Benefits of Salary Advance Loan To Employers
BENEFITS OF SALARY ADVANCE LOAN TO EMPLOYERS.
Recruiting the right personnel for the job can be challenging for any business/company. Once you find the right person for the job, you need to be competitive in the market and stand out from the crowd. A good salary is not enough, as research shows 37% of employees face financial hardship every month before their next payday. When this happens, employees explore several options to get the extra cash, and they usually go for personal loans. However, sometimes those loans are rejected, or the interest rates may be too high. When that happens, it doesn’t help the employees much in the long run. Why not offer them another alternative- a salary advance loan, or in our case, Inua Salo loan.
Salary advance loan (Inua Salo) is a Short-term loan of between 1 and 3 months available to salaried employees who apply for them. An employer’s approval is required, and the loan should not exceed three times one’s basic salary. It is not unusual for employees to need financial help from time to time, and companies have tapped into this opportunity by offering salary advance loans. In turn, they are reaping benefits from it. Below are the benefits, follow through.
- Increased Productivity.
Employees’ productivity has a significant impact on the overall business performance. With increased productivity, the business is impacted positively and reflected on the business revenues. Offering your employees the option of taking salary advance loans when they need it will boost their happiness, productivity, and focus at the workplace. When one of your employees is worrying about their child’s school fees, that is all they will be doing. Wouldn’t it be nice to step in as an employer with a salary advance loan and put their mind at ease? That is how salary advance will help with increased productivity and focus at work.
- Boosts Employee Morale and Fosters Loyalty.
When you step in like that in their times of need, it sends out a message to the employees that if they are troubled with financial woes, they can approach you as their employer instead of considering short-term loans. The employees will trust you and stick with you, not to mention their morale will be boosted. As an employer, being with your employees when they are in need, you will be a friend indeed.
- Impacts Recruitment and Retention Positively.
During the current Corona times, when most companies are cutting costs by reducing benefits extended to employees, offering your employees the benefit of financial assistance in the form of salary advance loans will give your company a competitive edge over its competitors. Attracting new and retaining the current employees will be easy.
- Reflects On Your Employee Welfare Prioritization.
Salary advance loan positively impacts your company’s image, brand, and social standing. It informs the general public that you care about your employees’ financial wellness to the extend that you are willing to step in and help in their times of need.
A report by Ernst Young found out that 80% of employees would use a form of salary advance loan if offered. You can’t deny the benefits of salary advance, but not all companies have started to tend to their employees’ need for salary advance loans. Whether you are a company/organization/business looking to partner with someone to create a salary advance program for your employees, Elevate Credit is an option to consider. GET IN TOUCH WITH US NOW AND ASK ABOUT INUA SALO.