to engage employees, as well as a catalyst to work harder. Discussing with your employees what works for the company and what doesn’t can help them come up with ideas that help them as well as the organisation outshine.
  4. Give them opportunities to prove themselves: HR personnel should remember that the team working in an organisation was chosen for a reason. Assign them tasks through which they can show off their skills and talent. This would substantially engage employees, encourage them and make them feel responsible for the specific project.
  5. Recognise them for their hard work: The key to solid employee engagement and boosting employees’ confidence is giving them the recognition they deserve. Giving them a few compliments in front of the team would motivate them to give positive results in the next project. If HR praised one employee in front of a team, others might try to work hard to receive the same encouragement.
  6. Let them lead: Every manager needs to let go and let their team lead at a point in their life. This is important for them to feel passionate about their work and know that the company has faith in them. Allow them to show their skills and drive the presentation without any interference from the higher authority. This goes a long way in boosting employee engagement and morale.

The above-mentioned strategies for engaging employees are sure to impact your organization positively, provided they’re done in the right way. No doubt, employee engagement is crucial to the success of any business. This engagement may take the form of non-monetary factors such as we discussed above or work culture and environment or may take the form of financial wellness programs like those by Fibe.

Through effective employee engagement activities, managers can make employees feel that they are a crucial part of the team, in addition to recognising their talent and giving them opportunities to shine. Listen to their feedback and questions, engage in their conversations, be a mentor for them and create a work environment free of fear.

APR: What is it and How to Calculate?

To foster financial inclusion, it is crucial for all borrowers and investors to understand the financial jargon that they may be exposed to. These key terminologies are usually part of the introductory or promotional literature and may be visible in documentation too. Among these is the annual percentage rate (APR) and you may now come across this term more often due to the new RBI regulatory framework for digital lending services. As per the new regulations, all lenders are required to provide you a Key Fact Statement, within which you will find the APR information.

But what is APR? Simply put, it is an acronym for annual percentage rate, and a common misconception around it is that it is basically the applicable interest rate. APR does more than just denote the interest rate and is meant to give you a holistic view of the cost of borrowing. This is why calculating APR before you avail of a loan is key, as it isn’t wise to simply consider the annual interest rate on offer. To know more about APR, the guidelines to follow when calculating APR, and to clear doubts when comparing APR vs APY, read on.

What is APR?

The annual percentage rate is a term used to denote the total cost of borrowing funds and is expressed as a percentage. APR is calculated by accounting for all the charges and fees applicable on the instrument on a yearly basis. This is different from the interest rate as it only accounts for the rate chargeable on the principal borrowed.

Even if you calculate the interest payable based on the annual interest rate, you will not get the APR for that instrument. The APR is usually a tad bit higher than the advertised interest rate, which is why you should know to calculate the APR before you finalise any loan offers.

How can you go about calculating APR?

There are two main ways to go about calculating APR. Thanks to digital advancements, you can now do it online with digital calculators, and many of these services are free. Here, all you will need is to have the key values of the loan, which are:

  • Principal amount
  • Loan tenure
  • Interest rate or total interest payable
  • Associated fees

To know the fees payable, you will have to inquire with your lender. Sometimes, these charges are a percentage of your loan amount, while some lenders may levy a flat charge. With these details, you can simply input the values and get an accurate result.

The other option to know your annual percentage rate is to do the calculation manually. The formula is as follows:

APR = [{(Fees + total Interest)/ Principal}/ n] * 365 * 100

Here, ‘n’ is the number of days, as per the tenure.

Here is an example to explain this further. Consider a loan of ₹1,60,000 with the total interest payable as ₹24,000, tenure of 24 months and associated fees of ₹6,000.

Step 1: Add the fees and the total interest payable, which comes to ₹30,000
Step 2: Divide these results with the loan amount, which is (30,000/1,60,000) and this comes to 0.1875
Step 3: Divide this value with the tenure in days, which is 0.1875/730.50 and this comes to 0.0002566
Step 4: Multiply this value with 365, and then multiply the result with 100, which is (0.00018822365)100, and this comes to an APR of 9.365%

As you may have noticed, the formula requires you to convert values for accuracy and this alone can be a tedious process. This is why online calculators are often preferred.

What is the APY rate and is it applicable for lending?

The APY rate is the annual percentage yield rate and is primarily applicable to investments. It is basically the interest earned on investments and so it isn’t applicable for loans. So, comparing APR vs APY would not help you make better borrowing decisions.

These pointers should help you confidently address any doubts surrounding the APR vs interest rate debate. Remember, both terms are important and you will come across them when applying for loans, but the APR gives you a holistic view of the undertaking. This is why you must compare the APR for various loan offers to know which one suits your capabilities best. According to the new RBI regulations, you should get this information when applying and you should double-check the Key Fact Statement to ensure no misunderstandings.

Digital lending has definitely made it easier and quicker to acquire funds, and you should pick lenders that are completely transparent and forthcoming in all dealings. With Fibe , you can access a wide range of instruments and enjoy complete compliance with all governing regulations. Here, you can borrow freely and with full confidence.