This World Cancer Day, How Close Are We To A Cure?

February 4th is observed as the World Cancer Day each year, with an aim to generate awareness among the masses about cancer, to educate them in its early detection and the promotion of a healthy lifestyle. We hear hundreds of survival stories revolving around cancer each year that almost overshadow millions of others losing the battle against this, fatal disease despite the correct diagnosis and treatment. Oncologists around the world have been researching vociferously and meticulously trying to come out with a cure of this disease that can affect our body in almost 100 ways. Medical journals boast of several new breakthroughs, treatments and therapies that are slowly paving a way to finding a cure to the disease.  But how close are we to finding one? 

9.6 million people die from cancer every year and 70% of cancer deaths occur in low-to-middle income countries.

Cancer can impact various body parts, act peculiar and show different symptoms with different risk levels attached to each type and stage of cancer. The umbrella term ‘cancer’ attaches with itself a phobia of a deadly disease very poorly understood by the common masses, yet 1 out of 6 deaths in the world is due to cancer as per WHO’s estimates. The disease affects millions of people worldwide, with India ranking third after China and the US. Every year, a million new cases are added to the doomed list in India. Half a million deaths occur due to diagnosis at a later stage or ignorance of the disease.  

Current Treatments For Cancer

Researchers, all across the globe, are still trying to understand the role of thousands of genes and the interactions of various other factors involved in the abnormal mutations of the body cells from healthy to cancerous. The disease, like a mutating monster, has to be understood before it can be prevented or mitigated. For now, there is no single comprehensive solution for every kind of cancer. 

So far, the available treatments include chemotherapy, radiotherapy, tumour surgery, and in the case of prostate cancer and breast cancer- hormonal therapy.

Some new kinds of cancer treatments are being used as well, in combination with the traditional ones or on their own having fewer side effects. Scientists are currently dealing with the challenges accompanied by these new treatments and trying to eliminate all the possible side effects. No single approach works for every kind of cancer. Still, scientists are hopeful with all the technological advances available in the wake of the cancer research going on at full speed. The question of finding a complete cure is a matter of debate but the progress is positive. 

The Cost Of Cancer Treatments 

The average cost of cancer treatment can range anywhere between 6 lakhs to 20 lakhs. Even if a person is insured against it, studies show that the expenditure in a home with a cancer patient can go up to 36-44% more than in other households. The finances are sure to be disrupted in case a family member is diagnosed with cancer due to stress, loss of a source of income or higher costs of treatments. The costs have risen due to more expensive infrastructure, patented drugs and the limited number of specialists available. 

India continues to have the highest levels of under-penetration in the world, with only 0.16% of the total population insured for health, as per Irda. Little wonder then that 70% of healthcare expenses are met from one’s pocket. – Economic times

A majority of patients are unable to afford the costly treatments while at times, their bodies do not respond to the treatments suitably. A generic medical insurance plan does not cover cancer and specific insurance plans covering cancer would appear futile until one actually suffers from it. The borrowings and debts mount due to higher interest rates and no insurance claim available. The need is to act smart and go in for loans with lower rates of interest and those that are easily available. 

On World Cancer Day, EarlySalary wants to take the opportunity to reiterate our commitment to providing assistance to customers in case of any medical emergencies. We do this in the following ways:

  • Customers can borrow up to five times the amount of their regular salary. 
  • Customers are eligible even if they have no credit rating or are underserved – EarlySalary ensures availability of credit to pay their hospital bills in time. 
  • To cover the cost of cancer treatments and other related medical expenses, a salary advance of up to 2 lakhs can be directly transferred to bank accounts with minimum formalities involved. 

Hassle-free loans can be crucial in providing timely treatment and saving lives while reducing the financial stress in the lives of the family members.
This World Cancer Day, let’s pledge to promote the financial and physical well being of our loved ones and ourselves!

Desire a steep price tag item? How to smartly tackle your shopping wish list.

With seasonal sales always on the horizon and e-commerce giants often announcing festive season best-ever sales on their websites, ‘Not Shopping’ is hardly an option for the consumer (or even the utilitarian). The internet is constantly flooded with coverage of online sales on Flipkart, Amazon, Myntra, and many more. Anything and everything you need to make the year worth may be put on sale. 

As we surf through websites and apps to grab the best deal, we not only buy products that we need but also products on which we don’t want to miss offers and deep discounts. Whether you are browsing with a list or without a list, it’s hard to ignore shopping and sales. Gadgets and electronic appliances come with a steep price tag and hence, even when you have sufficient funds, splurging it all to get just one product may make your monthly finances suffer. A shopping loan can come to the rescue in such situations. With quick online loan approval and disbursal and flexible repayment options, personal loans can fulfill your shopping list without burdening your monthly expenses. 

