Salary Advance and Organisational Employees.

[Etini]

Salary advance is a facility provided by some organisations that allows staff to access a part of their salary before payday. Salary advances could be a great morale booster to staff knowing that they can always access funds to meet up with financial emergencies.

Most companies that offer salary advance facilities tend to have staff that are loyal to the business because the business has demonstrated trust in them as employees by giving them a part of their pay even when not due. I have seen staff take salary advances to pay them school fees of their kids, take their kids to hospital under emergency and other financial interventions. It helps to boost staff retention because staff won't want to leave because they know the next workplace might not offer such leverages.

Have you ever accessed salary advance? What do you think is the effect on employees?

 

[King bell]

Salary advance is the act of giving employees part of their salary to help them deal with unexpected events before payday. The benefits are: quick money availability, convenient application procedure, small or none interests charged on this amount and its collection through future pay checks plus relieved economic hardship. Nevertheless, it is mandatory for workers to use the loan in a wise way by being prompt in clearing it to protect themselves from monetary difficulties.