Emotional salary – it’s not all about money!

“Kudos! Thank you for going above and beyond to reach our important goals!”, “Sure, it is fine that you start and finish work earlier to get your children from kindergarten!” or “We are happy to support you in your new studies!”

These are things we hear more often at work these days. And these are also the things that most employees highly value and which increases their motivation to deliver better results. The times, where money was the only determinative factor when choosing the place to work, are gone. It is still important, but it is not the only motivation anymore (rather its absence creates demotivation).  Employees, especially millennials and Gen Z (which already represent more than 1/3 of workforce), are putting higher value on non-monetary benefits, such as feeling appreciated and valued , having freedom of managing own working schedule and style, and being able to create a fulfilling career while developing own talents and skills.

This brings us to the concept of Emotional Salary.

What exactly is Emotional Salary?

Interestingly, the word “emotions” did not exist in the English language before early 17th century and its studies began only early 19th century initiated by Scottish philosopher Thomas Brown. After numerous researches, what is certain among professors is that there is no one definition of emotion as it is hard to state in words. Nevertheless, our bodies are hardwired to feel emotions – whether we express them or not is our choice. As you now read words “happiness” or “sadness”, most probably you have association with these feelings at the same time.

And when we think in context of work – it is related to one’s emotions and the close connection they feel to the company. Emotional salary complements monetary salary received in the bank account and is more focused on the employee’s loyalty ensuring satisfaction and motivation. It is something, employees’ value more than money. Such as work fulfilment, autonomy, recognition and health insurance.  The aim of emotional salary is making your employees feel happier, as well as more motivated.

Why Emotional Salary is becoming increasingly important

Today’s society is not what it used to be before. Employees’ needs and values change. One of main reasons for the companies to add emotional salary to their remuneration policies is millennial generation appearance in work. Deloitte study found that nearly half of millennials plan to leave a job within two years. While salary is the expected explanation for the frequent company switches, it turns out other factors also play a part in influencing millennial decision-making and the notion that money buys commitment among millennials is false.

At the same time if it has not happened already, then soon millennials are set to make up more than half of your workplace. Equipped with the fresh knowledge and energy, they are the new talent which is needed for the companies to perform at its best. So, having the right motivation for the new employees in place is crucial for the company to remain in the business.

All those companies that have been able to rise to these new demands are today the preferred companies to work for the new generations and an example of what must be done to join them.

Now that we have concluded that raising salary itself will not necessarily increase motivation and sometimes even is not possible, how we can find the right balance between monetary and emotional salary and what to look for?

How to know if the organization is on track with Emotional Salary?

The usual questions are – how do I understand my current situation? How can I improve it? Will it cost me a fortune? When and how can I notice any improvements?

One simple way to start is to take a pen and a piece of paper and write down all the emotional benefits company offers. For example, giving 2 additional days of vacation for parents of young children or proving a health insurance.

Look at your list – is there any way you can get more of the things you have listed? Give a score out of 10 for each item of the list. Look at the 3 lowest scores and think of 3 things you can do to increase the scores. Discuss and compare it with other colleagues to validate your view and decide on next steps. It is important to do review of results and make a reflection once reasonable time has passed. It is a continuous process.

In everyday life just talk and listen more to your employees. You might hear either openly or through the words what are the things they value, and which do not. It should be noted that two people doing the same job in the same organization with the same manager for the same pay will value different things, so their Emotional Salary will not be the same. Accordingly, Emotional Salary varies with time.

We spend most of our time working, it’s important that we feel happy with the work we do. Gaining an awareness of Emotional Salary is an essential part of this. Once we have identified what is important, we can take action to get more of what we value, increase our Emotional Salary and make our workplace a happier place.

Some examples of Emotional Salary

  • Simple words

Human relationships are fundamental in a work environment, the recognition given by the boss for a good job such as “thank you”, “you did a good job” etc. is a positive feedback that makes an employee feel recognized and valued. The current time of remote working era adds a lot of stress to the employees and it is easy to feel distant. A simple recognition will make a huge impact.

  • Flexible schedules

With too many things on the plates, keeping work-life balance is hard. Especially when being squeezed in specific timeframes that add additional stress. Flexible working hours improve productivity because you allow employees to adapt to the best schedule for them, so, they can pick their children at kindergarten, plan their important life events or sometimes sleep a little more to start work with more energy.

