What Will HR Look Like in 2025

“I can envision a future where HR professionals are no longer thinking that their job is to stay on top of current HR trends but to reposition [themselves] to become workforce advisors,” said Jill Goldstein, Global Practice Lead for Talent and HR Operations at Accenture in Miami, to SHRM. According to an article published in the HR Magazine of the Society for Human Resource Management in 2015, a group of top chief HR officers and thought leaders looked ahead to 2025 and predicted five possible HR job descriptions of the future.

  • Organizational Engineer

Over the past few years, with tech evolving at its current unprecedented rate, several organisations have tried to predict how the employment sector will be impacted. This then leads to the question of what role will HR have to play in the scenario. According to a survey by PwC of over 200 HR professionals in late 2016, digitization and automation will make 20 to 30 per cent of jobs obsolete between 2021-26, but only 16% of companies feel they are ready for that change. Many such changes are imminent and will certainly impact the role of HR in the future. 

The new HR professional in this job role would be an expert in varying new ways. They would be able to effortlessly extract better effectiveness from virtual teams, and would be adept at handling talent transitions while also being able to develop leadership of all kinds, fitting with the diverse teams and different work cultures of the future. Additionally, they would have to be excellent at optimizing tasks and know how to make use of organisation principles like agility, networks, power and trust.

  • Virtual Culture Architect

It is becoming increasingly easy now to incorporate teams with members scattered across the globe in any business. Virtual culture architects would be adept at understanding and managing such cross-cultural virtual teams. They would attempt to understand global cultures and assist virtual teams work together by facilitating communication. They would be excellent at communicating values, norms and beliefs across cultures through virtual and cultural means, to help teams function better. They would also help in building the brand and try to connect the employees’ purpose with the company’s purpose.

  • Global Talent Scout, Convener and Coach

These professionals are likely to develop and find talents globally, and match them with the organisation’s requirements. They would also act as a life coach to employees, especially the new joinees who often require guidance in the initial stages. They would understand various international cultures thanks to the global nature of their work, and further, boast of expertise in developing remote work models (freelancers, contractors, etc.). Their work would also involve forging relationships among workers and developing a work ethic and a sense of purpose in them, towards fulfilling the goals of the organisation.

How Much Does a Bad Hire Cost an Employer?

Hiring the right person is no cakewalk. Not only do you have to look at skills and aptitude for the job, but also whether the person would fit in well with your company’s values, and with the team you’re hiring them for. The fact that a bad hire is expensive is widely known. However, many organisations fail to understand how large the cost may actually get. The costs go beyond the tangible losses related to turnover and hiring a new recruit to fill the role which would include the recruitment process as well as the new joinee’s onboarding and training.

According to a popular 2012 report by the Centre of American Progress (the report is old, but the facts still hold), the average cost of replacing a worker costs about 20% of their salary. An infographic by EBI Inc. estimates a whopping 43% of lost revenue to be attributed to employee theft. These, however, are not the only costs associated with bad hires. Besides the loss of productivity and recruitment costs for the replacements, there are several hidden costs involved, like a disruption in staff morale resulting in a loss of productivity, impact on customer relations depending on their role, and even a significant business reputation as a whole in some circumstances.

With these phenomenal costs involved, it’s always better to be careful while hiring for new roles than to regret a bad hire later. Here are some tips on how to avoid a bad hire.

1. Align your Job Description to the Role

Before you start hiring or even rollout applications for the role, the first thing to do is to match the job description you give out to the role you hope to fill. An unclear or ineffective job description often attracts candidates who are either unqualified for the job or wouldn’t fit it. It not only saves your time as an employer to sift through their applications and filter out the ones you’d actually want but may ultimately result in a bad hire. Instead, if your job description is effective and clear, you would attract highly qualified candidates who are more likely to fit the specific position you’re hiring for. This involves understanding the role yourself first, which is an essential step to avoiding bad hires.

2. Know your Target Audience and Market Appropriately

A picture containing sky Description automatically generated

The next step is to ensure that only your target audience applies to the job. Marketing your job description and optimizing the content is key when it comes to this. Depending on whether you’re looking to reach the most people or if you’re looking for specific talents, there are various websites on which you can publish your job posting. Further, to ensure that the posting appears to people looking for jobs on any website, it is essential to employ SEO strategies into the creation of the job description. This would ensure that people who aren’t qualified or experienced enough for the position wouldn’t apply for the role.

