Check cashiers, finance companies and others are making small, short-term, high-rate loans that go by a variety of names: payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans. Payday loans are loans that are taken for a short duration of time and need to be paid back on the next payday. Payday loans are useful if you are experiencing cash flow problems or if you need cash for an emergency but borrowers must remain aware of the high interest rates attached to these loans. Payday loans are established with these folks in mind and they are the reason fax less payday loans are available.A majority of Payday Loan companies offer convenient payday loans and you usually get the money within a day or so. You usually have to fax paperwork to the company, and, if approved for a cash loan, the money is wired (additional cash wire fee) to your account within 24 hours. But now, you can go online any time of day, fill out a quick and simple form, and get the money that you need almost instantly. When you apply online for payday loans, your application is processed in just minutes. Once you are approved, the amount of your loan is transferred overnight into your checking account; you have the cash the next day. With service like this, payday loans are virtually just minutes away.Because people who use payday lenders are usually in desperate financial situations already, they may have trouble repaying the original loan and they continue to extend it until they’ve paid more in fees than the amount of their original loan. You should keep in mind that the payments towards this loan should be made on time otherwise you would be charged a higher interest rate and fees on the loan. But if the customer is unable to pay off the entire loan with his or her paycheck, the outstanding balance incurs late charges and additional interest fees. If the fees cause you to have insufficient funds in your bank account, you’ll be charged a $25 returned check fee by the company in addition to your bank’s returned check fee. If the borrower continues to have financial problems and cannot pay back the loan as promised, the interest keeps building and so does the debt. If payday loans roll over three times, the accrued interest can equal or surpass the original amount of the cash advance. If a payday loan is your only choice, make sure you understand the terms hidden in fine print and are aware of all the fees.Many consumers literally live from paycheck to paycheck, which means any unexpected expense can cause financial disaster. If you are stuck in the middle of a pay cycle, you just might not be able to come up with the cash you need. Cash Advances on Credit Cards Credit card cash advances, which are offered at about 30% APR, are much cheaper than getting a payday loan. Another alternative is a credit union loan ,credit unions offer small, short-term loans to their members. Unfortunately not everyone can afford to wait for emergency funds and not everyone can boast a flawless credit history that will let them qualify for a bank loan.A Growing Industry In a nutshell, payday lending is a highly profitable business that encourages people to “pawn their paycheck” and become trapped in a “downward spiral of debt. Payday lending or making payday loans is now a booming industry, and with life getting tougher for many people each and every day, it’s only ever going to keep expanding. Payday lending is often regarded as something predatory and it is of the common belief that payday customers are being used as fodder by the money hungry payday lenders.
Don’t Start Your Worksite Wellness Program This Way (Avoid These Five Common Mistakes!)
Employee health and wellbeing programs are all the rage today. New programs are being launched all the time. If you are thinking about launching a program, you do want to optimize your effort and maximize the benefits, right?The workplace is often seen as a venue through which to reach adults for the purpose of health education and promotion. While employee health and wellbeing programs are often seen as offering many potential benefits, far too many organizations do not understand the intricacies and challenges associated with launching or implementing an effective and successful program.The five mistakes listed below are the most commonly made mistakes when launching or implementing a worksite wellness program.Mistake #1: No Initial AssessmentFar too many worksite wellness programs are launched or implemented without the benefit of a comprehensive, organization-wide needs assessment and subsequent data analysis having been conducted. How do you know what needs to be addressed by the programming and interventions if you have not done any type of assessment?What You Should Do DifferentlyBuild an appropriate foundation for your program by examining existing, available employee health, wellness and wellbeing data. Find out from senior leaders what they want. Learn from employees what their needs and interests might be. Identify existing resources you can tap into to support your programming and interventions.Mistake #2: No Program PlanRecent survey research revealed that only 16% of employers responding to the survey have an employee health and wellbeing plan in place.What You Should Do DifferentlyMake a plan! Your program should have at least an annual operating plan to guide its operation so the program is not dependent upon any one person. What happens if that employee dies or leaves the organization? Having a plan in place will mean that your program be sustained, despite the changes. Your plan should be based upon the program’s purpose and that it contains goals, objectives, a program timeline and a budget.Mistake #3: No Plan for Monitoring, Measuring or EvaluationThe latest survey research shows that less than 45% of the wellness programs in existence today monitor, measure, or evaluate what they do. What value is there in implementing a program if you don’t measure the results it achieves?What You Should Do DifferentlyIdentify the metrics associated with your program’s purpose, goals and objectives. Create an evaluation plan for how you will measure these metrics for each intervention, where appropriate, and for your program overall.Mistake #4: Programming and Interventions Not AlignedThe typical employee population can generally be stratified into three different groups based on health risk level: No or low risk, Moderate risk and High risk. One size or type of health, wellness or wellbeing programming or intervention will not successfully address all three groups.What You Should Do DifferentlyThe programming or interventions you offer need to be aligned with the appropriate risk level. Programming and interventions should also be aligned with employee readiness to change. Employees will also participate more when they have a role in deciding on and in delivering the programming or interventions.Mistake #5: Lacking Management SupportSuccessful employee health and wellbeing programs have the support and ideally the involvement and participation of all levels of management. Employees readily notice and take their participation cues from who does and does not actively support and participate in the program’s offerings.What You Should Do DifferentlyTalk to all levels of management to learn why they are not supportive of employee health and wellness and then work to resolve or overcome their concerns. Provide the necessary resources to managers and leaders so they will have what they need to support the program with their direct reports.Wellness is more than having broccoli in the cafeteria or having healthier items in the vending machines. Worksite wellness is about making the healthiest choice the easiest choice for employees.