Whatever be the reason behind shopping, it requires funds, of course. If you haven’t parked a good amount for it then you may find yourself in a situation of money crunch. Impulsive shopping can hurt your monthly budget. However, situations like these can be avoided by taking a personal loan. 

Personal loan apps such as EarlySalary feature an entirely online loan application process, including document submission. You only need to arrange for your KYC documents like PAN, Aadhar and address proof. Naturally, the time for approval and disbursement is significantly reduced on these instant personal loans. If you are eligible as per the defined criteria, your loan will be approved within hours.

No documentation is needed to indicate a specific purpose for availing the loan or where you are going to use it. It can be used for anything as per your requirements. 

An instant cash loan is one of the best ways to grab an ongoing sale, as they are quick in disbursal. These loans do not help you finance your shopping urges, but also help you plan finances in a better way through flexible repayment options. Another advantage of personal loans is that they are collateral-free, you do not have to put any of your valuables in a lien. 

Should You Take A Personal Loan For Shopping?

Well, the answer depends on the context. A shopping loan’s justifications depend on the products that you buy. Availing loans for shopping during sales for utility items such as furniture for the home, kitchen appliances or a computer can save enough money in terms of opportunity cost. Loans for impulsive shopping disorders are, of course, not recommended. The deals may tempt you, but resisting those temptations is important to avoid getting into a debt trap, similar to how we must treat credit cards. 

Whether it’s a festival or a sale, a purchase decision should ideally be taken if it is a need or if the opportunity cost of delaying the decision is higher.  Make the right choices and spread big-ticket shopping expenses across several months with personal loans in the form of small and affordable EMIs.

Applying For A Credit Card? Don’t Make These 5 Mistakes

While getting too friendly with credit cards is one of the credit card mistakes to avoid, you need to be diligent during the application process too. While applying for a credit card is a relatively easy process, you may tend to make some common mistakes while you are at it. 

These mistakes have consequences – ranging from a flat-out denial of your application to potentially costly penalties in the future. So, read on to learn some essential things to know before getting credit cards.

5 Mistakes to Avoid When Applying for Credit Cards

Too Many Applications Over a Short Period

Are you leaning towards playing the numbers game when you apply for credit cards? Statistically, you’d think submitting multiple applications would increase the probability of getting approved. But credit cards are a different ball game. 

Simply applying for as many cards as you can doesn’t mean you have a higher chance of getting approval. Your credit score may take a hit when you apply for a credit card since the issuer will conduct an inquiry. 

Applying for multiple cards makes you look like a reckless borrower, deterring the issuer from approving your applications. As such, you must wait six months between credit card applications to avoid hurting your credit score.

Not Doing Due Research

There are several credit card options and issuers that you can choose from. Without comparing these options, you may end up with a credit card that may not suit your needs. It is vital that you apply for cards that actually align with your spending habits. 

You have to know how you will use the credit card – what will you pay for? Do you foresee any big purchases or considerable expenditures each month? If so, you will need a card with a high credit limit. 

If you are a frequent shopper, getting a credit card that offers discounts and cashback across online and offline retailers is better. So, ensure you do your research before applying.

Not Understanding the Terms and Conditions

This might seem a silly thing to overlook, but it is, in fact, one that is quite common. Do not choose a credit card based on the company’s reputation or initial offerings alone. 

Dive deeper into the provisions, terms and conditions, repayment plans and other costs associated with the credit card you are considering. This will give you valuable information like interest rates, annual fees and reward structures. 

If you travel a lot, you will be better off with credit cards that offer travel insurance and no fees for international transactions. If you eat out often, you can check out cards that offer high returns and rewards for dining expenditures. 

Choose a credit card once you know exactly what features and advantages it offers. Understanding the costs will also help you choose a card where you can keep the expenses manageable while maximising the perks.

Avail Instant Cash Loan Online In 5 Minutes

Applying Before Paying Off Existing Debt

One of the crucial things to know before getting credit cards is that you must not apply for them if you have substantial obligations. While considering your application, issuers will check your credit report for your debt-to-credit ratio. 

This ratio heavily impacts your credit score. The more debt you have, the lower your score. For a favourable evaluation, you must pay off your existing debt before you apply. Even if you cannot pay off all your debt, pay as much as you can before you apply for another card. Always remember that your credit score is a major factor that affects the approval of your credit card application.