3. Have a Structured Hiring Process in Place

A major cause of bad hires is when organisations use a disorganised or unstructured hiring process to fill any job role. Selecting candidates based only on their resume, asking only basic questions on their interview or being unsure as to how to go about the hiring process are dangerous mistakes one can make. They also deter skilled professionals from accepting a job, because your hiring process is a reflection of your organisation. A structured hiring process with specified, clear steps goes a long way in preventing bad hires. Include resume shortlisting, personality tests and at least one interview in your process to make it effective.

4. Don’t be Hasty

It’s always difficult to replace an employee, especially if they are senior management. However, in the haste to fill a role, organisations often end up with the wrong people getting hired. The higher the post, the more significant your hiring decisions would be and the more careful you should be while selecting someone. A little extra time taken in recruitment may cost you a bit in terms of lost productivity during the period, but this extra cost is nothing when compared to the costs incurred as a result of a bad hire. So it’s crucial that you’re careful in ensuring the right fit for the job, even if it takes some extra time and effort on your part.

5. Interview Correctly

As a hiring manager, you must be well prepared for interviewing the candidates. Keep questions ready, beyond the basic ones. They should, of course, be based on the job profile, but also on your expectations regarding the personality of the candidate. Involve subject matter experts for specific job-related questions if necessary, and ask probing questions to get an insight into the candidate’s personality. Listen to what they say and watch their non-verbal cues, too, during the interview. Also, ask them if they have any questions for you because their questions will tell you how much they know and care about the role and whether they have researched your organisation or not. An effective interview goes a long way in avoiding bad hires.

6. Look Outside the Interview, too

The interview is, of course, an important tool to judge your candidates, but what they do outside of the interview also provides great insight into their personality. They are more likely to show their real personalities when they don’t think they are being watched or judged. Their punctuality in arriving for the interview, the way they dress, their confidence level and even how they treat your staff can tell you a lot.

7. Check References

Always be sure to ask for references during the interview, and don’t forget to check them. If the referrals are reputed in the industry and have good things to say about your candidate, it’s always a good sign. Further, if you ask the right questions and listen to what is said and how you may get better insights about your candidate than you would through a resume or the interview.

8. Involve Future Co-Workers

This is not a common practice in the industry, but it’s an effective way to avoid bad hires. Asking the team the candidate would eventually work with about them would not only give you new insights about the candidate but would have the additional benefit of the teams feeling involved. You could also go a step further and ask the people who would work for them about the candidate. This is especially valid for senior management posts. Since the person you hire would be their boss, their opinions matter, too, and they would think from the perspective of how good a boss he/she would make, which is a new angle and would give you a better insight into how well the candidate fits the position you’re looking to fill.

This list is not exhaustive by any means, and you need to take great care while recruiting new employees to avoid hiring mistakes. But if you follow these tips, it would certainly reduce your chances of hiring the wrong person for a job.

What Are Employees Truly Expecting from Financial Wellness Programs?

By : Srinath Gururajrao

Vice President & CHRO, Nexval Group

Corporations globally are facing exciting and challenging times in the hyper-competitive 21st century. Innovative financial wellness programs are being rolled out across organizations in a bid to attract and retain talent. These programs vary widely across sectors and can range from simple online tutorials to seminars, standard health and retirement programs.

An organization’s Financial Wellness program defines its culture and commitment to their employees and sets the tone for future leadership. As HR professionals hunt coast to coast and crunch benefit numbers to get the best talent onboard, what many wellness programs fail to capture are the employees’ expectations.

An ideal financial wellness program aims to lend a helping hand to employees at every stage of their financial lives. Whether it’s saving for their child’s education, buying a new house or a car or an effective retirement plan, a holistic program goes a long way in bolstering employee productivity and increasing employee engagement.

As an industry expert, having spent a significant amount of time in the HR fraternity, I have observed that money, or lack thereof, can cause huge anxiety among employees and be a constant source of stress. Inevitably, such monetary worries can get carried into the workplace with negative repercussions for both employee and employer. Following are 3 essential features to look for when choosing a Financial Wellness program for your organization.

1.  Program Flexibility

The key to an effective wellness program is going beyond the basics. Employees need schemes that help them achieve true financial stability and the requirements often differ from employee to employee. Hence, a flexible and customizable program goes a long way and caters to all segments of employee with varied financial needs. It is also critical to pay attention to the tools used for communication for enhancing the effectiveness of the program. Baby boomers may prefer physical, face-to-face interactions to know their options and understand its uses. Millennials, on the other hand, would mostly prefer online and mobile-accessible resources, online budgeting tools and predictors are therefore in vogue. Employees also seek benefits for their family, wanting programs that include their spouses, children and parents is another desirable factor that makes a Financial Wellness program attractive to an employee.