  • Professional growth

Ensuring constant learning is important for employees’ personal growth. By providing access to professional training and helping to

get it with low or no extra cost for the employee, will motivate them learn new and develop existing skills. Overall, it positively impacts employees’ personal life, career growth and their abilities. And it translates into positive impact on your company’s results.

  • Custom compensation

As different employees have different needs, a custom compensation allows employees to choose from the services offered by the company, based on their needs. For example, having annual bonus points they can spend on getting discounts for buying company’s products, getting specific outside services for free or even donating to charity.

  • Social Benefits

Health care is one of the best ways to ensure feeling secure, so employees can have less stress when something bad happens, which also helps to recover faster. Additionally, you may add support of different consultants, such as, psychotherapists, if such need occurs. Employees feel appreciated that employer is thinking about their wellbeing.

This list could go on and on. All of them are legitimate and meaningful as long as they respond to real needs of the employees.

Employee happiness is no longer solely dependent on the amount of money a company can offer. Everything that brings quality and future to the professional life is valuable. A monetary increase of 100 dollars/month won`t be as tempting when deciding to leave work. Especially for young employees, they have seen the excess work in their elders and do not want to recreate the same lifestyle.

Social contacts and fun are as important as usual working routine. Employees no longer aspire to do a job, but to participate in the evolution of the company and society in general.

The highest salary will never be equal to the value of time, feeling valued and a better quality of life.


Reis, T.A., et al. Emotional Salary As A Strategy To Retain Talents, http://www.iosrjournals.org/iosr-jhss/papers/Vol.%2023%20Issue1/Version-3/H2301037480.pdf

Tomàs, A. Emotional salary (sometimes money is not enough), https://factorialhr.com/blog/emotional-salary-employee-happiness/

21 noderīgs rīks attālinātam darbam, darbinieku produktivitātes veicināšanai

Lielākā daļa uzņēmumu saskarās ar atpakaļ-pie- Covid-19-nosacījumiem. Tomēr, šoreiz, mēs esam gatavi vairāk nekā iepriekš. Ja jūs joprojām neesat digitalizējuši lielāko daļu savu procesu, mēs jums piedāvājam dažus rīkus, kas palīdzēs to izdarīt un veicināt darba efektivitāti.

Mēs esam tos sakārtojuši pēc attālinātā darba veida un sniedzam jums labākās izvēles katrā kategorijā:

• Attālinātu sapulču plānošana

Calendly –  ja jums ir apnicis sūtīt turp un atpakaļ e-pastus, lai atrastu laiku, kad tiktos, Calendly palīdz jums automatizēt sapulču plānošanu. Jūs varat iestatīt savu pieejamību un kopīgot saiti pa e-pastu vai pat pievienot to savai mājaslapai, lai visi varētu izvēlēties labāko pieejamo laiku. Tas ir lieliski piemērots arī laika joslu koordinēšanai un integrēšanai ar Google Calendar un Zoom.

World Time Buddy – kad otra puse nosūta jums ziņojumu: “Lūdzu, rezervējiet laiku plkst. 14:00 [ievietot vajadzīgo laika joslu].”, un jūs mēģināt noskaidrot, cik tas ir pēc jūsu pašreizējā laika, šis rīks ļauj bez pūlēm salīdzināt vairākas laika joslas un izvēlēties pareizo laiku savā laika joslā.

  • Video konferences  & video ierakstīšana

Zoom – šodien, iespējams, neviens nepalika bez tiešsaistes “mītiņu” pieredzes. Bet šīm sanāksmēm patiešām ir izšķiroša nozīme. Zoom sniedz vienkāršu veidu, kā sākt vai ieplānot sapulci. Vienkārši pārliecinieties, ka jūs plānojat sapulces savām komandām, un ievērojiet noteikto grafiku. Nav darba kārtības = nav sapulces.

Screen-cast-o-Matic –  dažreiz jums ir nepieciešams ierakstīt savu prezentāciju, lai jūs varētu to kopīgot ar citiem. Screen-cast-o-Matic ļauj jums izvēlēties, ko vēlaties ierakstīt – tikai ekrānu, tikai tīmekļa kameru vai abus. Mums patīk, cik viegli ir iespējams izveidot savu ekrāna ierakstu, ātri to rediģēt un saglabāt ierakstu kā video failu vai augšupielādēt YouTube vietnē koplietošanai.

