How are Financial Wellness Programs Operated By Great Brands?

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

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

How Great Brands Operate Financial Wellness

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

But not all employees are attracted to frills and perks. 

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

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

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

In A Nut-Shell

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

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

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

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

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

#1 Job security

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

#2 Lowered stress

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

#3 Talent Attraction

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

#4 Financial wellness

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

#5 Higher growth prospects

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

#6 Higher competence and productivity

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

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

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

How To Promote Financial Wellness In An Unconventional Workplace

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

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

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

#1 Identifying Common Focus Areas

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

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

#2 Building A Compatible Agenda

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

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

#3 Consistency

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

#4 Focus On Engagement

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

#5 Identify Leaders

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

#6 Think Big

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

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

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

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

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

#1 Ease of Use

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

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

#2 Quick Access Without Consequences

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

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

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

#3 Multiple and Varying Needs

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

The Better Option

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

Financially Ready For Marriage? Wedding Loans Are Here To Help

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

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

Wedding Loans and Personal Loans

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

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

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

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

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

Do You Need a Loan For Your Wedding?

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

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

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

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

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

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

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

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

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

9 Signs you are living a Financially Sound life

Table of contents:

  1. How to be financially secure and check if you are there yet
  2. FAQs on financial security

Financial stability is a goal most adults work towards and wish to have. Although achieving it can seem intimidating, it is a reliable indicator of your ability to live life to the fullest.

The need to feel financially secure and stable comes with adulting and is a commonly seen outlook in young adults of this generation. So, what are some signs that tell you if you are financially sound? Let’s take a look.

How to be financially secure and check if you are there yet

  1. You’re prepared for emergencies

There can always be surprises that can come your way like a job loss or a medical emergency. Having an emergency fund set up just for instances like this can make you feel financially secure and take away the stress that comes with it. 

An emergency fund is usually worth six months of living expenses or half a year’s worth of your salary. If you already have a financial source for situations like this, then it is a sign that you’re more financially sound than you think! 

  1. Your net worth increases every year

If you can save even a buck a month, it is far better than saving nothing. Having some kind of account (such as a savings or recurring account) where you put in some of your monthly earnings is a great way to save for the future. 

It also ensures that you develop a habit of saving, which can only get better over time. Monthly savings can contribute to an overall increase in your net worth. If you are actively saving a certain amount every month, it may mean that you are well on your way to being financially sound. 

  1. You don’t spend unnecessarily 

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

  1. You use credit cards wisely

Using credit cards responsibly and smartly can positively impact your credit score. By using these cards for small expenses and ensuring timely payment of your bills, you can increase your credit score. So, if you are being offered higher credit limits and using credit card deals and discounts to save money as you spend, you are more likely to be on the way to financial security. 

In contrast, if you are relying too heavily on your credit cards and cannot manage monthly expenses without them, be careful. This could lead to a debt trap and jeopardise your financial health. 

  1. You aren’t stressed about the future

Knowing that you have enough money and sources of income to support your lifestyle in the future is also a good sign of being financially sound. This means that you have saved money and made responsible investments for retirement. 

  1. You are debt-free

Debts weigh you down financially and can pose a burden for everyday life. They also make it hard to manage your finances and maintain savings. Trying to pay off debts can lead you down a frustrating spiral, especially with high-interest rates such as those related to credit cards and personal loans. 

If you are free from this burden, you may be financially stable. You can avail of debt in the future as long as you have a good repayment plan in place. 

  1. You take advantage of monetary benefits

If you are financially secure, you know where to look for ways to save money. This may be when you are purchasing electronics, booking vacations, or buying insurance. Whether it is online sales, using your credit card rewards, making the most of seasonal offers, or using your healthcare benefits and work incentives, if you are smart about saving, you can boost your financial stability.

  1. You have automated transactions set up

Automation greatly helps save the time and effort required when making online transactions. The fact that you can confidently set up automated transactions like subscriptions or credit card bill payments is an indicator that you are financially sound. 

  1. You have no problem splurging on yourself once in a while

Life is to be lived, and while we all need to buy essentials, splurging on yourself is also important. If you can do that without losing control of your finances or putting your income in jeopardy, you are likely to be in good financial health. 

If these signs resonate with your current financial situation, then you are certainly capable of keeping your head above the water for a long time. The tips above on how to be financially secure can help you achieve this with ease.

If you falter on some of these, it’s never a bad time to steady the boat and be more responsible. You can take an instant personal loan from Fibe to tide over your expenses and be back on the road to financial stability!

FAQs on financial security 

Why financial stability is important in life?

Financial stability is important in life as it helps you manage urgent or unexpected events with calm and confidence. It also helps you take care of yourself and your dependents while living life to the fullest. 

How to become financially independent?

You can become financially independent by working towards a rewarding career, saving 20-40% of your income, investing prudently and budgeting your expenses. Having health and other types of insurance also helps you address mishaps with ease. 

What are the steps to become financially stable?

Some of the steps to becoming financially secure are to pay off your existing debts, have a retirement plan in place, create an emergency corpus and spend smartly. 

How to create a financially sound plan for yourself?

You can create a financially sound plan for yourself by setting goals based on your income, expenses and debts. Once you have your goals in place, save and invest to achieve them and follow a budget. Make sure you have the insurance coverage you need and try to improve your financial literacy so you can take the right decisions.