2.   Benefits, not marketing products

While many organizations outsource financial wellness programs, I’ve seen scores of cases where third-party programs have acted merely as a sales channel for insurance, annuities, mutual funds, or other services from the panoply of financial products. Employees need genuine products, tailored to meet their financial goals and necessities. Firms that gain access to your employees under the guise of “financial wellness benefits” make the organization and employees vulnerable to the risk of high-fee investments. Deliver individualistic and in-depth programs to your employees instead, involving unbiased financial coaches.

3.   Low-cost Healthcare Schemes and Retirement Planning

Apart from personal financial goals, what employees have in common is the need for a health cover and retirement funds. While some employers design the payroll to ensure that a fraction of employee’s salary is dedicated to retirement or insurance, some also focus on promoting healthier employee financial behavior by conducting regular educational seminars or financial counseling.

The ongoing engagement crisis is a mnemonic for corporates to deliver individualistic and unbiased financial wellness programs. I believe that the employers have both, the responsibility and the opportunity with new financial products to give what it takes to keep their team together, build goodwill to attract new talent and maintain healthy cash flows.

Here’s how to afford your dream life with Advance Salary Apps

Running pole to post to earn more and pulling the ever chugging train of aspirations – this briefly summarize the life of a millennial. As we hustle through corporate deadlines and steer our way into new age urban culture, what we miss out amid its routine expenditures is living our dream life. There comes a time when we are ready to mark items off our bucket list but just then an urgent expenditure pops up and the item falls back in the list. But, worry no more – with EarlySalary’s advance salary app, it’s time to live your dream life.

As a part of our pursuit of achieving a better lifestyle, we’re often burdened by the financial challenges of our city lives. Even minor repair work in the household can eat away your budget. This is where an instant loan from advance salary apps can assist. These funds act as a bridge fund and are used to fulfil all your needs ranging from shopping, travel, home furnishings, basically everything under the sun.

Scores of fintech companies have offered advance salary apps to fill our monetary void instantly. Advance salary apps not only take care of your month-end cash woes but also help you meet emergency expenses until your next salary is credited. Working on a similar concept of lending, EarlySalary offers 24*7 quick loans without the pressure of paying it under strict schedules. Read on to find why an advance salary app can turnaround your life for better.

  1. Buy your desired gadget anytime, anywhere!

Have you been waiting for a major sale to lay your hands on those Bluetooth speakers and lights to make your place ready for a party? Found the ideal deal but ran out of money? Well, cheer up. With an advance salary app, you can apply for a loan on the go and get approval within a few hours. The entire application and approval process is online so you can even grab limited period offers and save big.

  1. Simple Process, Quick Disbursal

There are times when we are so busy planning things like a travel expedition or a grand party, and when the moment comes, both time and money pull us back. An instant cash loan can help by minimizing the paperwork. There is no paperwork if you apply for a loan on the EarlySalary app. The entire approval process is supplemented with eKYC which minimises the time taken by loans or salary advances taken through apps. A traditional personal loan generally takes 7-15 working days to approve. However, with EarlySalary, it takes only 8 to 24 hours to transfer the approved amount. There is no need to wait in queues and understand the complex application process. Just download the app, upload a few mandatory documents from your smartphone and get ready to live your dreams.

  1. Low-Interest Rate and App Exclusive Offers

Discount on discount is like a cherry on the cake. Many advance salary apps offer additional discounts when you shop or book through partner groups. App-based loans to offer much lower interest rates. Considering the current inflation trends, this is extra saving.

  1. Flexible Repayment Terms

When we say that the entire process is online, we literally mean it. These apps allow the borrower to calculate EMIs and choose a suitable repayment schedule. The flexible tenure allows creditors to consolidate debt, pay off their bills and feel relieved. Conventional loans have strict repayment schedules and may even drain the borrower in further debt. You can also track your payments and payment dates through the app.

The lending scenario is truly transforming, with the customers at the centre of this evolution. Simply put, there will never be a better time than now to do everything you wanted. From upgrading gadgets, skydiving with friends to indulging in fine dining and adventurous travels, a lavish wedding or buying a vehicle of your choice, an advance salary app can be used to get quick cash loans for everything you need. Don’t push your dreams any longer, download EarlySalary, the most reliable advance salary app and become the best version of yourself.

