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    Author: GIMO TEAM

    Fintech startup GIMO bags $1.9M in Seed+ round led by Integra Partners

    Posted on by GIMO TEAM

    HANOI, Vietnam – November 23rd, 2021

    GIMO, Vietnam’s fintech startup offering on-demand pay for blue-collar workers, announced on Tuesday that it had successfully raised $1.9 million in a Seed+ round led by Singapore’s Integra Partners. The round also saw participation from Resolution Ventures, Blauwpark Partners, and TNB Aura VN Scout.


    According to GIMO’s Co-founder and CEO Nguyen Anh Quan, the new investment will help the company improve the financial stability and resilience of blue-collar workers, as well as fast-track financial inclusion in Southeast Asia. 


    “Blue-collar workers are among the most vulnerable to financial distress. When unexpected bills arise, they don’t have a lot of safe and affordable options. GIMO looks to change that. By helping workers get paid as they earn it, we hope to give them the peace of mind to focus on what matters”, he said. 

    About 290 million people in Southeast Asia have no or limited access to formal financial services, according to the World Bank. 

    Chris Kaptein, Partner at Integra Partners, said: “We are proud to partner with Quan, Ngoc, and the entire team at GIMO. We have been impressed with GIMO’s vision to bring Earned Wage Access, and broader financial services and benefits to Vietnam’s blue-collar workers. We share a strong belief that access to affordable and responsible financial services is a key pillar for sustainable growth, and look forward to partnering with GIMO on their journey to serve Vietnam’s blue-collar workers”.


    Officially rolled out in early 2021, GIMO allows employees to access their earned salary almost instantly via a mobile app integrated with the company’s payroll system. Users could also keep track of their workdays and daily earnings in real-time, as well as receive personal finance tips.


    With the fresh funding, the company plans to allocate more resources for hiring senior engineers, strengthening risk management competencies, and integrating advanced technologies such as data analytics and artificial intelligence to enhance customer experiences. 

    To date, GIMO has provided on-demand pay for more than 25,000 workers, mainly in the manufacturing and retail sectors, growing monthly at 130 percent. In the long run, it is set to build a digital financial platform that empowers blue-collar workers to better organize their money, from paychecks to spending, savings, and investments.


    Earlier in March, the company just announced an undisclosed amount of seed funding from ThinkZone Ventures, BK Fund, and a group of angel investors.

     

    About GIMO 


    GIMO is a leading on-demand pay solution provider in Vietnam. By allowing users to get instant and safe access to their earned wages, the company aspires to empower workers having no or limited access to mainstream financial services to alleviate financial stress and foster financial well-being.
    ==============
    Contact 
    Le Bui
    Head of Marketing
    Email: [email protected]

    GIMO Partners with Viet Capital Bank to Launch the New Instant Pay Feature

    Posted on by GIMO TEAM

    HANOI, Vietnam – October 6, 2021   

    GIMO has officially launched the new instant payment feature in partnership with Viet Capital Bank, enabling users to receive their earned wage in just 30 seconds starting from October 6, 2021. 

    As one of the pioneers in the Earned Wage Access playing field in Vietnam, GIMO has provided local businesses and workers with a tech-based financial welfare program since 2019. Our solution constantly evolves, optimizing the user experience to the max. As of October 6, transactions can be made instantly with maximum security. 

    Leveraging on Viet Capital Bank’s operating system, transactions on GIMO App are now verified and processed automatically. The newly integrated automation meets the highest security standard, reassuring GIMO’s users and business partners on cyber safety. 

    “In this day and age, when technology is taking over all business aspects, data security is among top priorities for everyone. Working with Viet Capital Bank, HR personnel information and payroll data is more secured than ever. Our users and partners can now put their worries at ease.” Quan Nguyen, co-founder, and CEO of GIMO, shared his thoughts on the matter. “With this latest upgrade, aside from the enhanced safeguards, our users’ experience is optimized with instant access to their pay at a reasonable rate,” he added. 

    Transactions on GIMO App are now processed within 30 seconds after the request is successfully submitted. Our users are now offered multiple options to fit their specific needs at that time of usage. The system integration between GIMO and Viet Capital Bank has successfully occurred, causing no delay or interruptions to GIMO current service offering. The instant pay option is now available to use for all GIMO’s users everywhere, providing instant assistance in times of financial emergency. 