Applying to Access Inexpensive Credit

If your primary objective behind obtaining a credit card is simply to access short-term funds or loans, you’re shopping at the wrong place. Credit card interest rates can be prohibitively expensive, often as high as 42% per annum. 

Thus, they are more suitable for quick access to credit for the very short term, during which you can arrange for funds to pay the monthly bill. Remember – applying for or acquiring the wrong credit card can prove detrimental to your finances over the long term. 

Take your time and research before applying for a card and you stand to benefit in multiple ways – such as better credit scores, increased spending ability and reward points and other benefits.

Now that you know the credit card mistakes to avoid, plan your application and usage smartly. If you want a card that comes with a simple online application process and multiple perks, consider the Fibe Axis Bank Credit Card. 

This card offers benefits like up to 3% cashback on every transaction, discounts on dining with partner restaurants, fuel surcharge waivers, and much more. It is also a UPI-linked card, allowing you to make convenient payments without any hassles. To apply, download the Fibe Instant Loan App or register on our website today!

FAQs on Credit Card Mistakes to Avoid While Applying

What to avoid when choosing a credit card?

Common credit card mistakes to avoid when choosing one include:

  • Not assessing your finances and spending habits
  • Neglecting to check the associated fees and charges
  • Not researching the options

What is the biggest mistake you can make when using a credit card?

A significant mistake when using credit cards is not paying bills on time. Non-repayment can lead to the accumulation of interest charges, which increases your liabilities. What’s more, a missed payment also results in a late payment charge. 

Can I cancel a credit card right after applying?

Yes, you can cancel a credit card application up to the time that the lender has not reviewed your application. 

What if I made a mistake on my credit card application?

Financial institutions can reject your credit card application if you make a major mistake while filling out the form. Therefore, be careful when you are filling in the information.

How Financial Programs Drive Long Term Change

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

Financial programs aimed at employees may be associated with several different perspectives both for the employees and for the business owners. In most cases, these employee benefit programs play a major role in attracting prospective employees and improving team morale. They can prove to be both a liability or advantageous to companies depending on how well they are handled and deployed.

That being said, there are fairly apparent advantages and drawbacks for a company to indulge in such programs, and the evaluation of the potential risks is certainly critical. In this post, we shall focus on the positive aspects of financial or employee wellness programs from a business point of view. 

Financial wellness programs help in recruitment and employee retention

Prospective employees look for benefits such as health insurance, paid leaves, and bonus plans. These benefits not only draw more talent, but also help in retention. Employees working with companies with such plans are significantly less likely to quit their job, since they’re focused more on their work than their wallet. Since this leads to a larger and more productive team with only the best employees, it helps create a collaborative community where output is delivered faster and with high efficiency. 

Cost reduction and increased profits

Deploying strategies that use financial benefit programs for employees might seem expensive at first, but with a closer look, it can be clear how these programs might actually benefit the company financially. A financial benefit program creates an atmosphere of productivity in the workplace by enhancing the quality and efficiency of work indirectly. This might seem unusual at first glance, but it is observed that employees largely do not abuse the benefits given to them – like paid leaves or bonus plans. This assists the company remain in sync with its revenue projections, and possibly even help retain clients for longer periods. Costs incurred in severance, employee training, and rigorous business development are therefore lowered.

Advantages of healthcare benefits

Healthcare benefits as a part of financial wellness programs enjoy the highest demand among employees in any given sector right now. Thanks to the growing costs of healthcare worldwide, employees are actively looking for positions or jobs that offer health insurance packages. Companies that do so attract the most applicants and also maintain a great retainment number. This usually means that there is a positive culture created by healthy employees who are routinely tested medically to ensure top-notch productivity rates. While this can directly pump up the productivity rates of a business, it also increases business value as more employees with experience with the same company continue to work.

Benefits of this league can trigger small but highly impactful changes in the overall working of an organisation, which is, of course, crucial for optimal performance. Setting a positive culture, creating a collaborative community, increasing profits and improving sales pipelines are just a few of the changes that are noticeable due to financial wellness programs and there are numerous other small effects that drive radical changes in a business.

Employee Loyalty: Earned, Not Taken

No one would disagree that, even in this tech-fueled age, employees play a critical role in the growth of an organisation. The importance of employee loyalty in the workplace shouldn’t be taken lightly, as it can provide a lot of value to an organisation through devoted hard-working professionals. However, due to the lack of awareness or other reasons, HRDs, in spite of the sector, are facing numerous challenges in maintaining loyalty among employees. The primary cause of these challenges is often employers sidelining the fact that employee loyalty is earned, not taken.

Why is Employee Loyalty Important?