How Fibe has revolutionized borrowing in India

Borrowing has become a norm for the young Indian working population. A growing number of Indians are taking loans for a wide variety of reasons, fueled partly by the fact that loans have become so much more accessible for the market today. Loans for travelling, personal loans for shopping, loans specially curated to start your own business, the options are endless today. Earlier, sanctioning a loan could take anywhere between 2 weeks to a few months with high interest rates. Today however, thanks to lending apps like EarlySalary, the entire process of borrowing money can be done online, and the approval often comes within minutes.

There are a number of services that have amped their game, and Fibe leads from the front. One of the first few finTech portals to ease the idea of a salary advance and assist folks with urgent cash requirements, Fibe does not go down the conventional path while lending funds.

Ease of borrowing with EarlySalary

Most millennials cannot or do not end up borrowing money from banks due to a number of reasons:

  • Firstly, the entire process of borrowing money, end to end, from a physical bank can take upto months, and hence, any money borrowed cannot work for emergencies or immediate concerns.
  • Secondly, the amount of paperwork and hassle involved to get the loans sanctioned can take up quite some time, eating into your working hours.
  • Thirdly, millennials have not had much of a chance to build up their credit score. This means that any money loaned, if given in the first place, will be given off at a huge interest rate.

EarlySalary helps the younger crowd combat these issues in a number of ways:

  • All documents required to get the loan approved can be uploaded electronically, this includes your Aadhar Card or PAN Card, your bank statement and last three months’ salary slips.
  • Once you have put in your request for a loan, the app will approve your loan after checking your documents. Usually this happens in under a day, and in some cases, may happen in under an hour. Imagine getting your loan sanctioned at just the click of a button.
  • Once the loan is approved the cash gets transferred to your account. You can borrow upto 2 lakhs and the amount can be used for anything legal under the sun, be it shopping, going on a vacation, or even paying off your child’s school fees.
  • Such flexibility and ease is rare when it comes to borrowing money. No wonder Fibe has gained its ground quickly since its inception in 2016.

Introducing the Social Worth score

Very few young working Indians have a decent credit score. In order to build up the score, it is important to build up credit and reduce any risks associated with lending you money. Fibe, however, recognizes that a number of young individuals may not have decent credit scores and might need the money to simply pull themselves through the month, until their next paycheck arrives. In order to make the system more suitable for youngsters, Fibe has used the concept of a social worth score. You are awarded a credit score depending on your presence and behaviour on various social media platforms including Facebook, Twitter and Instagram. Based on a mixture of social credit and credit score, a rate of interest is charged on the money borrowed.

Fibe has created a niche space for itself by catering to young professionals who need money in a short span of time. The loans may be small and can be paid off in a customized manner.

With the internet taking over a major part of our lives, cumbersome processes have been cut short and with just a few clicks. Everything is gradually going digital, be it online shopping, financial transactions or even education, and millennials cannot be more thankful.

5 Financial Wellness Tips For The New Joinee

Everyone has experienced a phase of stress at the workplace, but when financial worries are a constant element of your life it can be devastating to your productivity and mental well-being. Lack of financial well-being can make you feel undervalued, distracted, and helpless. It can result in severe mental health conditions such as anxiety, depression, and high-stress levels. How can this be avoided? What is financial wellness? How is it helpful? How can it be maintained?

Many might wonder if financial wellness is about earning ‘enough money’. But if were to get slightly philosophical about it – no amount of money will ever be ‘enough’ for an individual. Then, what is financial wellness? Financial wellness of an individual implies a state where an employee, living well within his/her means, is able to keep an emergency fund for stressful situations and still manage to meet his/her basic needs. Financial wellness is the freedom to live life on your terms without worrying about how you’ll pay your next bill.

Employees facing less financial fret and distractions contribute to more focused, engaged, and productive workforce. Improving financial wellness leads to healthier employees, reduced absenteeism and higher productivity while raising employee satisfaction and improving the employer brand.

There are five key steps to maintain financial wellness –

1. Enjoy Your Work

Employees passionate about what they do tend to be happier and more productive at their work. Steve Jobs famously said, “The only way to do great work is to love what you do.” Having a passion for what you do, helps tackle challenging situations – financial, emotional or physical. There will always be a desire to work. Following passion brings out the creativity inside you. There are more highs and fewer lows, and each day seems more bright and interesting

2. Budget your Expenses

Maintaining a budget for monthly expenses is another way of eliminating stress from your life. Many are often turned off by the term ‘budget’. They associate it with restrictions and a lot of hassle. However, budgeting can save you money, and allow you to spend more by helping you to make the most of your money. People who do not have a budget tend to save less money than people who do. This ultimately reduces stress and helps you focus on important parts of life other than finance.