    As fellow entrepreneurs in the financial sector, GIMO is glad to have been able to partner up with Viet Capital Bank in upgrading our earned wage access solution. In 2020, Viet Capital Bank was honored to be awarded the title of “Bank with outstanding innovative products and services” by IDG and the Vietnam Association of Banks. Regularly cooperating with Vietnamese SMEs, Viet Capital Bank provides digital financial services, helping to innovate and transform business processes. 

    Cong Ha sponsors a new financial welfare program for employees amidst the pandemic

    Posted on by GIMO TEAM

    HANOI, Vietnam – August 5th, 2021    

    Cong Ha Group announced it would cover 100% of the transaction fees for all employees’ salary advances starting August 25th.  

    Having acquired the “National Brand” certification in 2020, Cong Ha Group is one of the leading steel production and construction players in Vietnam. Since May 2021, Cong Ha has partnered with GIMO to launch a new financial welfare program for all employees.  

    As Vietnam entered the fourth wave of the pandemic, Cong Ha’s Board of Directors was well aware of the greater financial burden their workforce is bearing and decided to sponsor 100% of the transaction fee for the advance on their employees’ earned wages.  

    “We hope the modified earned wage access program by GIMO could support our employees during this challenging time. Even before the adjustment took place, the initiative has been well received and truly improved our employees’ life quality.” – said Mrs. Su Tran – Chief Financial Officer of Cong Ha. 

    The pandemic has obstructed the lives of millions. Low and middle-income workers, especially those working in factories and industrial parks, are struggling the make ends meet. GIMO’s earned wage access platform is deemed a highly innovative solution to relieve those financial stresses.  

    Mr. Anh Nguyen, Technical Engineer of Cong Ha, shared his thoughts: “Blue-collar workers like me can only count on getting paid at the end of the month to cover expenses. However, unexpected expenses sometimes incur, and we do not always have the means to take care of them right away. That’s why I think this initiative could help me feel more financially secure and stay more focused at work.” 

    “I highly appreciate this initiative from the Board of Directors” – Ms. Tam Nguyen shares her perspective as a team member of the HR department. “Us employees can now proactively get paid whenever we need in times of emergencies especially during this pandemic when personal and family finance is a constant worry for us all. ”  

    In the fight against coronavirus, the well-being of employees remains Cong Ha’s top priority. The Board of Directors has accordingly taken a prompt and proper measure to safeguard its workforce’s wellness and sustain business operations.  

     

    About Cong Ha   

    Cong Ha Group is a major player in the Vietnamese manufacturing and construction domain. The company strives to constantly innovate and develop its capabilities to provide consumers with the most efficient solutions. Cong Ha’s reputation has evolved through time as a result of strategic vision from a group of strong-willed and forward-looking leaders. 

    About GIMO  

    GIMO is one of the pioneers to provide Earned Wage Access solutions to Vietnamese enterprises and workers. With two-thirds of Vietnam’s working population having no or limited access to the formal lending system, we see an opportunity to make a difference. 

    GIMO x ADG: A New Financial Welfare Program for One of The Top 500 Largest Enterprises in Vietnam

    Posted on by GIMO TEAM

    The challenge  
    For the past year, COVID has taken a toll on Vietnam’s economy across every domain, manufacturing is no exception. Due to the virus’s rapid spread in close proximity, numerous factories and high-tech industrial parks face major disruption and productivity decrease. In compliance with the strict preventive measures from the government, businesses are forced to cut down on not only working hours but also human resources. The reality has profoundly impacted the lives of millions of working individuals across Vietnam. Austdoor, being one of the top 500 largest enterprises in Vietnam, makes it their mission to minimize the harm done to over 1,200 workers – the most valuable stakeholder of the business. 

    A practical and hassle-free solution
    On April 4, 2021, amidst the rapid return of COVID 19, GIMO had the chance to join forces with Austdoor Group (ADG) to power the new financial welfare program. GIMO is considered a practical and valuable financial solution for employees, especially in manufacturing, one of the most impacted domain during the pandemic. This program is expected to help enhance employees’ engagement and help reduce their daily financial worries.
    The program is implemented at all of three ADG branches: the head office in Hanoi, Hung Yen factory, and Nhon Trach factory. Due to the differentiation in the time check system of each site, GIMO has tailored our solution to best fit both the company’s internal process and the employees’ needs.

