1Office Care Solution – Flexible Salary Advance Partnering with Businesses

(According to Dan Tri) Many businesses are not ready to implement a salary advance policy due to barriers in capital, procedures, and processes. The 1Office Care salary advance solution was launched to help businesses provide salary advances to employees in time for the Lunar New Year.

Towards the end of the year, people’s spending needs increase significantly, with expenses for Tet clothing, household items, food, and sometimes debt payments or gifts for parents—many financial matters need to be addressed. This, in turn, increases the demand for salary advances among employees. This is especially true as many companies let their employees start the 2022 Lunar New Year holiday on January 29, which is before the January payday.

In fact, the need for salary advances is not limited to the pre-Tet period; employees may need them at any time. When a company implements a salary advance policy, employees are freed from personal financial worries for unexpected expenses such as medical bills or costs for family and friends’ weddings and funerals. This indirectly creates a more comfortable and stress-free work environment for employees. Logically, this is a very reasonable request from employees, as they are only asking for an advance on the salary they have already earned and will receive at the end of the month.

However, from a business perspective, implementing a salary advance policy requires considering many factors. At the end of the year, while salary advances can help employees with their living costs, it is a sensitive issue for businesses as it can affect their cash flow. This is a time when companies are settling invoices and contracts for the year, paying debts to partners, not to mention paying Tet bonuses to employees, which can strain their financial resources. Furthermore, this is also a time when the HR and accounting departments are not particularly enthusiastic about implementing a new salary-related policy. This is because these departments are under the most pressure with year-end salary and bonus settlements for the entire company.

In businesses that have already implemented salary advance policies, manual and complex procedures often exist, leading to time-consuming reconciliation for the accounting department and adding to the workload of administrative and accounting staff. Therefore, many businesses are interested in salary advances but are hesitant to adopt such a policy. The act of requesting a salary advance, which should be a legitimate employee right, inadvertently becomes like “begging for a favor.”

With 6 years of experience partnering with over 3,500 businesses and more than 300,000 employees, the 1Office Total Business Management Solution understands better than anyone the needs of employees and the barriers businesses face with salary advance policies. For this reason, in the first week of January 2022, the company launched the flexible salary advance solution – 1Office Care – and a 100 billion VND Salary Advance Fund to help businesses using 1Office promptly implement the salary advance feature for their employees before the 2022 Lunar New Year (Year of the Tiger).

1Office Care is a solution built with the vision of becoming a feature that directly serves employees in businesses using 1Office. With 1Office Care, businesses can “borrow directly” from the 1Office Salary Advance Fund to meet their employees’ advance requests. Then, on the regular payday, the business will repay the advanced amount to 1Office. With this model, 1Office Care ensures 3 NOs for businesses: No fees – No impact on cash flow – No disruption to the payroll process.

Mr. Le Viet Thang, CEO of 1Office Joint Stock Company, stated: “In its initial phase, the salary advance feature, named 1Office Care, has an advance fund valued at 100 billion VND. 1Office Care can quickly address diverse personal financial needs, helping to improve the quality of life for employees before and after the 2022 Lunar New Year”.

Addressing the economic challenges of employees is the most practical form of moral support today. Therefore, the urgent launch of the 1Office Care feature right before the Lunar New Year is expected to provide a multi-faceted solution that resolves psychological and economic bottlenecks for both businesses and employees.

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