Salary Advance Policy
When do you help your employees if not in times of need? There are rare/extraordinary occasions when your workforce seeks financial assistance from you.
So, give them the salary advance that they require but first, study the complete standard salary advance policy by HROne.Download Now!
When you draft a salary advance policy for your employees to understand and follow each and every protocol, make sure it has the following points:
What is a Salary Advance Policy?
A salary advance policy is a system of principles. It describes the conditions under which an employee can access some amount of money from his/her salary in advance for personal reasons before payday. It mentions details such as eligibility, the application process, advance amount, repayment, guidelines, governance, exceptions, and other factors.
“Over 60% of hourly and gig workers believe that wage advance or an on-demand payroll is the most highly desired employee benefit.” – PaymentsJournal
Why is a Salary Advance Policy important?
A salary advance policy is necessary to delineate all the relevant rules that employees need to follow before applying for the advance money. To avoid confusion in the future, and ensure proper abidance by the written principles, the policy must be drafted thoroughly and read by the employees carefully.
Don’t worry about incorporating employees’ expenses, reimbursements, and salary advances while calculating the final payout amount. HROne’s payroll management software has got you covered!