  • Interaktīvie vebināri un aizraujošas prāta vētras

Slido – prezentēšana, nesaņemot atgriezenisko saiti, var justies vientuļa un nesasaistīta ar auditoriju. Slido palīdz iesaistīt attālināto auditoriju, veicot aptaujas, jautājumus un atbildes vai viktorīnas. Pārvērtiet savu nākamo prezentāciju vai vebināru interaktīvā divpusējā sarunā.

Miro –  tāfele var būt izmantota kā vieta, kur izpaust sava radošas idejas, domas vai kopēji atnākt pie kādiem viedokļiem sapulces laikā. Miro var sniegt to pašu arī attālināti, un papildus, sapulci var sākt ar jau iepriekš definētiem soļiem vai sākt no “tīrās lapas”, lai iezīmētu stratēģijas, produktu idejas vai vienkārši brīvi izpausties radošumā.

  • Uzdevumu saraksti un piezīmes

Todoist – jaunu pierakstu ievietošana darāmo darbu sarakstā un to atzīmēšana nedrīkst būt sarežģīta. Tāpēc mēs mīlam Todoist, jo tas ir vienkāršs, intuitīvs, tomēr elastīgs, lai atbilstu pat sarežģītākām vajadzībām.

Evernote – mēs mīlam papīra plānotājus un piezīmju blociņus, un mums gandrīz vienmēr ir viens pa rokai, taču, ja “gandrīz” nozīmē arī to, ka dažreiz mums nav tie pa rokai, tad Evernote vienmēr ir. Tā priekšrocības – piezīmju kārtošanas birkas, jaudīgas meklēšanas iespējas un pieejamība no jebkuras ierīces.

  • Komandas komunikācija un projektu vadība

Slack – strādājot attālināti, jums ir nepieciešama vieta, kur sadarboties ar komandu, ātri apspriesties  un apmainīties ar failiem. Tas, ko var viegli pazaudēt daudzos e-pastos, paliks šeit. Mums patīk lietošanas ērtums, kas ļauj arī netehniskiem lietotājiem brīvi strādāt, iespēja izveidot atseviķus saziņas kanālus, lai apspriestu konkrētas tēmas grupā un sarakstes, kas palīdz efektīvāk organizēt sarunas.

Trello –  iespējams, daudzus ar to nav jāiepazīstina, jo visā pasaulē to lieto vairāk nekā  50 miljoni cilvēku. Intuitīvs rīks visu jūsu projektu organizēšanai – sākot ar produktu izstrādi, izmantojot Kanban darbaplūsmu, līdz pat savu personīgo projektu plānošanai un izsekošanai.

Airtable – ja jums patīk “izklājlapu” (piemēram, Excel vai Google Sheets) strukturēšanas informācijas veids, tad Airtable ir lielisks rīks, kas darbojas kā saistību datu bāze, kur katrs datu apgabals ir saistīts ar kaut ko citu. Piemēram, sakārtojiet kontaktus un e-pastus, kas tika ievākti semināra laikā, saskatiet to kopsakarības un izsekojiet turpmākos notikumus.

Notion – kāds varētu jautāt, ar ko Notion, atšķiras no Evernote. Notion ir veidots kā viss-vienā risinājums, turpretim, Evernote ir domāts tieši piezīmju veidošanai. Uztveriet par Notion kā par LEGO, kas dod jums klucīšus, lai izveidotu darbavietu, pielāgojoties jūsu vajadzībām – komandas wiki ar materiāliem un uzdevumiem pēc vienotas struktūras, komandas darbu izpildes statusu , CRM vai jebkuru citu darbplūsmu, kas atbilst jūsu biznesa procesiem.

  • Tiešsaistes birojs un glabātuve

Google workspace (nesen pārdēvēts no G Suite) – ietver visus nepieciešamos produktivitātes rīkus (Docs, Sheets, Slides), kas jums nepieciešami, lai paveiktu darbu, un nodrošina komandai  vieglu sadarbības iespēju.

Papildus, Google Drive sniedz  15 GB bezmaksas glabātuvi, kur drošībā uzglabāt visus savus dokumentus un dalīties ar tiem starp dažādām ierīcēm un citiem lietotājiem.