Today, one of the biggest challenges that employers face is recruiting talented individuals. Once they succeed, it becomes an even greater challenge to retain these employees in our highly competitive business culture. Although hefty job compensation and lucrative perks can help in attracting potential employees, it may not be enough to retain them in the long term, if they feel unappreciated by their employers. The likely solution to tackle the employee turnover issue is to develop a strong bond and earn their loyalty.

Loyalty is a characteristic that comes from within. It cannot be forced or demanded. Therefore when a person is loyal to something, they give their best performance to the cause. Similarly, employees’ loyalty to an organisation can encourage them to work harder to perform their tasks with high quality. This will not only push the success rate of any organisation to new heights, but also contribute to retaining talent. Furthermore, loyal employees are more engaging, try to contribute through different ways towards the company’s better future.

How Can Employee Loyalty Be Earned?

The relationship between an employer and an employee is woven with threads of mutual gains. Many employers often interpret the nature of this relationship as the cause guaranteed loyalty from employees just because they also have something through this contract. 

Today, workplaces have changed dramatically due to the evolution of technology, economics, work ethics and social values. In this dynamic workplace environment, besides compensation, employees also seek acknowledgement and respect from their employers.

While earning employee loyalty is certainly challenging, it is almost certainly possible. Here are some ways to ensure employee loyalty in any workplace.

Build Lasting Trust

The first step in developing employee loyalty is to earn their trust. Employers need to foster a workplace environment where employees feel valued and appreciated for the work they do. Employers must indicate that they are also invested in the progress of their employees. Furthermore, employers should be transparent when dealing with employees’ expectations while also ensuring that organisational interests are not compromised. 

Recognition is Important

No organisation can aspire for success without a hard-working team. It is important to give adequate and timely recognition to employees who outperform. When employees are acknowledged by the company management for their efforts, they also develop a sense of loyalty towards their teams. 

Promote Equality

While employee recognition is important, recognising everyone equally holds even more significance. Bias often leads to several issues, no matter where it occurs. When employees go unacknowledged in their organisation, their loyalty is likely to suffer a dent. As a potential consequence, the organisation may face higher attrition.

Take Them Aboard

People respond positively when their ideas or opinions are acknowledged, the same also goes for employees. Employers should demonstrate to their employees that they are important and their opinions also matter. This can be achieved by taking employee feedback and then ensuring a follow-up. If employees find themselves as a valuable part of the company’s future, they are likely to remain loyal and continue working. 

Conclusion

There’s no doubt that a loyal workforce can help most organisations solve major challenges with greater efficiencies. It ultimately comes down to employers to figure out how they can generate trust. Sure, it isn’t something that can be achieved overnight. This is a continuous process after all. One that requires employers to analyse, build a vision, and act very carefully. One aspect that shouldn’t be forgotten is even the smallest gesture of kindness can go a long way, and have lasting impact on employees. These are exciting times for HR professionals to go about executing their vision and leave lasting legacies!

Biggest HR Challenges to Expect in 2024 and How to Solve them

Evolving technologies in the function and complexities of the job market have posed new HR challenges. The rise of AI is rendering several jobs obsolete while simultaneously creating new job requirements. Employers increasingly need to look for highly skilled workers, and the employment market often falls short of that. 

In this case, demand is higher than supply, causing several hardships for the HR sector. While there are plenty of HR challenges and solutions that recruiters can expect in the coming year, they need to keep an eye out for the following.

Personalised Experiences Like Employee Well-being

One of the newest trends among job-seekers is a focus on well-being and workplace culture. This presents one of the significant challenges of HRM. It used to be easier to attract and retain good candidates – solid pay, job security, and some additional benefits often formed a complete, satisfactory package. 

Since this outlook is changing, the HR function’s focus is also shifting from these traditional factors to those that are more complex to handle, like work-life balance and open culture. A solution to this is to treat employees as separate individuals rather than as a group and personalise their experiences as much as possible.

Employees have different needs from their jobs, and to retain a skilled workforce, HR teams should be accommodating while sticking to company policies and ensuring the most judicious use of funds.

Finding and Landing High-quality Workers

Recruiting and hiring the best talents will remain one of the biggest HR challenges in years to come. It’s difficult to keep up with the rapid changes taking place in the industry, and appropriately skilled applicants are hard to come by. 

Not only must the candidates have adequate skills, but they must also be adaptable and open to changing their methods with the fast-changing trends in the industry. While unemployment runs rampant, such talent is limited. Talented individuals available for hire are in high demand, and the HR function is to attract them to their company. 

Although complex and subjective, one solution is fostering a culture and an environment where people are engaged and committed to their roles. It involves several considerations, such as benefits, incentives and a focus on employee well-being. 