    With GIMO, ADG employees can quickly and conveniently access their earned wage before payday as well as proactively monitor their working days anywhere, anytime at their fingertips. Moreover, the frequently updated content hub on the app is a source of supply for daily food for thoughts, including valuable tips and information on various lifestyle-related topics. carrying the mission to improve GIMO aims to better employees’ personal finance management, the program is expected to create a safe source of finance and knowledge for ones to so they can handle any financial emergency with ease.

    The results
    After nearly five months of implementation, many positive feedbacks and valuable comments on the program and GIMO services have been received.

    • 100% of ADG’s employees are content with their new financial welfare program, agreeing that it has significantly increased their engagement with the company;

    • All active users feel that GIMO is a convenient and helpful solution for unexpected financial issues;

    • 95% of active users are pleased with their experience on GIMO App and disbursement time;

    Constant worries about daily expenses will no longer be a burden, helping employees to better cope with the current disruptive situation. The new welfare program shows how much ADG’s management team cares for their employees, always understanding the obstacles in life to provide prompt support.

     

    About ADG – Austdoor Group

    Established in 2003, Austdoor Group is one of the leading manufacturers and suppliers of door solutions and high-tech building materials in Vietnam, having won the National Brand for two consecutive times with the system System of 06 production factories spread across three regions of North – Central – South, more than 600 distributors and 2,000 selling points in 63 provinces and cities nationwide. From 2020 until now, Austdoor is among the Top 10 fastest growing enterprises in Vietnam (FAST500), leading the industry rankings. Learn more about ADG Group here.

    About GIMO

    GIMO is one of the pioneers in Vietnam to provide EWA (Earned Wage Access) solutions to local enterprises and workers. The company was founded in 2019 by two former professionals in banking, finance, and technology and some experience in entrepreneurship. With two-thirds of Vietnam’s working population not owning a bank account or having limited access to the formal lending system, GIMO aims to make a difference and increase financial inclusion for all Vietnamese working individuals via the power of technology. 

    Contact Information 

    Hotline: 1900 232 360  

    Email: [email protected] 

    Industry 4.0 Technologies in e-HRM

    Posted on by GIMO TEAM

    E-HRM in a nutshell   

    E-HRM (Electronic Human Resource Management) uses web-based technologies to monitor all HR systems and activities to achieve operational excellence for the department [1]. Some might argue that e-HRM is the evolution of traditional HRM. However, the fundamental goal of e-HRM is to make it easier to track imbalances between human resource demand and supply inside a company. This system eventually automates the HRM process, allowing quicker responses to employee-related services and HR decisions.   

    There are three different types of e-HRM including:   

    Operational: basic administrative activities including record maintenance, payroll processing or data management.   

    Relational: activities of human relations nature such as recruitment, onboarding and training.    

    Transformational: in-depth and HR-focused process like knowledge management and strategic orientation.   

    Integrating technologies into the HR management process is not something newly discovered. In fact, HR personnel have been utilizing it for decades. However, the rapid growth and evolution of technology have indeed taken e-HRM to the next level.

    E-HRM transformation in Industry 4.0   

    Since first publicly introduced in 2011, Industry 4.0 has been breathing immense effect on all business aspects, including HRM. New technologies have significantly improved talent management, turning mindless tools into powerful and intelligent assistants.   

    The recruitment process made easy with cognitive computer AI assistants. Companies lose as many as 89% of potential candidates due to a prolonged screening process [2]. Nowadays, various automated AI systems can shorten the process by taking over tasks such as sorting through candidate profiles, scheduling interviews, sending rejection emails, etc [3]. With the help of AI, the recruitment process can be more productive and less biased. For example, IBM AI technologies proactively source and locate individuals from talent pipelines that meet key success profiles, uncovering prospects that recruiters may have overlooked and removing any steps in the search process that could have introduced unconscious bias [4].   

    More accurate HR analytics with Big Data. One of the most impactful effects of big data on talent management will be detailed analytics for future prediction. HR managers can use future forecasting to strengthen their long-term HR strategy and minimize hiring, retention, and performance in the future. Making the right decision all comes down to having a sufficient amount of information and data instead of using personal opinion or intuition. Big data provides HR managers with just that.