3. Create An Emergency Funds Pool

Emergency funds can be of great use during situations like job loss, medical issue, repairs and maintenance, debt clearance, etc. These funds are helpful when a person has a single source of income. Emergency funds can protect you from all of the unexpected expenses you may encounter whether big or small. Emergency funds can be created in the form of insurance policies. The purpose of insurance is to reduce your business’ exposure to the effects of particular risks.

Emergency funds can be a helpful buffer against any kind of life events that could push you into debt. It helps reduce anxiety, knowing that you have a buffer against whatever life may throw at you.

4. Invest

Investments are an essential way to increasing your financial worth and stability. Investing allows you to put money in assets that have the potential to earn strong rates of return in the future – it’s far better than having your money lie idle in the bank, and ultimately works as a healthy income source in addition to your job. Investing early also enables you to develop disciplined spending habits by focusing on your budget and cutting expenses when needed. Having a potential extra source of income reduces the dependency on just one.

5. Make Sure to Have Fun

While focusing on saving and investing money throughout the month, try to budget a certain amount for the reason you are working – happiness. Don’t get focused on your work to the point that you forget to live. Make sure to take out time for yourself and cherish what’s yours. Spend on yourself. Go out with friends and family. Cherish the important moments of life. Our busy schedules and lack of personal financial management can cost us our wellness. A lot of burden of financial stress can be avoided through sensible budgeting, saving, investing and living within your means.

5 Ways To Measure Your Employees’ Financial Wellness

A primary cause of stress today is personal finance, and without proper planning and guidance, it can impact more than just the individual involved. With lower financial stress, organisations could potentially be saving millions in terms of productivity. It is no surprise that companies are increasingly allocating time and resources to elevate the financial wellness of their employees. Regular programs that teach and promote savings and household budgeting are conducted for Bachelors and workers with a Family. While implementations are carried out effortlessly, measuring the effectiveness of such programs is somewhat challenging. But it remains a critical task – since it helps understand the domains that require more focus according to your company demographics and whether the employees are more open to talking about their finances in a direct manner or indirect manner. The feeling of empathy and support also helps employees cope with their various problems.

Here we have 5 ways in which organisations can measure their employees financial wellness.

#1 Drop in Absenteeism

Missing work due to financial problems is not an uncommon occurrence amongst employee. Many do end up taking sick days to recover from the financial stress. Some of the major causes of absenteeism in a company are often depression and disengagement. Employees not committed to their job may simply not want to go and this often stems from stress, financial or non-financial. Of course, this has direct implications on the organisation – in terms of costs, repeated hiring, and lost productivity. Manage absenteeism remains a challenge since the reasons could range from genuine illness to lethargy. Low absenteeism rates are an indication that employees are happy with their work, healthy in terms of the cash-flow at home and generally motivated.

#2 Increase in engagement and productivity

Financial wellness can greatly impact any individual’s state of mind and mood. An employee constantly stressed about their money and paychecks is going to exhibit lowered engagement and productivity. The concept of work-life balance does not imply compartmentalised sections of an individual’s life – when employees suffer financial hardships, they are likely to bring it into their work, subsequently affecting health. This can act as a double edged sword to organisations – increasing healthcare costs and lowering productivity. Having a control over your day to day, or month to month expensive can absorb a lot of unwanted financial shock. Most students already come with huge student loans, a continued productivity and engagement means that millennials have at least a good understanding about their finances.

#3 Debt Status

Thanks to the complex ways financial institutions operate in, employees often remain unaware of the various interest rates that can be levied on a loan and the fact that interest can get compounded. Financial wellness programs should strive to educate employees about the drawbacks of loans on their long-term savings. While many organisations offer a corporate credit card in order to cover any company related expenses, it is important that employees are truly aware of the consequences of delayed repayments on a personal credit card. Fewer loans withdrawn against savings indicate that employees are able to save up and not living outside their means.

#4 Looking Beyond Income

It is important to note that income and financial wellness are not directly related. A higher income does not guarantee financial wellness, and employees with lower incomes may be able live in a way that allows them superior financial wellness and independence. FInancial wellness means you give your employees the knowledge and tools to manage their finance, regardless of income. If employees are happy in their current job and not actively looking for a job change due to financial reasons, the company has probably worked hard and well on their employees financial wellness.

#5 Meaningful Dialogue

The first step to financial wellness involves employees identifying and analysing their financial status and its situation in the context of their goals. A large number of people may not be open to discussing their financial issues, and would rather hide it. A good first step to measuring financial wellness is de-stigmatising financial problems so that workers can talk about without guilt and shame.