The most significant consideration here is addressing the needs of different generations of workers and providing personalised benefits to each group rather than a one-size-fits-all policy. Other solutions include tapping into job markets like older employees and veterans.

Diversity and Inclusion

The diversity question today goes beyond gender, race, ethnicity, religion and age. Instead, it includes differing work experiences, sexual orientation, socioeconomic status, upbringing, educational status and even physical characteristics. Managing a diverse workforce while ensuring inclusion for all is one of the greatest HR challenges for recruiters. 

Some ways to ensure diversity and inclusion are keeping a fair and balanced recruitment process and eliminating bias. Biases among recruiters are often subconscious and cannot be easily changed. You can reduce such biases by leveraging AI – harnessing technology to ensure inclusion is one of the best ways to overcome this challenge.

Outdated Technology and Data Security

Although it is 2024 and a variety of advanced recruiting tools are available, several organisations still persist in using tedious technologies to organise their search for new hires. While Excel and email still have their advantages, using newer technologies can prove much more efficient and leave HR managers with time to work on more pressing challenges. 

One of the prominent challenges faced by HR managers is the possibility of a breach of privacy of the candidates. Applicants provide a lot of personal information, trusting the recruiters to protect their sensitive information from hackers. Data security is, hence, a major concern.

An ideal, and perhaps the only way to solve these problems is through improved technologies. Getting rid of outdated technologies for hiring, as well as being extra careful about data privacy and security, are a good approach to tackling these major challenges for HR managers. 

Bad Hires

In a hurry to source and hire employees for roles, recruiters are prone to making errors while hiring. While the risk of making bad hires was always non-zero, it is now more prominent than ever. This is because sourcing candidates with the right skill set has become one of the major challenges faced by HR managers. 

Requisite skills and work experience are, of course, not the only aspects that make for suitable candidates. They must also align with the company’s ideals and, in general, be a good fit for the enterprise as a whole. 

A willingness to learn and adapt to changes and a drive to work hard are also desired in any candidate. Without these essential qualities, no amount of skill would guarantee a good fit and solve some of the major HR challenges. 

The only solution to such a problem is to be more careful while recruiting candidates. It is also essential that recruiters know exactly the kind of talent they seek, over and above the necessary skill set.

While there are several challenges in the HR sector, the most important one stems from the increasing demand for a highly skilled workforce and the scarce supply. While the above points cover most major challenges and ways to overcome them, some further solutions include:

  • Adopting more efficient talent-sourcing techniques 
  • Being proactive in building talent pools
  • Increasing focus on passive candidates through promotions on social media
  • Improving candidate experience throughout the hiring process by actively communicating with them

However, if you are an employee between jobs without a stable source of income, you can get an Instant Personal Loan of up to ₹5 lakhs for all your immediate needs. Download our Personal Loan App or log in to our website to get funds at competitive rates and with minimal paperwork.

FAQs on Biggest Challenges for HR in 2024 and How to Solve Them

What are the biggest challenges facing HR today?

The following are some of the biggest challenges for HR managers-

  • Leadership Development 
  • Imparting Training
  • Providing Compensation
  • Attracting Talent and Improving Retention

What is a challenge for Human Resource Management during mergers?

The following are the issues HR faces during mergers:

  • Cultural integration between the two companies
  • Bridging the talent and skills gaps
  • Coming up with a new organisational structure

Why is HRM a challenging job?

Human Resource Management can a be challenging job because you will have to fulfil the following roles:

  • You will need to manage diverse stakeholders and balance competing priorities
  • You will have to adapt to changing employment regulations
  • Your responsibility will also include handling sensitive issues like acting on employee grievances

What are the three pillars of HR?

The following are three pillars of Human Resource Management–

  • Strategic Planning 
  • Workforce Development
  • Performance Management

Our Republic Turns 71: Has Our Credit Sector Kept Pace?

They say the concept of credit is as old as humanity itself; coming into existence even before the concept of money did. The concept of formal credit, however, is a little more recent. On the occasion of the Indian Republic turning 71, we trace the history of the Indian credit sector, and see how it has evolved into what it is today.

Early India

According to several early texts, money lending has been around in India since the Vedic period. However, the first texts to mention a systematic lending system were Kautilya’s texts of the Mauryan age. The scriptures mention loan deeds prevalent during the period. Later, during the same period, an instrument called adesha is mentioned, which was quite close in its application to the modern bill of exchange. During this period, merchants are also recorded as giving letters of credit to each other. In addition to these instruments, there is evidence of the use of barattes, which were payment orders by the royal treasuries, and Hundis, which had varied functions in different situations.

