Being there when they need you the most can make a big difference to how employees view your company. As the owner of the HR & Payroll responsibilities in your organization, use sumHR to facilitate loan and advance salary disbursements without complicating things. Maintain good practices with clearly defined loan policies and set minimum eligibility criteria to ensure risk control for the organization.
Set prerequisites and eligibility criteria for granting loans to employees and ensure only deserving ones receive the loan. This will assist your payroll team stay in-line with your company's policy on employee loans.
Often there will be requests from employees to settle partial or even full loan amounts before the tenure expires. If you face this situation, sumHR will take care of automatically adjusting the EMI values accordingly.
Take a kinder position if employees request for skipping current month's loan repayment schedule (EMI). You can easily manage this without worrying about miscalculations in future. We'll skip this month and re-continue from the next.
Whether your Payroll policy outlines an employee-friendly Reducing Interest method or if your company has chosen the conventional Flat Interest method, we've got the options to execute your decision. Though, we hope you choose the former.
Paying back loans is not easy for employees, that's why HR & Payroll teams are often requested for EMI flexibility. Our EMI options help you make kinder decisions that not only earn goodwill but also an enviable employee loyalty.
Set a professional and empathetic loan policy that allows for employees to request for salary advance or loans in their times of need. You can set eligibilty criteria in the form of tenure of service or even stage of employment.
Whenever employees get a chance, they'd want to repay loans, as soon as possible. These repayments can happen at unscheduled times too. Flexibly keep an account of such payments and log remakrs for future reference.
Help out employees when they're vulnerable by extending their loan repayment tenures. On the other hand, if they're comfortable you can even cut-it-short to reduce the repaymen schedule, and revise employee loan closing dates.