- Knowing that the employer helped during their time of need and placed faith in them to repay the loan may make employees feel more committed to an employer.
- This may help with retention, job satisfaction, improve work focus and productivity.
- Asking an employer may seem to be a good idea for employees, as the employer may offer more favourable terms than a bank and will be able to line up repayment dates with pay-check dates.
Applying…
| Each employee can apply for loans and advances from his/her account.The applications will auto appear in the line manager account for recommendation or rejection.Recommended applications will be further available for approval in the account of designated person. |
Reports
| 1. Employee can view the status of his/her loan application from the account 2. Loan and advance reports can be filtered employee-wise, location-wise and employee type-wise for a selected period or between a particular period. |
Integration
| 1. Auto linked with payroll for deductions of monthly instalments from the salaries/wages 2. Can be integrated with MAB ERP for affecting the financial statements. |
Controls
Line manager can only view his/her department applications
Continuous updates based on feedback and feedforward