Pre-Independence

While there is evidence of systematic credit systems during the various periods in early Indian history, things changed completely when the British came into the picture. The formal banking system came with the colonisers. The first bank that came up under the British rule was the Union Bank of Calcutta, and several banks including Allahabad Bank and Punjab National Bank. 

During the 20th century, the Indians started opening their own small banks to serve particular communities. Several banks were formed between 1906 and 1911 as part of the Swadeshi movement, including Bank of India, South Indian Bank, Bank of Baroda, etc. The Swadeshi movement also inspired the establishment of private banks in Dakshina Kannada and the Udupi district. All this served well to formalise the credit sector in India. But the major event that cemented our banking systems was the establishment of the RBI in 1935 to regulate lending throughout the nation. 

Post-Independence

The banking system before independence had been, for the most part, privately owned. When India finally gained her independence in 1947, however, the partition affected the economy adversely, especially that of Punjab and West Bengal. The newly formed government quickly sought to strengthen the economy by actively involving itself in the country’s economic affairs. One of the biggest steps towards the same was the establishment of the Banking Regulation Act, 1949, which empowered the RBI to regulate and control the Indian banks. Before the Act, RBI had few powers over our banking system. Most banks at that time were nationalized and highly rule-oriented. For a while after independence, the Indian public had quite a difficult time getting loans for any purpose.

Modern Lending Systems

The 1990s saw a paradigm shift in economic matters throughout the world. Globalisation and liberalisation caused India, too, to relax some of its rules. As our nation opened itself to the global economy, new private banks such as HDFC, ICICI and IndusInd were established. Lending and borrowing became faster and more efficient than before. However, getting a loan sanctioned was still a tedious task at that time. It would involve several trips to the bank, rushing around for copies of documents and hefty collaterals against the loans. 

The sector is currently undergoing another paradigm shift, one as significant as that which was caused by the globalisation movement. The use and high prevalence of new technology is gradually making the process of lending and borrowing much simpler than it was before. Cryptocurrencies, blockchain and artificial intelligence are technologies which have contributed to this shift, but much more popular than all these sophisticated technologies, is the attractive prospect of getting a loan while sitting at home through instant loan apps. The advent of such services has been well timed, while the nation is seeing rapid growth in credit like consumer durable loans, which grew the fastest as recently as 2018.

The need for credit from the average Indian is visible across different metrics. Take credit cards. While debit card transactions doubled between FY 13-18, credit card transactions leaped ahead by a whopping 5 times. Apps like Fibe are gaining immensely in now, precisely because they have made it simpler than ever before to borrow. 

Where several trips to the bank were once necessary in order to secure even a small loan, instant loan apps have made it possible to get personal loans with quick approval, effortlessly from the comfort of home. EarlySalary, which is one such app, offers personal loans of up to ₹ 2 lakhs made available instantly. Other loans offered include travel loans, shopping loans and education loans of up to ₹ 5 lakhs. 

While there are many players in the instant loan sector, Fibe alone crossed the million customers mark recently. Clearly, the credit sector in India has evolved from a fairly informal system based on trust and few documents in Early India, to a rigid system with several rules governing it post-independence, to the quicker, more efficient digital system of modern times.

Artificial Intelligence In Hiring: Is Bias A Major Concern?

Artificial Intelligence has rapidly moving from a concept on paper to a legitimate technique with applications across domains. The tech world was talking about AI for a while now, but now, the other industries are abuzz with it, too. The use of AI is slowly becoming normalised; something to be expected, even. This is especially true in the corporate world when it comes to recruiting. Employers are now turning to AI-driven tools to help with recruitment in the initial stages. Companies like Amazon, Ikea, Target and PepsiCo have already tested or used algorithms to decide who fits the bill for an interview call, and the list is only growing. 

Advocates claim several advantages to the use of AI in hiring. Among them, the major ones are that it can reduce the workload of HR managers, and also that it would reduce, or even potentially eliminate, human bias in the early stages of recruitment. Critics, however, warn that these tools would be no less biased than the people who train them. Let’s take a closer look:

Cases of bias

Backing the critics’ argument is the real example of Amazon’s gender-biased AI recruitment tool. In 2015, the company had to scrap its AI-based recruitment system after finding out that it was showing bias against women. The tool was trained to scan incoming resumes and select candidates with the most promising profiles for upcoming rounds. It was trained using resumes of candidates over a 10-year period. Most of the applicants in this period had been men, thus increasing their probability of getting hired over women. As a result, the recruitment tool began downgrading resumes which included keywords such as “women’s club”, and also those who went to women’s colleges. To Amazon’s credit, the tool never made it past the testing stage.

