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Most companies rely on the performance of a minimal and highly specialized workforce to operate. Any decline in the work quality of employees can prove to be terrible or even disastrous for companies, no matter how big or small.
One factor affecting the productivity of employees is when they encounter emergency situations that require extra funds. Because these expenses are unexpected, employees find it hard to look for funds to cover these costs. They either have to turn to relatives or friends to borrow money- or even worse, third party lenders who require too much paperwork or charge unreasonable interest rates.
Employees suffering from financial stress are not able to work at their best. Relieving the financial stress of employees, on the other hand, enables higher productivity, better work quality, higher morale, and a more constructive work environment.
Cebuana Lhuillier, the Philippines’ largest and strongest micro-financial services provider, in partnership with Advance, the country’s leading provider of on-demand credit for employees, jointly introduce a new product: Cebuana Lhuillier Advance. Cebuana Lhuillier Advance enables employers to provide on-demand financial assistance to their employees. It allows employees to access a portion of their salary as a revolving line of credit through the Cebuana Lhuillier Advance mobile app.
Cebuana Lhuillier Advance allows employers to provide employees 24/7 instant access to much-needed cash for emergencies and daily needs without disrupting their company’s possibly limited cash flow. Employers who offer loan assistance through the Cebuana Lhuillier Advance app also have a better chance of attracting top talent as this would show potential employees that the company they could be working for has a readily available loan facility in case the need arises.
Operationally, Cebuana Lhuillier Advance also simplifies the salary deduction process. It also provides employers with data, insights and analytics, giving valuable information that allows employers to have a better understanding of their business and their employees. And for companies who have yet to upgrade their day-to-day activities, Cebuana Lhuillier Advance may also be their initial adoption to digital technology and may be the impetus they need to improve and switch to modern business processes.
Cebuana Lhuillier President and CEO Jean Henri Lhuillier accentuated the ultimate purpose of the Cebuana Lhuillier Advance service by saying, “We at Cebuana Lhuillier have always been about providing Filipinos excellent products that address their financial needs and help them in their financial wellness journey. I am very excited with this new product as it not only benefits the end-users but at the same time, companies, especially the MSMEs”.
Advance CEO and co-founder, Jaime de los Angeles, shared: “We are proud to be part of Cebuana Lhuillier’s ecosystem promoting financial inclusion and mobility. With this product, we know we can help both employers and their employees go about their daily work and responsibilities by helping them secure a more stable financial footing”.