The Role of Change Management in Successful Information Management Solutions
IntroductionImplementation of Information Management solutions necessarily brings change to any organization. Business practices, role and relationships all affect the way in which people work and interact on a day-to-day basis. Whether the driver for implementation is for productivity, compliance or risk reduction there is always the need to consider what impact there will be on user communities.Document and records management practices in organizations are not often front-of-mind for most managers and employees and asking them to think about information in a different way or even at all, as a corporate asset requires a fundamental mindset change. This will take many employees out of their comfort zone, impact on their confidence and competence to perform the work and creates a situation where individuals can sense a loss of control in their work context.It is natural that most people initially react with caution with concerns about their future, security and where they will fit in to a new order of things. In any group there will be 10% who are excited by the prospect of change and at the other end 10% who will resist change regardless. This means that there are 80% who can be influenced one way or the other.The successful implementation of an information management system extends far beyond the design and implementation. It extends beyond the support and operation. Effective information management requires a fundamental mind-shift by stakeholders and everyone in the organization that relies on information in their work activities. This shift needs to be carefully executed to create a requisite culture in which information is appropriately and thoroughly managed as a key organizational asset.What is Change Management?Change management is the art of influencing the majority to positively accept and commit emotionally to the change. Many of the issues arising as a response to change can be real or perceived and are closely related in a cause and effect network. Either way, they need to be addressed to avoid resistance or rejection of the change. This requires a combination of communication, understanding, mentoring, coaching and general support with the aim of building trust. It is from this position of trust that the task of building the work culture required for successful information management begins. The ’4 Cs’ of change management help us think about the change from an effected user point of view.Comfort People are creatures of habit and develop patterns of working within a comfort zone of daily activities.Control Changed practices may cause a loss of control over daily routines and activities. This may come through changed reporting lines or responsibilities which can evoke a level of discomfort.Confidence The introduction of new practices may undermine employee confidence in their ability to perform. Some may see this as challenge, for others it can be stressful. Often the introduction of computer equipment is something that can be discomforting. Some people, particularly older workers may have no experience with computers and can cause self doubt over their abilities to learn the new skills required.Competence To be able to operate in a changed work environment there is always an element of re-skilling required. This necessarily means that current skills, often developed over an extended period of time will need updating or may become redundant. This uncertainty can impact on an employee’s competence and ability to perform.The management of the complex web of responses, issues and perceptions requires focused attention. The skills of a change manager are built on an understanding of human behavior and the change manager’s role is to assist people to understand the change and what it means in personal terms and has been proven to be a significant success factor in building Information Management capability.Why is Change Management important?As volumes of information inevitably grow and our regulatory obligations increase amid the ongoing business pursuit of productivity, we cannot afford to waste the opportunity to exploit the benefits of information management solutions.Studies repeatedly show that a key risk in the success or failure of information management solutions is stakeholder resistance to change. Through an investment of time and effort in preparing the user community for the coming change the chances of resistance are lowered. In short without a disciplined approach to managing stakeholders through the change then realization of anticipated benefits is put at risk. This has impact on business productivity, staff moral and the bottom-line. So it would seem logical for us to deploy our information management solutions in the most effective manner.Some common Change Management pitfalls of an IM solution implementationWe are seeing an ongoing consolidation of the information management vendor community and a subsequent convergence of the underlying technology. There is a growing recognition by organizations that an information management capability is needed. Further, audit activity frequently highlights any shortfalls in performance and organizations react accordingly.The selection of an information management solution is an important corporate investment and common pitfalls addressed by change management include:Focus on TechnologyIgnoring the emotional needs of users in the rush to get the technology in place can create a real project risk. Many organizations with an information management solution already in place experience a negativity of opinion towards the system. Often the cause of this perception can be traced to an initial technical implementation focus that neglected the needs of those who consequently struggled to apply new functionality in their work activities. An effective change management approach including awareness building and communication can turn this perception around.Recognition of the Business importance of InformationThe low profile that information management has in most employees’ minds can be an issue. We are all busy and in the scheme of things ‘filing’ is not front-of-mind for the majority of employee’s striving to keep pace with everyday work pressures. Document management and filing, can fall down the priority list partly because of work pressures and partly because of limited awareness