    Integrated cloud computing system. HR professionals will be able to offer real-time support with an easy-to-use, fully integrated software that is always “on” and accessible across the enterprise. As a result, all process becomes more transparent than ever between both employees and managers. Moreover, thanks to the cloud, large scale deployment can be done in minimal time and effort for any business, especially for multinational corporations.   

    Interactive training and learning experience with virtual reality. Especially in times like COVID, when people cannot go outside and have fundamental social interactions, augmented reality becomes the ultimate solution. People can enjoy the incredibly lifelike virtual tour and activities without stepping foot outside of their office or home. It allows people to save some costs for travelling and organizing and ensure safety and minimize on-site accidents. Furthermore, since the reality can be altered according to the organizer, users are given a wide selection of vastly different experiences, keeping it emerging and captivating always.   

    Radio-frequency Identification (RFID) in attendee tracking and real-time location system. RFID uses radio-frequency to automatically track objects with the attached tags or so-called “smart labels”. The application of RFID technology in e-HRM are most commonly found in controlling personnel access to office spaces, automatic attendee check-ins for events or keeping company assets in check. In addition, using the RFID system, the talent management team can achieve a greater purpose for outdoor and long-distance monitoring.      

    New opportunities come with new threats

    Cybersecurity is a significant business concern. Cybele researchers from the cybersecurity firm said they discovered the credentials for over 500,000 Zoom accounts on the dark web, either for sale or for free in 2020 [5]. The online availability of data and personal information exposes businesses to hacking and data theft. In addition, most systems are now hosted online. Therefore, once the security is breached, the whole system can be easily manipulated. Due to this threat, business needs to focus on fortifying their safety, right from the start.   

    Technology can be rigid. Technologies can only work with the data they are given. Human cognitive functions such as empathy, intuition and strategic thinking still lack from most automated machines and systems, making them overlook certain qualities in potential candidates. At the end of the day, machines are merely tools assisting humans in resource optimization and decision making.  

    Digital transformation is costly. High tech equipment setup can be expensive for companies who wish to transform their internal human resource management systems. The sizeable investment can seem intimidating, especially to SME (small to medium enterprises) with a limited budget and incompatible existing infrastructure.  

    When human qualities like independent thinking, common sense and ethical thinking combine with data analytics, the business will achieve much more significant values. Technologies are the future and can be a worthy investment for a business of any size in optimization for the long run. 

    Source:

    [1] e-HRM – Business Jargons

    [2] Candidate Experience Statistics, 2021 – Zety

    [3] Applying artificial intelligence: implications for recruitment, 2018 – Emerald Insights

    [4] The Business Case for AI in HR, 2018 – IBM

    [5] Researchers found and bought more than 500,000 Zoom passwords on the dark web for less than a cent each, 2020 – Business Insider

    Ba Sao x GIMO: The Dynamic Duo Together Powering Employees’ Financial Stability

    Posted on by GIMO TEAM

    HANOI, Vietnam – August 5th, 2021  

    On August 5th, 2021, in partnership with GIMO, Ba Sao – one of the pioneers in catering services with over 14 years of experience- had successfully launched the new financial welfare program. The virtual event took place with the participation of nearly 60 people, including representatives from Ba Sao’s Board of Directors (BOD) and representatives from GIMO. With this new financial welfare program, Ba Sao’s employees can now receive their earned wage before payday, conveniently and quickly, via GIMO’s mobile app whenever they need.   

    “We are constantly looking for a new welfare program to upgrade our current employees’ benefits. In collaboration with GIMO, Ba Sao’s Management Board wishes to accompany our employees when it comes to financial difficulties, together with building a healthy and stress-free workplace.”, said Mr. Bach Nguyen – Head of Internal Control Department at Ba Sao.    

    “The pandemic continues, causing many disturbances to our lives. GIMO and Ba Sao’s Board of Directors want to minimize as much as possible the negative impacts affecting everyone’s lives during this tough time. We sincerely hope that the new financial welfare program will be of much help to you all.”, said Mr. Ngoc Nguyen – Co-founder and Chief Product Officer of GIMO.  

    During the event, the attendees had the opportunity to participate in multiple q&a sessions, learn more about how to manage personal finance effectively, and share their expectations for the new program. They also had a chance to experience first-hand GIMO App and together share their experiences.   