As we’ve mentioned earlier in this post – it is important to recognise that financial wellness extends beyond the concept of just income. Without adequate planning, financial issues can get compounded, much like interest on loans. FInancial wellness programs continue to be adopted by several organisations globally, and as they evolve, we’re now moving to the natural consequential step – that of measuring their outcomes and ensuring it’s a win-win for all stakeholders.

5 Financial Benefits For Employees

Table of contents:

  1. 5 types of employee benefits
  2. FAQs on company benefits

In the modern employment landscape, financial and emotional wellness has become a priority in most workplaces. One of the ways to go about it is by offering company benefits to employees

to empower the workforce and minimise stress. In fact, management and HR teams must take these practices seriously to retain talented employees.

These company benefits play a vital role when employees are seeking new growth opportunities. They also help reduce employee turnover, promote better physical and mental health, and improve productivity. 

While there are many facets to these types of compensations, financial benefits for employees are one of the most popular. Finance-related company benefits go beyond the statutory benefits related to gratuity or EPF and are offered by most multinational corporations and even growth-seeking start-ups. 

Employees can leverage these financial benefits to manage money wisely in the short and long term and get access to credit when they need it. However, some companies shy away from them due to the associated employee benefits expenses that come their way. After all, it costs money not only to get started, but also to maintain such employee programs. 

That being said, read on to know about 5 types of employee benefits provided by most organisations and how your company can bring down employee benefits expenses. 

5 types of employee benefits

1. Productivity-linked wage incentives

As per the National Commission of Labour, wage incentives provide added motivation for employees who have achieved a specific target and gone beyond. Such perks reward hard-working and ambitious employees, encouraging them to be more innovative and productive at the workplace, thereby increasing their efficiency. These incentives are mostly found in departments where immediate results can be measured. 

For example, most companies implement such programs for the sales department of their organisation. Hence, apart from the base salary, the worker also gets a certain added amount for every ‘n’ number of sales. 

There are several efficient wage plans to provide such financial benefits for employees. For instance, the Halsey Plan ensures that every worker gets a minimum wage along with a bonus if the work is completed before the stipulated time. The bonus can be set to any proportion, commonly 50% of the time that is saved by the employee multiplied by the per-hour rate. 

2. Holiday bonuses

Holiday bonuses are provided to top-tier professionals and entry-level employees alike and vary depending on their position in the company. Bonuses are commonly given once a year and most companies choose festivals or the holiday season since these are the times when there is a significant outflow of money. 

The Payment of Bonus Act, 1965 has made it mandatory for establishments employing 20 or more workers to provide a bonus of 8.33% as a minimum for those earning ₹10,000 or less as their monthly income. There is no doubt that getting such financial benefits from a company is important to employees. 

3. Stock options

This company benefit allows employees to buy company shares at a lower price than the market price. Purchasing company stocks at a discounted rate allows employees to sell them when needed or play a proactive role in company ownership and management. 

Reputed companies including Infosys, Microsoft and Amazon grant employee stock options. Such a benefit can spur employees to boost their productivity and put in their best efforts as it can be a lucrative option. 

4. Retirement benefits

Financial security after retirement is of utmost importance to most employees. Retirement-related company benefits to employees can include contributions made towards the PF account as well as retirement gratuity. Some companies may also offer employees to encash their leaves. 

All these benefits add to the employee’s kitty of funds to finance their golden years and address their responsibilities to dependants. 

5. Paid leaves

This fringe benefit enables employees to take leaves for a certain duration without any loss in pay. This type of company benefit eases the pressure on employees, allowing them to devote time to other aspects of life and maintain work-life balance. 

Employees can choose to get paid time off for family vacations, R&R activities or even to address urgent personal matters. This way, the workforce can allot time to important life events without the fear of a pay cut. 

These company benefits are just a small snapshot of the various ways in which firms, both large and small, can support their employees. Some of the others include health insurance, paid daycare or childcare, life insurance, free access to health services like gyms, availability of free food or tiffin services and more. 

To offer holistic financial benefits to employees, partner with Fibe. We offer financial wellness programs that are easy to integrate and completely customisable. Trusted by over 800 corporates, our programs can help you deliver a suite of financial benefits for employees. They include access to easy credit be it for medical reasons, upskilling or with salary advances, personal loans and more. 

The best part? You don’t have to worry about high employee benefits expenses as you incur no cost in offering these company benefits to your workforce! Get in touch with us to tailor our program to your organisation’s needs. 

FAQs on company benefits

Why are financial benefits important?

Financial benefits for employees help increase productivity while equipping them with the tools to minimise financial stress.

What are the examples of financial benefits for employees?

