The key differentiating factor between the organizations is actually their respective workforces. All organizations want to have a skilled and dedicated workforce driving their growth for them. That’s why one of the key focus areas for organizations is creating better employee financial wellness as it has been seen that better finance is one of the highest motivators for employees. Creating better Financial wellness for employees does not only mean increasing the compensation of employees but rather enabling them to access various helpful financial solutions to help them manage their finances better.
In this regard, lots of organizations have enabled multiple fintech apps for their employees either by dealing with service providers separately or using integrated App marketplace like Repute, which can be easily accessed by using Repute’s partner HRMSs. These fintech apps include apps from various sub-segments like – Advance salary, Insuretech, Quick loans etc.
Apart from the specific benefits these apps offer, the key differentiating factor of using these apps from Repute Marketplace is the speed and ease of usage. All these financial offers can be availed by employees instantly as it is integrated with the payroll and KYC happens within seconds. Another key advantage of managing these apps using Repute Marketplace is the unique feature called DaS (Deduction at source).
What is Deduction at Source (DaS)?
The manual collection of repayments & EMIs for financial service providers from users is typically a complex operation as it involves lots of manual processes which makes it complicated for users as well as service providers.
Repute’s Deduction at Source (DaS) is a technology-first approach, and a unique methodology to enable the deduction of loans, EMIs, Insurance repayments, and scheduled spending directly from their respective payrolls. This is immensely beneficial for employees as there is no paperwork involved and they can monitor and control their finances with ease.
What is in it for Organizations?
By enabling access to various fintech apps to their employees, on one hand, Organizations can create better financial wellness for their employees and on the other hand by enabling DaS they can create seamless and easy access and management of financial solutions for employees. Moreover, if DaS is enabled the interest rates of various financial services can be decreased as DaS also ensures hassle-free and secured collection of EMIs for the service providers. This key benefit could act as a differentiating factor for Organizations in terms of attracting and retaining talents.
Currently, Repute Marketplace is integrated with more than 13 HRMS covering 22,000+ organizations and the network is growing at an exponential pace. To know more about it please reach out to us.
Repute is India’s 1st Market Network transforming the Talent ecosystem by creating an interconnected blockchain powered Network between Organizations, Employees, HR/Payroll systems & Service providers.