  • Produktivitāte

Pomodone – pamatojoties uz nesen populāro Pomodoro laika vadības tehniku, Pomodone palīdz izsekot jūsu darba gaitām. Neuzskatiet to par savu darbinieku izsekošanu, drīzāk uztveriet to kā iespēju izveidot veselīgas attiecības ar darba laiku, lai pārliecinātos, ka darbinieki mājās nepārpūlas.

Plantie –  šī lietotne arī palīdz saglabāt uzmanību un būt klātesošam, izmantojot spēlošanas elementus – jūs varat izaudzēt savus iecienītākos augļus, vienlaikus turoties prom no visiem telefona traucekļiem, taču, ja jūs novēršaties, augļi nokalst.

DeskTime – ja jums jāveic darbinieku laika uzskaite, piemēram, ja rēķinus klientiem izrakstat, pamatojoties uz patērēto laiku konkrētiem projektiem, tad DeskTime palīdz automatizēt šo uzdevumu. Jūs pat varat izveidot pielāgotus pārskatus un uzreiz nosūtīt rēķinus saviem klientiem.

  • Dizainu un prototipu veidošana

Figma –  ja darbā kaut kas jādizainē, Figma ir vienkāršs un intuitīvs prototipu veidošanas rīks. Jūs varat viegli izveidot prototipu, uz kura var noklikšķināt, dalīties tajā ar citiem un apkopot atsauksmes – viss vienā vietā.

  • Darbinieku finansiālā labklājība

Flipful –  rīks, kas balstīts uz divu vajadzību apmierināšanu vienlaikus. Pirmkārt, dod darbiniekiem brīvību pār nopelnīto algu, kuru vajadzības gadījumā izmanto, tādējādi radot finansiālu drošību. Otrkārt, tas ir pieejams tik vien kā nospiežot pogu lietotnē, līdz ar to ar grāmatvedību netiek veidots kontakts, un pieprasījuma apstrādei tiek tērēts mazāk darba un laika. Savukārt, ietvertie finanšu pratības padomi palīdz labāk plānot budžetu un vairāk ietaupīt.

  • Darbinieku iesaiste un izklaide

SpatialChat – mēs visi zinām, cik svarīgi ir arī izklaidēties! Lai gan pasākumi ir aizliegti, SpatialChat ir visjautrākais veids, kā virtuālajā pasaulē no jauna izveidot reālas dzīves neformālas sanāksmes vai kokteiļu ballītes. Izmēģiniet paši! 🙂

Company’s Online Radio – jauns, iekšējās komunikācijas rīks laikā, kad darbinieki strādā attālināti. Lielisks veids, kā vienlaikus uzturēt sakarus un izklaidēties. Ātra informācijas apmaiņa, vadības ziņojumi, uzņēmuma jaunumi un daudzas citas iespējas. Tas jau veiksmīgi darbojas vairākās organizācijās.

Vai arī Tev ir padomā kāds interesants rīks? Lūdzu, padalies komentāros! 😊

The 21 Remote Work Tools to Increase Employee Productivity

Most of the businesses are facing a back-to-Covid-19 situation. Yet this time, we are prepared more than before. If you still haven`t digitalized most of your processes, we present some handful of tools, to help you with that.

We have organized them by the type of remote work and give you our picks for the best in each category:

  • Scheduling remote meetings

Calendly – If you are tired of sending back-and-forth emails to find a time to meet, Calendly helps you to automate meeting scheduling. You can set your availability and share the link via email or even add it on your website so everybody can pick the best time slot available. It’s also great for coordinating across time zones and integrates with Google Calendar and Zoom.

World Time Buddy – when another party sends you a message “please book time at 14 PM [insert time zone]” and you try to figure out how it translates to your current time zone, this tool allows you effortlessly compare multiple time zones.

  • Video conferencing & video recording

Zoom – probably no one is left without the experience of online meetings. But these meetings are indeed crucial. Zoom gives an easy way to launch or schedule a meeting. Just make sure, you schedule meetings for your teams’ and stick to that schedule. No agenda = no meetings.

Screen-cast-o-Matic – sometimes you need to record your presentation, so you can share it with others. Screen-cast-o-Matic allows you to choose what you’d like to record – screen only, webcam only or both. We love how easy you can make your own screencast, quickly edit it and save the recording as a video file or upload to YouTube for sharing.

