Your employer may well be your guardian angel
Facing a cash crunch? Your boss could well offer some help.
Companies are extending help to employees by paying advance salaries in denomination of Rs 100, offering half day and full day leaves, flexible shifts and other interim financial help.
For Instance: Beauty and wellness firm, VLCC Health Care, has announced part advance salary payment to its entire staff in denominations of Rs 100. “This will ensure that their day-to-day household and urgent expenses are met with ease,” said Paramjit Singh Nayyar, global chief human resource officer, VLCC Healthcare.
“For team members, who have critical project timelines and can’t go to banks etc, we have given them office boys with authorisation letter to deposit or receive funds,” said Sunaina Mattoo Khanna, chief people officer and head transformation, Bajaj Capital.
Telecom firm, MTS India, which has got installed ATM machine at its corporate office in Gurgaon is continuously co-ordinating with bank for replenishing the cash in machine.
Startups, which are more eager to retain talent and provide personal attention to their employees, have also taken several initiatives. Knowledge services start-ups, Knowlarity has offered half day offs to its employees who need to visit the banks and get their currency sorted. “In certain extreme cases, we have also provided interim financial help, to ensure that daily chores are handled without interruptions,” said Ambarish Gupta, chief executive officer, Knowlarity.
Digital marketing startup, Pulp Strategy has also taken similar initiative. “We are extending flexible timings where employees can visit the bank or ATM at a time of their choice without impacting their leave. The banks are crowded and for support staff we have also provided petty cash to cover 2-3 days critical expenses,” said Ambika Sharma, founder of Pulp Strategy.
Avon, American direct selling company in beauty, household, and personal care category has organised a workshop where company’s finance experts explained the transition plan and available options to the employees.
Another skilling start-up, STC Skills, has provided a day off to its employees to manage their funds and accounts at banks apart from giving advance salary to their employees to meet the daily expenses.
This is a brilliant step. The move will ensure that black money circulation is put to a
You can never get a perfect timing. There will be some problem or the other at given point. This exercise was long overdue and we must understand this. From our side, we will try and educate and communicate