and can be seen one of the things that ‘should’ be done’ rather than something that ‘must’ be done.Organizations recognising the business value of information as an asset can then raise awareness of its importance and manage it accordingly. An increased awareness of this importance should also influence the planning of information management system deployments.Business Case and BudgetThe business case for information management is focused on risk, mitigation, and productivity. However; many benefits are intangible and have an indirect impact on the bottom line. Unfortunately associated costs are very tangible and visible.Consequently, there are challenges in the development of the business case as it can fail to excite the financial fundamentalists who view the whole undertaking in terms of an unavoidable cost that must be minimized. For the uninformed, change management activities can be seen as non-essential and result in budgets being set to minimise cost adding to the risk of failure.Although not unique to Information management implementations these above factors can create significant project risk. Change Management techniques are designed to address the human behavioral issues that can adversely impact on project success and as such, are a necessary inclusion in any deployment activity.What are some Change Management best practices for an IM solution implementation?When it is apparent users are not participating in Information Management practices an objective assessment can identify a way forward that is usually cost effective and will meet organizational needs within a much shorter timeframe. This assessment must take an independent and holistic view of the situation from multiple perspectives.This assessment must identify the root causes of any associated issues and develop a clear strategy to build the information management capability required. There are a number of common elements that have emerged as issues with information management implementations that have nothing to do with the incumbent technological tool and the strategy developed must consider how these are to be addressed.The capability assessment framework enables organizations to holistically assess information management practices and to identify improvement opportunities that will build capability. This is achieved by benchmarking current organizational practice against best practice in each of the dimensions of the framework. The best practice benchmark criteria in the framework have been identified through experience with multiple organizations across industry sectors and geographies, and are augmented through industry collaboration and global academic research outcomes.The dimensions of information management identified in the framework are defined as follows.StrategyBest practice organization’s should have a clear strategy relating to its management and use of information The strategy clearly defines the content and structure of the information, how it is to be governed and applied to support the primary business strategy.ContentWe can assume that most organizations have the information content that is required to manage their business. If this is not the case then it is difficult to envisage the organization operating successfully or at all. However, most organizations suffer from an ad-hoc approach to the management of this important asset. Best practices relating to managing this content start by having an inventory of the content, a consistent architecture governing naming conventions, taxonomy, where content is held, how content is held, i.e. hard copy soft copy formats and who can access what categories of information.ProcessDue process governing how information is created, stored, accessed and communicated is fundamental to the governance of enterprise information.Governance is the combination of processes and structures implemented at management level to inform, direct, manage, and monitor the information management activities of the organization. This consists of clear policy, procedure and business rules guiding information management practices. These must be developed in context of the organization’s business activity and be clearly communicated to stakeholders.Information management governance also includes the development of business classification schemes, taxonomy, naming conventions and rules governing the creation, storage, protection, communication, sensitivities, use and appropriate destruction of information.CultureThe manner in which information is treated and perceived in an organization is reflective of organizational culture. Best practice organizations have clear understandings and norms recognising the importance of information as an asset. This mindset needs to be pervasive across the organizational culture and is fundamental to induction and staff development initiatives.Change management during information systems implementations is a clear best practice aimed at creating the cultural awareness and mindset required.RelationshipsOrganizations operate within a network of relationships with stakeholders. These stakeholders include customers, suppliers, regulators and industry bodies. Best practice organizations have clear understanding and service level agreements with other stakeholders in order that corporate record keeping obligations are met and to ensure information is shared appropriately and to the level required to maximize efficiency.ServicesThe application of Information as an asset is fundamental to the services or products offered to the market place. Best practice organizations embed value-adding knowledge and information into services to maximize attractiveness and utility. Corporate discipline ensuring the validity of information shared is necessary to mitigate risk of non-compliance and avoid potential litigation.TechnologyInformation technology is fundamental to the management of the information asset. Clear and consistent architectures, data and information structures, security and operational tools indicate a mature approach to information management. Best practice organizations have clearly defined architectures.Change Management Best PracticeThe capability assessment framework facilitates benchmarking against specific best practice indicators. The absence of any of these indicators provides an opportunity for the organization to improve. Over and above these specific indicators the following