  • Health insurance cover
  • Holiday bonus
  • Retirement plans
  • Education financing 
  • Paid leaves
  • Wage incentives
  • Salary Advance

What are the various types of employee financial benefits?

  • Disability insurance
  • Medical cover
  • Retirement plans
  • Life insurance
  • Salary Advance Facilities

How important are these benefits to employees?

Providing benefits ensures employees that the firm is invested not only in their financial wellness, but also in their future. This helps any organisation retain its workforce and attract new talent.

How do employee benefits affect the organisation?

With better benefits, a company can recruit talented professionals. This can help any organisation decrease its attrition rate while enhancing retention through employee satisfaction and increasing productivity.

What are employee benefits?

Any benefit, compensation, or perk that an employee can get access to from a company is called an employee benefit. Such benefits are over and above the wages an employee earns. 

What are the four types of employee benefits?

There are many types of company benefits that employees can access. The top 4 that most employees and employers prefer include:

  • Health and life insurance 
  • Pension plans
  • Paid time off
  • Wellness programs 

What is the most common type of employee benefit?

Health insurance is one of the most common types of employee benefits that companies offer in India.

What are some examples of employee benefits?

Here are some examples of employee benefits offered by companies:

  • Flexible work timings or remote work options
  • Health-related wellness programs 
  • Assistance with education fees or loan repayment 
  • Paid time off 
  • Paid maternity and paternity leave 
  • Childcare reimbursement 
  • Medical insurance 
  • Retirement benefits 

How much do benefits cost a company?

The cost of offering non-financial and financial benefits for employees depends on what the company chooses to offer. For instance, health insurance can vary from ₹500 to ₹25,000 per employee. By tying up with Fibe, you can offer a range of financial perks without any employee benefits expenses.

The True Business Cost of Employees’ Financial Worries

With the advent of globalization, the employment domain has been evolving. In India, the rise of the middle class has changed the dynamics of life for all. The thing which has not changed is stress due to work.

Stress pertaining to the workplace has been a constant companion of professionals. It is disguised in many forms, haunting employees throughout their career. The most lethal form is financial stress. The stress from the ever-growing pile of documents on your desk will evaporate when it is out of sight. The stress originating from deadlines will also vanish when you hand in the task, even if you are late. Financial stress, however is the one to look out for.

Assessing your own financial condition and evaluating your own ability to manage expenses while keeping up with saving plans and investment decisions is an enormous task. Add the responsibilities of managing a family and the stress increases exponentially. Hence, the more the weight on your shoulders, the more prone you are to being burdened and the more prolonged the stress will be. Academicians have concluded that employees’ financial worries begin from the time they join the race for employment and last even after retirement, and therefore, financial stress literally vows “till death do us apart” and remains faithful till you breathe your last. It infects you from inside out.

Employers should be equally concerned, since financially stressed employees add both direct and indirect costs to employers. For example, It has been reported that an increasing number of employees take up detrimental habits like smoking, drinking alcohol, overeating and drug addiction in an effort to cope with the building stress. There comes a point where the effects of indulging in such activities start affecting an individual’s work. Unhealthy or stressed employees are not productive and cost employers money. The digits on the medical bill increase proportionally to the financial worries and are often regarded as “hidden” loss to businesses.

Also read – Financial Wellness: Why Should You Care About It?

Most businesses would consider alternatives to tackle productivity problems. One of them may be hiring new talent fresh out of college and free of any financial stress. The efficiency of this idea is so low that it may not even be considered a solution. Recruiting and hiring have been costly affairs since time immemorial. The cost of hiring new talent becomes twofold when the company offers training as well. In addition to this, there is also the issue of productivity loss. The new hire will take a while to generate the same productivity and profits which the existing employees generated. Therefore, the true business cost of employees’ financial worries is exorbitant and often unaccountable due to various hidden costs.  

Another alternative is that businesses invest in educating the employees to achieve financial wellness. Instilling financial literacy in professionals has been deemed inadequate when it comes to handling financial stress. Therefore, it has become a serious issue which has ever increasing dire consequences for both businesses and individuals.

The only plausible solution to tackle financial duress to employees is for employers to lend a direct hand. In addition to conventional health insurance provisions, the business can set up a retirement fund to ease some of the financial burdens of existing employees. Corporates could also assist in referring employees services which could help them configure the details for taking out loans. The battle against financial worries demands the cooperation of both the employee and the employer.

How Secure are Instant Loan Portals

Instant loans are convenient. But your data and money matter more than speed. That is why checking the safety of instant loan portals is a must before you apply. Secure instant loan portals should protect your personal details, follow lending rules and keep the process transparent. 