  • Interactive webinars & engaging brainstorms

Slido – presenting without receiving feedback can feel lonely and disconnected with the audience. Slido helps you to engage your remote audience by running polls, Q&As or quizzes. Turn your next presentation or webinar in an interactive two-way conversation.

Miro – we often would use a whiteboard for creativity and thinking or collaborate visually with the meeting participants. Think of Miro as virtual whiteboard where you can start from pre-defined templates or from scratch to draw strategies, product roadmaps or just be randomly creative.

  • To-do list & note

Todoist – putting new items on your to-do list and ticking them off should not be complicated. Therefore, we love Todoist as it is simple, intuitive, yet flexible to suit even more sophisticated needs.

Evernote – we love paper planners and notebooks and we almost always have one with us, however, if “almost” also means that sometimes we do not have by our hand, then Evernote is the closest we have – with the advantage of having tags for organizing your notes, powerful search capabilities and accessibly from any device.

  • Team communication & project management

Slack – when working remotely you need a place to collaborate with the team, have quick person-person chats and exchange with files. What could be easily lost in a bunch of emails, will remain here. We like the ease of use which allows the non-technical users to pick up, the possibility to create dedicated channels to discuss specific topics among group and threads which help to organize conversations more effectively.

Trello – probably, it does not need an introduction for many, since it is used by >50 million people globally. An intuitive tool for organizing all your projects – from running your agile product development via Kanban workflow to planning and keeping track of your own personal projects.

Airtable – if you like “spreadsheet” (like Excel or Google Sheets) type of structuring information, then Airtable is a great tool that functions like a relational database where every piece of data is related to something else. For example, organize your contacts and emails collected from an event, see their relationships and track follow-ups.

Notion – while one might ask what the difference with Evernote is, Notion has been built as an all-in-one workplace tool, whereas Evernote is specifically for note-taking. Think of Notion like a LEGO which gives you building blocks to create workspace based on your needs – a team wiki with the materials and tasks in one structure, team status updates, CRM or any other workflow matching your business processes’.

  • Online office suite & storage

Google workspace (recently rebranded from G Suite) – includes all the necessary productivity tools (Docs, Sheets, Slides) you need to get your work done and ensures an easy way for the teams to work together.

In addition, Google Drive has 15 GB of free storage for keeping all the documents in a secure way and sharing across all your devices and with others.

  • Productivity & focus

Pomodone – based on the recently popular Pomodoro time management technique, Pomodone helps to track your working progress. Don`t see this as tracking your workers, rather see this as an opportunity to make a healthy relationship with working hours, to make sure, employees don`t overwork, while at home.

Plantie – this app also helps to stay focused and be present using gamification elements – you can grow your favourite fruit while keeping away from any distractions on your phone, but if you get distracted the fruit will wither.

DeskTime – if you need to do employee time tracking, for example, if you are billing your customers based on time spent on specific projects, then DeskTime helps to automate this task. You can even create customized reports and send invoices to your customers.

  • Designing & prototyping

Figma – if you need to design something in your work, Figma is a straightforward and intuitive tool for prototyping. You can easily make a clickable prototype, share it with others and gather feedback – all in one place.

  • Employee financial wellbeing

Flipful – a tool that meets two needs at once. First, gives employees freedom over their earned salaries, to be used when needed, thus creating financial safety. Second, it`s available just at the push of the button in the app, therefore, no contact is made with an accountant and less time and work is spent to process the request. Built-in financial education tips help to budget better and save more.

  • Employee engagement & entertainment

SpatialChat – we all know how important is also to have fun! While live events are forbidden, SpatialChat is the most fun way to re-create real-life informal meetings or cocktail parties with live DJ in a virtual world. Try it yourselves! 🙂

Company’s Online Radio – new, internal communication tool in a time when employees work remotely. Great way to keep in touch and have fun at the same time. Fast information movement, management reports, company’s updates and many more options. Successful tool for multiple organizations so far.

Do you have any other great tool you know to suggest? Please let us know in comments! 😊

Flexible salary as part of the employee’s experience

Employee experience is defined as satisfaction with benefits provided by the workplace, outside pay and basic benefits such as annual leave, financial bonuses, etc.

During the workshop organized by SmartHR, Flipful shared its knowledge, experience and solution on how to increase employee engagement in the company and reduce staff rotation.