Reasons for Personal Loan Rejection: Salaried vs Self Employed

Personal loan rejections can feel confusing when you apply, wait and then just hear ‘no’. But most rejections happen for very clear reasons. Lenders usually worry about whether you will be able to repay on time. This could be due to a weak credit history, low or uneven income, a high debt to income ratio or missing documents.

Most personal loan rejection reasons come down to how risky your profile looks at that moment. Once you understand the reasons for personal loan rejection, it becomes much easier to apply with clarity.

Common Reasons for Personal Loan Rejection

Before you apply, it helps to see things from the lender’s perspective. Here are the most common loan rejection reasons:

  1. Poor credit history

Your credit score shows how you handled loans and credit cards in the past. Did you pay on time? Did you miss EMIs? If there are delays or defaults, lenders may worry that it could happen again. This is one of the most common personal loan rejection reasons, even if your income looks fine today.

  1. Low or unstable income

Lenders want to know if you can comfortably repay EMIs every month. If your income is low or changes often, it becomes harder for them to trust that repayment will be smooth. This applies whether you are salaried or self-employed.

  1. High debt-to-income ratio (DTI)

DTI shows how much of your monthly income is already tied up in EMIs. For example, if you earn ₹40,000 and ₹25,000 already goes into EMIs, lenders may feel you have very little breathing space. Having a higher DTI is one of the most common loan rejection reasons, even if you have a decent credit score.

  1. Incomplete or incorrect documents

Documents help lenders verify your identity and confirm your income. Missing papers or wrong details can slow things down. Even small mismatches can raise questions. That is why checking your documents carefully matters more than you think.

  1. Frequent loan applications

Have you applied for multiple loans in a short time? That can work against you. Each application creates a credit enquiry. Too many enquiries make lenders feel you may be under financial pressure. This is one of the most common yet often ignored reasons for personal loan rejection.

  1. Job instability or frequent job changes

Lenders like stability. Frequent job changes can make your income look uncertain. Some lenders may ask you to wait until you have settled into your job before approving a loan.

  1. Not meeting eligibility criteria

Every lender has basic rules. These may include age limits, income requirements or employment type and stability. Miss even one condition and your loan may be rejected, even if everything else looks good.

Reasons for Personal Loan Rejection: Salaried vs Self Employed

How you earn also affects how lenders view your application. Here is what lenders consider for salaried individuals vs self-employed applicants:

Salaried individualsSelf-employed individuals
Short time in current jobIncome changes month to month
Employer not on lender listBusiness cash flow is not steady
High EMI burdenLimited financial records
Missing salary slipsInconsistent income proof

Next Steps After Personal Loan Rejection

A rejection can feel discouraging. But it also gives you clarity. So what should you do next?

Step 1: Understand the personal loan rejection reasons

Start by finding out why your loan was rejected. Was it your credit score? Income? Documents? Once you know the reason, you know exactly what needs fixing.

Step 2: Fix weak areas

Focus on what you can control. Clear overdue EMIs, reduce existing loans and fix any document errors. As your credit profile improves, lenders may not just approve your loan but also offer better interest rates.

Step 3: Wait before reapplying

Applying again immediately may do more harm than good. Too many applications can lower your chances further. Waiting a few months gives your profile time to improve.

Step 4: Apply realistically

Ask yourself a simple question. Can you repay this loan comfortably every month? Choosing a smaller amount or longer tenure often improves approval chances.

Once you feel ready to apply again, picking the right platform makes a difference. Fibe looks at your overall profile, not just one number. This can be helpful if you are applying for the first time or getting back on track.

Applying is simple. You can download the Fibe app and apply online for an Instant Cash Loan of up to ₹10 lakhs with minimal paperwork!

FAQs on Personal Loan Rejection Reasons

What makes you get rejected for a loan?

Loans are often rejected due to low credit score, high DTI, unstable income or missing eligibility criteria. Lenders mainly look at whether repayment will be smooth and stress-free.

Why am I being declined for a personal loan?

Your loan may be declined if lenders feel you may struggle to repay it. This could be due to your income, existing EMIs or past payment delays. Applying too many times or submitting unclear documents can also lead to rejection.

Can we apply for loan once rejected?

5Once your loan application is rejected, you can reapply for it after some time passes or when you qualify for the loan based on the eligibility terms of the lender.

How long after a loan rejection can you apply again?

Although you can apply in 1-3 months after your loan application is rejected, it is better to wait for 6 months. This gives you enough time to address the issue. However, you should make sure you find out the reasons for personal loan rejection.

Does loan rejection affect CIBIL score?

Yes, when your personal loan application is rejected, your CIBIL or credit score dips.

Why do personal loans get rejected?

Personal loans usually get rejected when something in your profile does not line up. This could be a low credit score, too many EMIs, no steady income or missing or incorrect documents.

We all need a Plan – B: Instant cash loans

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

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

Do I Need a Plan-B?

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

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

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

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

Instant Cash Loans: Plan B

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

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

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

1. Easy Application, Quick Disbursal

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

2. Low-Cost Loans and Exclusive Offers

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

3. Flexible Repayment Terms

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

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


Employee Experience: Why It’s Critical

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

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

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

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

#1 – Retaining and Attracting Top Talent

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

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

#2 – Changing Employee Priorities

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

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

#3 – Improving Productivity at Workplace

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

#4 – Better Customer Relations

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

#5 – Profitability 

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

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

3 Reasons why financial wellness programs are important for employees

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

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

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

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

#1 – Not taking employee inputs

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

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

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

#2 – Improper communication

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

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

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

#3 – Focus only on benefits and not on education 

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

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

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