Read on to learn how secure are instant loan portals in real life, what to verify before you share your details and how to avoid risky apps.

How the Digital Lending Ecosystem Works??

A digital lending platform is an online system that helps you discover a loan, submit details, complete checks and receive the money. Some platforms are run by regulated lenders. Others may act as partners or service providers for NBFCs and banks. This is why you should always check who the actual lender is. A genuine platform clearly shows the lender’s name, its registration details and how your data is handled.

Why Security Matters in Instant Loan Portals

When you apply through instant loan portals, you share more than just your basic details. You are handing over your PAN, Aadhaar, bank information and proof of income. That is a lot of personal data. If the portal is not secure, this information can be misused. In some cases, it can even lead to a data breach or unwanted follow-ups later.

This is why choosing secure instant loan portals is so important. A trusted platform protects your details, follows clear rules and handles your data with care. It even helps you avoid fraud, keeps your identity safe and lets you focus on borrowing without any added stress.

Key Factors to Verify Before Using a Loan Portal

Always go through these steps before trusting instant loan portals with your details:

Step 1: Check if the lender is legitimate in India
Only regulated entities can lend. Look for the lender’s full legal name and whether it is a bank or an RBI-registered NBFC. If the portal is hiding the lender’s name, treat it as a red flag.

Step 2: Verify address and contact details
A genuine lender will have clear contact information, such as:

  • Lender name and company details
  • Customer support number
  • Official email address
  • Physical office address

If you cannot find these, do not proceed.

Step 3: Check website and app security
When you use instant loan portals on a browser, look for https in the URL and the lock icon. This signals encryption. Also, check if there is a clear privacy policy and terms page. A vague policy usually means weak accountability.

Step 4: Review permissions before you allow access
KYC documents are normal. But some permissions are not. If an app asks for access to your contacts, gallery, call logs or messages, pause. You should only share what is required for lending checks.

Step 5: Look for two-factor authentication and verification steps
Secure instant loan portals add extra protection during login and approval. Two-factor authentication (2FA) is one such feature. It usually means you confirm access through an OTP or another verification step. This reduces the risk of someone else using your account.

Step 6: Read reviews smartly
Do not look only at star ratings. Read recent reviews and focus on patterns. Are people complaining about hidden charges, aggressive calls or unclear terms? If yes, it is safer to choose another platform.

How to Spot Common Red Flags or Warning Signs?

If you notice any of these, do not continue with the application.

  • No clear lender name or NBFC details shown
  • Promises of guaranteed approval with no checks
  • Very low-interest offers with no eligibility criteria
  • Pressure to act fast or threats during follow-up
  • App asking for contacts, gallery, call logs or SMS access
  • No privacy policy or a policy that says your data can be shared widely
  • Unclear fees or charges are shown only at the final step
  • Complaints about harassment or misuse of data

How Real and Trusted Instant Loan Portals Operate?

Real and trusted instant loan portals keep things clear and predictable. You always know what you are signing up for. Here is how they usually work:

  • Transparent lender identity: You can see who is lending and under what rules
  • Clear disclosures: Fees, interest rate and repayment terms are shown upfront
  • Secure data handling: Encryption is used and the privacy policy is easy to understand
  • Controlled permissions: Only necessary data is asked for
  • Strong verification: OTP checks and two-factor authentication (2FA) are used
  • Responsible collections: Follow-ups are professional and within legal limits

The Fibe app follows a PCI DSS app-based journey and has ISO/IEC 27001 certification to protect customer information. The loan process is also quick and requires minimal documentation. Just download the Fibe Personal Loan App or apply through the website to access safe and secure personal loans up to ₹10 lakhs!

loan safety checklist

FAQs on How Secure are Instant Loan Portals

Can I trust low-interest, no doc loan offers?

If a portal promises very low interest with no documentation, be careful. It may not be genuine. Real lenders still do basic checks. Always verify the lender’s identity, fees and terms before you accept any offer.

  1. What kind of permissions should a loan app never ask for?

A loan app should not ask for your contacts, gallery, call logs, SMS or social media access. These are not required for normal lending checks. If an app demands these permissions, avoid it.

What to check after receiving the loan offer?

Before you accept, check the interest rate, total repayment amount, processing fees and EMI schedule. Also, confirm the lender’s name and customer support details. If anything looks unclear, do not proceed.

How to verify if a lender is real or legitimate in India?

Check if the lender is a regulated bank or an RBI-registered NBFC. A genuine portal will display the lender’s name, registration details and official contact information.