What are the findings on the financial literacy of Latvian society?

This year’s crisis has shown how people are not prepared for unplanned spending and financial challenges. This is evidenced by at least the most searchable questions from Google related to financial help.

The FCMC study on financial literacy in Latvia in 2019 revealed rather sad results, especially the tendencies show that more work needs to be done in educating young people on financial planning and savings issues.

The data also show that despite the newly introduced restrictions on quick loans, their amount has decreased by only 10% and in 2019, 585 thousand loans were issued for an average amount of 404 euros.

Finally, in the European Financial Welfare Barometer, which compares 24 countries in terms of their citizens’ ability to pay their bills on time, independence from loans, savings for the future and financial literacy, Latvia ranks 21st with a financial literacy score of 20.6 out of 99, which can be compared to a barely successful student.

So what is financial well-being and how does it affect the employee?

Financial well-being is security for tomorrow and confidence in your finances. Paying bills with no worries, and have something left over. Financial well-being is when you have unplanned spending, there is no need to think about how to pay for it or where to borrow money.

Research shows that financial instability and stress suppress not only a person’s well-being, but also productivity (52%), as well as promote employee turnover (30%) and absence during working hours (47%), according to employers.

How to promote employee well-being in the workplace and how can flexible salaty payment help the issue?

By taking care of employees, companies have introduced various benefits that help to create a positive atmosphere in the workplace and increase productivity in general. Some of them are:

– Health Insurance

– Contributions to the 3rd pillar pensions

– Paid educational and team building activities

Employers have also included elements such as financial management and budgeting tools, financial health indicators and pension calculators in their wellness programs.

One of the financial tools that helps to establish a healthy relationship with your finances is the flexible salary payment offered by Flipul. Why does it contribute to financial well-being?

First of all, it is an opportunity to receive the earned salary at any time when it is needed. For an employee, this can be an unplanned payment, for example, for car repairs or a visit to a doctor. And the opportunity not to borrow from third parties, but to use your own funds, will help to avoid the “trap” of quick loans, as well as to manage your finances even more carefully in the future and consider the possibility of making savings.

Second, the trust factor from the company when giving control of employee finances to the themselfs. It also stimulates employees to think about savings and responsibility, as mentioned above.

Thirdly, unlike an advance, the money is credited to the salary account instantly, which is useful if the funds are really needed here and now. There is no need to coordinate the advance and go all the way from the manager to the accountant.

And finally, this method also helps to take care of employees’ emotional state. Not everyone can say openly that they have financial problems and ask for an advance to solve them, as there may also be unnecessary questions about the purpose of using the advance, but with the Flipful application, the employee can be sure that such an awkward situation will be inevitable and can deal with the situation faster and efficiently on their own.

What does the customer gain and what are the risks of using the Flipful service?

Flipful is an easy way to make every day a payday. It allows you to choose when to receive your earned salary, reducing stress and making you stop asking yourself – when will it be already?

The questions asked by customers (companies) are nothing new, especially if they are about to start something unprecedented. Potential customer frequently asked questions: does this mean that additional information about employees will be needed? What is the difference with an advance payment? Will the employee be able to withdraw more than he earned? How could this work in the current solutions?

As with any business, the Flipful user might meet both benefits and risks. The end user (employee) gets the opportunity to be protected from unforeseen expenses at any place and time. It could be an analogy of using an umbrella that can be activated when needed. This option reduces stress, as the user will no longer have to worry so much about their financial situation. Financial well-being is also improving – research shows that, if a person can handle money more flexibly and receive it more often, then he or she can build up savings more effectively.

A risk that is important to mention (which happens in some cases) is insufficient financial prudence, which can lead to the situation, when all available limits are spent and there is not enough for mandatory bills. To avoid this and other risk situations, Flipful has incorporated financial literacy training in the employees’ mobile app, as well as company-defined amount and withdrawal limits, so that money is spent only for real needs.

The benefit of the company is the opportunity to improve productivity, because employees focus on work, they don’t have to think about finances at that moment.

As well as a very important aspect – loyalty – employees will not be deceived by a salary supplement, if they have the opportunity to handle their salary flexibly. This in turn reduces staff turnover costs and time spent selecting candidates.