The sad part is that this was not a one-off situation. In 2016, Microsoft faced a similar problem with an AI chatbot developed to interact with Twitter users to learn and “get smart”. However, AI tools learn from the inputs they are given. So the chatbot learnt profanity, race-based stereotyping and inappropriate language from the users, which it then began to use. 

Why Does This Happen?

The problem with AI at its current stage of evolution is that it largely requires training using data. If the data fed to the system is biased, it would generate bias in the system itself. An apt example is the gender bias in the tech industry. Although an increasing number of women are rising in the sector, it still remains largely male-dominated. So, like with Amazon, if the AI hiring tool uses data in which the candidates are predominantly male, it is highly likely to show gender bias. This applies to racial bias as well. 

Another problem is that targeted advertisements for jobs also tend to be biased. If the job posting doesn’t reach the right candidates in the first place, future biases in recruitment would persist. Additionally, job descriptions themselves are often gender-biased. If a job sounds too “macho”, women are unlikely to apply. 

Is AI Bias A Major Concern?

As AI continues to witness increasing adoption and popularity in recruitment, bias is potentially a concern. However, the use of AI has some inherent traits that eliminate biases, at least to some extent. The most important one is that AI-based tools are simply efficient. Consider the task of scanning through all the applications an organisation receives. This task will certainly be performed faster and more efficiently than the current hasty and often biased screening techniques human employers use. According to an article in Harvard Business Review, companies get more than 250 applicants for a single open role. Manually handling every single application is simply not practical, so recruiters currently review only 10-20% of the applications, based on their colleges, employee referral programs, etc. However, this screening method drastically reduces the diversity of the candidates. Using AI, this problem can be eliminated, and all the candidates’ applications would at least be scanned. 

Of course, the fact that the applications are scanned wouldn’t matter at all if the system is biased. However, this can be remedied, too. One way to approach this is to control the data that the program uses. It may be set to exclude data about gender, ethnicity and other irrelevant information that could lead to bias. Such a step may have, to some extent, at the very least, eliminated problems similar to the one Amazon faced. 

The bottom line is that although AI in hiring can be just as biased as the humans who program it, it’s still possible to identify and correct bias in AI, unlike in humans. If conscious steps are taken to ensure that the AI recruitment tools used are not biased, it could potentially eliminate bias in the initial stages of recruiting.

The Relationship Between Financial Wellness And Team Morale

Money, or the lack of it, is a major cause of stress in adults. Often, when working adults are facing financial issues, the resulting stress and anxiety can follow them to their workplace. Unsurprisingly, these stressed employees are unable to deliver to their full potential.

If we ask about what is considered the ideal state of financial wellness, It shouldn’t be very surprising if different employees have different opinions. For some employees, financial stability means the ability to pay all their bills and be prepared for unexpected events that may require monetary effort. However, some employees expect more when they think about a strong financial state. But one thing remains very clear whether employers take note of it or not – financial wellness programs are desired by all employees, along with other job benefits. 

The Link Between Financial Wellness and Employee Morale

We don’t need extensive research to determine how morale can affect a professional’s working efficiency. Being able to give our best when our interests align is human nature. With this in mind, HRs have been tirelessly working to keep the team morale high even in challenging situations. However, ever-increasing financial worries among employees makes task an uphill battle.

Now, more than ever, employees find themselves struggling to navigate through their financial problems, and resulting stress and pressure starts to negatively reflect in their workplace performance. Although the issue seems to be largely affecting employees, it has serious repercussions for employers as well. 

Lack of financial stability can mount significant pressure on employees. If employees are under stress or pressure, they are likely to waste their work hours thinking about their financial issues. Furthermore, stressed employees tend to have lower morale that can result in their diminished productivity or even absenteeism. This can subsequently lead to a financial loss for employers due to unachieved goals. Therefore, keeping employees motivated and stress-free is very much in the interest of both employers and employees.

Numerous sources of research have provided compelling evidence that a lack of financial stability is the most common issue plaguing employees across every industry. As per a survey report by PwC, a large part of the workforce is facing challenges with managing their financial liabilities. Due to rising unemployment and living costs, employees perceive that the compensation they get from their employer is not enough to sustain their financial needs. This, in return, has become the root cause for most of their worries. The survey further highlights:

  • About 50% of the employees who participated in the survey cited financial matters as the primary cause of stress than any other issue.
  • 49% of the employees are struggling to pay for day-to-day expenses with their current compensation.
  • Nearly 57% of the employees are interested in making their own financial decisions if they are given proper guidance.