themes have emerged as overarching best practice in change management as information management capability is developed.GovernanceAs discussed above governance is the combination of processes and structures to inform, direct, manage, and monitor information management activities. This includes effective record keeping practices. It is important that organizations develop governance practices as early as possible in implementation projects. This often means putting governance in place prior to specification, selection and deployment of a technology solution. This has a double benefit. Firstly: stakeholder’s become familiar with information management expectations and the requisite culture begins to develop; and secondly; the organization gains the opportunity to refine its governance structures prior to full deployment.Information Management SystemThe selection of an enabling information management technology to meet performance and functional requirements should follow a diligent approach. It is best practice for selection criteria to consider wider information management architectural needs. The functional richness of available solutions can allow the retirement of duplicative products providing islands of functionality. Workflow or WebPages are common examples of these islands where products have been acquired for a single one-off purpose and are unable to integrate with core applications. Once configured and deployed the new infrastructure can provide the opportunity to create an integrated technology architecture thereby reducing support cost.PilotsThere are many examples of high cost, high-profile failures in the information technology industry. Often this can be traced to over-ambition and a big-bang approach to deployment.Implementation of Information Management capability within well defined scope delivered in incremental steps provides many benefits. Primarily incremental implementation through a series of pilot deployments allows adaptation of the solution based on real experience before attempting to conquer the world. Many organizations are benefiting from the adoption of this approach.User FocusThe inclusion of change management activities focused on preparing stakeholders to take on the reformed work practices mitigate against risk of stakeholder resistance. This involves considering the emotional needs of all stakeholders to ensure that they feel in control, are comfortable and have the confidence and competence to execute new work practices. For many stakeholders the learning of new skills and changed role and responsibility provides enhanced career opportunity.ArchitectureMost of the solutions available in the marketplace offer rich functionality to manage documents and content in a web-based environment. Full use of the functionality on offer can simplify the technical architecture and realize savings in licence and administrative cost further justifying investment.Change Management Roles and ResponsibilitiesThe change manager works very closely with stakeholders and it is important that relationships based on trust are established. The personal attributes of a successful change manager are empathy and patience. The role and responsibility of the change manager is focused on understanding stakeholder needs, building an awareness of the need for change and supporting these stakeholders as they transition to new work practices.Some key responsibilities for the change manager include communications, setting up reporting and communication channels, participating in business process reform, workshop facilitation, staff training, mentoring and awareness building. In short, any activity that interacts and prepares the user community to participate in reformed work practices.Regardless of the scale of undertaking information management projects require a change management capability. In large scale projects there may be dedicated change management resources. For smaller scale projects this role may be a part-time or shared responsibility. The change management role can in many instances be a shared role across the development. Sometimes this can be provided through a corporate change management function. Regardless of how the role is resourced it is essential that it is included.Many routinely conducted project activities such as workshops, interviews, training and presentations are in fact change management opportunities as these events they are interactions with stakeholders. They therefore present the ideal opportunity to develop the relationship of trust between the project team members and stakeholders.It is important to avoid the situation where contributing stakeholders feel as though they have been sucked dry for information by technical people. This can be avoided through the development of awareness of the importance of the project team/stakeholder relationship thereby maximizing the value of this contact time.Further, ‘champions’ can be identified from within the stakeholder community. This provides a critical change management input. As these champions are representatives drawn from the stakeholder community their roles can be a very influential and positive contributor to project success.SummaryResearch shows proves that higher levels of user acceptance and greater use of installed solutions are achieved when deliberate change management activities are included in the implementation work plan and life cycle. Best practice in change management is focused on the early involvement of stakeholders and on building a trusting relationship. Accordingly, leading organizations have recognized its importance and routinely allocate resources as projects are plannedFor most organizations there is the opportunity improve information management performance. A place to start is through a benchmarking assessment of information management capability against best practice to identify how to realize available benefits by learning from the success of others.This paper has emphasized change management and the resultant outcomes and opportunities as best practice. The selection of an information management solution is an important corporate investment. For those organizations considering implementation and for those that have current infrastructure in place, there is the real opportunity to maximize return on investment and to create a work culture that displays the requisite information management behaviours.