And, of course, one of the most important points when choosing a job is the environment in the company and involvement. Feeling that the employee is taken care of, they value their employer, thus also increasing the employer’s own reputation not only in the eyes of existing but also potential new employees.

But considering the risks, if the service is not properly communicated in the company, and the employee feels that it is not money earned, but that he borrows from the employer, then the employee may not understand why part of the salary will be deducted at the end of the month, thus creating a bad impression of the employer.

If this service is introduced for a fee to your employees, they would have to pay for the request and for the withdraw, but if it is not successfully communicated, the employee may be unhappy that he or she has to pay for it. Therefore, it is very important to talk to the employees themselves, as well as the communication must be as transparent as possible, so that if you pay, you know what for. Sounds simple, modern and even exciting, doesn’t it?

What does it take to get started?

Stage 1 – we identify existing processes – how salaries are currently paid, on what date, where they are listed, etc.

Step 2 – we prepare a proposal – how we can provide our service to this company with minimal changes, what will be our role. Preparing a plan on how it will all work.

Step 3 – the implementation phase – when we actually send employees information on where the application can be downloaded and what needs to be done. The company signs a contract and, accordingly, the company’s employees have instructions on further processes.

When finance management is a passion. Interview with Flipful founder – Janis Putnins

Guided by the needs of today’s customers and combined with a vision of financial well-being in society, a new product was created – Flipful. It offers users to protect themselves from the consequences of unplanned expenses. In the interview, the founder of Flipful, Janis Putnins, talks how he came up with idea of creating a new financial tool Flipful, tells us about the service itself and its advantages.

Janis, you are the founder of the fintech start-up Flipful. What role does finances play in your life?

Today due to Covid-19 circumstances, more than ever, people have felt the importance of savings. The unexpected situation in the country also contributed to unplanned expenses. Many have lost their jobs. But what if we devoted more time to arrange our finances?

Finances are an essential part of everyday life that needs to be organized. Arranged financial issues make you feel confident about your future, so to speak, you create an “airbag” for unexpected changes in life or sudden unplanned expenses. I don’t think everyone should be a professional accountant, but basic knowledge will be useful for all. Financial literacy not only improves the financial situation, but also raises the quality of life in general and reduces the level of daily stress.

I have been managing my finances since I was 16 years old. From personal experience, I know what it means to live “from salary to salary”. I have both – studied and worked in the financial sector for many years, including going through a period of financial crisis. Therefore, I have experienced better and less good times, as well as successful and less successful examples.

Tell us more about your work experience in the financial sector!

My work experience in the banking sector has been observed since I was 19 years old. Initially, in Swedbank I worked as a customer service specialist for individuals, providing advice to businesses on banking services and opportunities. Later, as a project manager, I developed a solution for companies in terms of cash flow – how to plan the flow of incoming and outgoing payments and select the right tools for business support

My experience at Luminor (ex DNB) was more related to digital banking solutions, such as the introduction and launch of mobile banking. In this area, it was very important to understand the customer experience. In general, with more than 10 years of experience in the banking sector, I had worked on various aspects of financial management and projects, which also helped to develop a comprehensive understanding of customer needs.

Name 3 main reasons why you created Flipful!

First of all, people need a solution that allows them not to borrow money from third parties and so deal with unplanned expenses on their own. Flipful provides people with an ethical alternative to get their earned salary when needed for unplanned expenses. And in a situation where you need to see a doctor urgently, you no longer have to take a fast consumer loan.

Second, of course, it cannot completely change the culture of consumption (it will not solve all the problems), but based on many researches (for example, Wendy De La Rosa with 3 psychological tricks to help you save money), it gives a feeling of inner peace (decreases emotional tension), and also helps to improve the financial situation in the long term.

Third, I am fascinated by the product development process that has a positive impact on people. If I can come up with a solution that people need and would like to use – I think that’s a very important reason to choose to do so.

What are Flipful development plans? What improvements are you working on?

People now have the opportunity to withdraw their salary when needed. The next task for us will be to introduce the possibility of diverting part of their salary to savings automatically to create an ‘airbag’ so that people can freely make and organize their savings. In the future, we also plan to provide personalized advices that would increase people’s knowledge of how to organize their budget, start savings, and manage their finances. We have now created a basis for financial literacy education, but as we continue to work on this project, we plan to combine the available services with information from the user’s bank. Such a solution will allow a person to receive very specific and personal recommendations.