    “I am one of the first to experience GIMO App. I am pleasantly surprised by how convenient and practical the app is. It’s great that now I will be able to advance my payment without any paperwork “, said Ms. My – one of Ba Sao’s employees.   

    For the past year, COVID has been heavily disruptive towards Vietnamese businesses. To cope with the situation and getting on with the new normal, Ba Sao strives to streamline its business process while also enhance the welfare of its most important stakeholders. GIMO’s tech-based solution is an efficient tool in times of financial emergency, helping Ba Sao to take better care of its employees and, in turn, increase its employee’s engagement.  

    About Ba Sao   

    Founded in January 2005, after more than ten years of establishment and development, TRISTAR now has 03 affiliated member organizations: Ba Sao, Trong Dong, and F&B. Ba Sao has been increasingly asserted its name as one of the leading industrial catering companies in the Northern region, with a staff community of 2,000 employees. Ba Sao is proud to be a reliable partner providing more than 200,000 meals daily to large corporations such as Honda, Yamaha, Panasonic, Hoya, Samsung, LG, …. from countries such as Japan, Europe, Korea, …

    Learn more about Ba Sao company here.

    About GIMO    

    GIMO is one of the pioneers to provide Earned Wage Access solutions to Vietnamese enterprises and workers. With two-thirds of Vietnam’s working population having no or limited access to the formal lending system, we see an opportunity to make a difference. 

     

     

    Contact Information 

    Hotline: 1900 232 360  

    Email: [email protected] 

    Personal Financial Management: Where To Start ?

    Posted on by GIMO TEAM

    A shortcut to start your financial management effectively! 

    To have strong financial health is one of the ultimate goals for working people. It is not just about striving for higher income but also lies in improving personal financial management. 

    What is personal financial management? 

    By a standard definition, personal financial management is to have a certain level of understanding of one’s current financial situation to optimize the use of the budget for the present and future. In other words, it is to have an effective plan to control inflows and outflows to achieve short and long-term financial goals. 

    People might wonder why an adult, who has been working for many years, cannot have any savings? While another person with the same salary had bought a house or a car? The answer lies in how individuals manage their finance. Having sound financial management helps you to get closer to stronger financial wellness. On top of this, it brings peace of mind and happiness in life. 

    A basic guideline to personal financial management  

    No matter how eager you want to gain ground, the process should start with baby steps. Here are the suggested general principles of planning and managing personal finance that can be easy to follow: 

    1. Setting the target:  

    No matter what goal you are heading, it is recommended to set your short-term and long-term goals SMART: Specific, Measurable, Achievable, Realistic, and Timely. Among those, the most challenging adjective to make possible is “achievable”, as it mainly relies on your subjective thinking. To make it more straightforward when it comes to personal financial management, consider the below target in sequence. 

    • Stability: At the early stage, set the fundamental goal of “financial independence”, whereby employees can pay their daily living expenditures without any difficulty. You can also add a sufficient reserve to cover unexpected expenses such as illness, accidents, etc. This target suits newly employed workers or unskilled workers whose income is not too high compared to the basic standard of living. 
    • Savings: After being financially stable, the next target is to increase savings and property. Employees should also reinforce mid to long-term financial security goals such as life insurance and health insurance. 
    • Investment: When the above goals have been achieved, employees should think about increasing passive income. Several forms of investment in Vietnam include stocks, bonds, gold, and real estate. 

    2. Planning and selecting management methods 

    To make the set goals come true, you need to specify how you will manage your finance. These are the most common methods: 

    • The 50/30/20 method by Elizabeth Ann Warren and Amelia Warren Tyagi: 50% for essential spending; 30% for flexible cost; 20% for savings; 
    • The 6 jars method by T.Harv Eker: 1st jar – Essential expenditures (55%); 2nd jar – Long-term savings (10%); 3rd jar – Education fund (10%): 4th jar – Entertainment/ Pleasure (10%); 5th jar-investment (10%); 6th jar – Charity fund (5%) 
    • The Kakeibo book by Motoko Hani runs on four questions: How much money do you have? How much money do you want to save? How much money will you spend? What will you do to improve? 

    3. Following the plan persistently 

    • Strictly following the original plan, dividing the budget into small parts, separate into different bank accounts or different wallets. 
    • Using applications that support financial tracking, setting notifications to remind you every day at the same time frame to take notes  
    • Using a note-taking application on your phone; or using excel to set up automatic calculation formula. 