Employers are not completely aware of the need for employee financial wellbeing programs in their workplace. A large number of organisations can be seen running some great financial wellness programs for their employees. While the primary goal of these programs is largely to provide the proper aid to employees through various means and making them able to improve their financial soundness, these programs can also play a significant role as part of an employee retention strategy.

Conclusion

PwC’s survey, with several others, projects a very clear picture of the significance of financial wellbeing. These provide a decent opportunity for employers to assess if they need to take the necessary steps to ensure that their employees are financially secured. Employers need to recognise that prioritising employee financial wellness will go a long way, generating value through stress-free and motivated employees utilising their full potential.

How To Deal With “Lend Me” Friends

Mario Puzo once said that friendship and money are like oil and water. This can sound like an unusual take, and would certainly not be true in all cases, but having ‘lend me’ friends can have disastrous consequences. These may range from never seeing your friend again and burning relationships, or never getting your money back, or worse – both. This works either ways, whether you are the one borrowing or the one lending it.

At some point or the other in your life, you must have encountered a friend or a family member who has lent you or to whom you have lent money. As a rule, it is good to set some boundaries. Lending is not always a bad idea. After all, sometimes it is also a good way to put the money you can spare to use. However, always evaluate options before opening your purse strings or holding out your hand. Remember, replacing money is easier than replacing a worthy relationship with a friend or family member. So if you’re dealing with Lend Me friends, perhaps look at dealing with them in these ways:

#1 Learn Diplomacy

Reacting emotionally or with sentiment while you decline to lend money will only strain your relationships further. If you can gently, yet firmly, explain that you do not lend money as a matter of personal policy, regardless of the person, the conversation can be an easier one to have. While there may be pressure from the other end, explaining that you are not open to changing your principle may be an effective counter to requests for money, without harming the relationship.

#2 Offer Alternate Assistance

You can, to the extent possible, offer to help your friends in non-cash ways. If your friends are running low on cash for groceries, sharing your meals to tide them over could have more impact as a gesture than lending money. If they’re looking to purchase items like smartphones, you could lend them your spare device for a while until they’ve saved enough for a purchase.

#3 Gift, Or Only Lend As Much As You’re Willing To Lose

If you must lend cash, consider giving it away as a gift, with no expectations of repayment. We all wish the best for our friends, and if cash is what they need, we might as well gift it to them. This eliminates the potential for spoilt relationships over small sums of money. In other ways – only lend money that you’re okay with not seeing returned.

#4 Educate Them On Financial Management

This could include helping review their expenses and getting them on a prudent budget. It could also involve suggesting side gigs to earn extra money, or helping them get a raise. Dig deeper into the source of their money crunch and see if there is another way for them to seek assistance.

#5 Direct Them To Instant Loan Apps

With numerous borrowing options available, it’s fairly easy to receive an instant personal loan in today’s times. With portals like Fibe, this option comes with unique advantages – borrowers spend it as per their needs, no questions asked, and return it on a flexible repayment schedule. 

With easy applications, quick approvals and disbursals, no collateral, and no relationship at risk, an online personal loan is the best possible way to deal with a cash crunch, and a great recommendation for a Lend Me friend. Here’s a deeper insight into the offerings of a cash loan.

 Rock-Bottom Interest Rates

Interest rates charged on an instant cash loan are fairly competitive. Portals such as Fibe offer personal loans at nominal rates. Considering inflation and time value of money, personal loans are the most ideal way to borrow money for less time.  

Minimal Paperwork

App-based cash advances have fewer eligibility requirements as compared to traditional sources. You simply need to upload your identity proof, income proof and address proof. This not only saves you time but also makes this loan much more handy. With Fibe, the loan application process barely takes a few minutes. The Loan approval process is backed by algorithms that check the veracity of the borrower and their repayment capacity. This helps in approving loans within 8 to 24 hours of your application on the app. 

Collateral-Free Loan

Personal loans do not need any guarantor or security. This protects the borrower  from the risk of losing their assets in case of nonpayment.

Flexible Repayment options

Personal loans from Fibe can be repaid in sets of 3 to 6 easy installments. Borrowers have the freedom to choose the duration of their quick personal loans. They may even repay the entire amount in one go without any extra charges. 
Instant cash loans are an easy credit instrument to access immediate funding. With seamless processing and instant disbursal of the loan amount, personal loans provide liquidity when it’s needed the most. Whether it is a last minute travel plans, shopping list or a medical emergency, an instant loan is a great fit for all your Lend Me friends. Encourage them to get started with Fibe here.