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Date9/7/2021 6:12:40 PM
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92 21 3496 699192 21 3496 6991
92 21 3496 699192 21 3496 6991
Human resource department work is more complex and involved today than it ever has been. There’s so much that goes into the management of employee information, which is used for everything from recruiting and hiring to training, evaluations, and so much more. The importance and manpower behind these tasks make it critical for human resources professionals to have HR management software for more efficient management of HR information.
One of the complex features for HR includes Employee loans as it is the money that is given by a business to assist an employee. Similar to personal and business lending, employee loans typically come with an interest rate and repayment schedule. However, employee loan interest rates are usually a small fee to cover the cost of administering the loan program, and any tax liabilities the employer may incur.
Several companies provide loans to their employees and managing that data is of utmost importance. So when the employee pays back the loan following the repayment schedule typically via deductions in their future paychecks. In this way, employee loans can be looked at as an advance on future earnings by the employee. That’s why organizations who are running on a large scale especially find it difficult to keep track of all the loans and repayment that’s why they look for Staff Loans Solution which can make the whole process easier.
Sofcom is Staff Loans Software that provides a fully-fledged functionality for employees to request loans with details such as the loan amount, date of the first installment, etc. It helps users to improve the activity, efficiency, and transparency for providing better service to the employees.
Moreover, a customized Staff Loans System can be also cloud-based for improved productivity and efficiency from the initial loan application stage and beyond. Likewise, the solution may be scaled specifically to meet your needs today and may easily grow with your company.
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