    4. Evaluating and adjusting 

    To know whether your financial management plan is effective, you need to compare the spending results at the end of the month with the planned target at the beginning of the month, then consider making adjustments if needed. For instance, at the beginning of the month, you set a goal to save 10%; at the end of the month, you only save 5%. Then you need to find out why? Was the reason for your failure lies in overspending, or was it because the goal is out of reach with your current earnings. Conversely, if you still have a spare amount of money at the end of the month and save 15% of your income, then you should consider increasing your savings goal for the next month. 

    Now you are ready to wind up for an effective and sustainable personal financial plan! Come back and tell us if the guidelines help! 

    GIMO x Mobicast: Enhancing Employees’ Welfare With An On-demand Payment Platform

    Posted on by GIMO TEAM

    “As the BOD of Mobicast, we believe that it is necessary to constantly explore new ways to enhance employee’s engagement and welfare. At first, the BOD was not yet able to evaluate the benefits of the program. However, we have been successfully persuaded with the positive feedbacks from our own employees, proving to us just how useful the program can be.”

    Ms. Tran Thuy Duong, HR Manager of Mobicast

    Introduction

    Keeping employees’ best interests at heart, the human resource management team at Mobicast constantly pushes themselves, looking for ways to ensure and enhance employees’ welfare. However, due to the lack of options, they have yet to find the most suitable and optimal solution until GIMO came into the picture. Starting from 2020, Mobicast collaborated with GIMO to adopt our on-demand payment platform as a new financial benefit for all employees. 

    The Challenge

    In Vietnam, EWA (Earned Wage Access) remains a relatively foreign concept. Not many companies have had the chance to study and try for themselves, Mobicast included. At the beginning stages of implementation, Mobicast’s board of directors cannot accurately evaluate the benefits of this new program. Not only so, implementing such a new tech-based program can be timely and costly to the human resource department. 

    Our Practice

    GIMO organized a launching event for all of Mobicast’s employees to equip them with the necessary information about GIMO and our platform. After the launch, GIMO also prepares a condensed questionnaire to survey the employees’ experience with our mobile app and their purpose of usage. We also collected the testimonials of the human resource management team members. 

    Key Takeaways

    69% of the respondents used GIMO for emergent payment. This was concluded to be the most popular reason among the respondents. Aside from that, 38% uses GIMO to pay off their credit card, and 31% uses GIMO to make personal investments. It is safe to say that most respondents have financial burdens in their daily lives that need to be taken care of with urgent cash payments. 

    On average, each of the respondents makes four payment requests every month on GIMO’s platform. Since provided with GIMO’s platform, the majority of the respondents seem to have used it regularly. All of the respondents have agreed that GIMO had indeed relieved some of their financial burdens. 

    100% of the respondents had a pleasant experience using GIMO’s platform. The majority find that the app is easy to use, and the request is processed relatively quickly. Additionally, the overall rating for the app is now at 4.31 on a scale of one to five, showing that the respondent has little to no trouble accessing their earned wage every month through GIMO’s app. Ms. Dung, one of Mobicast’s employees who have been using GIMO for the past six months, stated that GIMO has helped with her finances quickly and conveniently. Thoroughly enjoying her experience, she has also recommended GIMO to her friends and colleagues, giving highly positive feedback. 

    GIMO’s survey has proven that when employees can proactively access their earned salary, their lives seem to have significant improvement. The financial burden is an issue for every working human being, and GIMO’s solution can help with just that. Not only are we giving employees rightful access to their earnings but also bettering their personal financial management. 

    About Mobicast

    Mobicast is a Vietnam-based start-up in the field of MVNO. The Mobicast team focuses on developing telecommunication solutions and useful technologies for users towards a user-friendly experience and optimal performance with a customer-centric orientation. 

     

    About GIMO

    GIMO is one of the pioneers to provide Earned Wage Access solutions to Vietnamese enterprises and workers. With two-thirds of Vietnam’s working population having no or limited access to the formal lending system, we see an opportunity to make a difference. GIMO has been serving more than 6,000 workers from nearly 20 partnered businesses to access their earned wages.

    Our Mobile Update Is Live! And So Is Our Website!

    Posted on by GIMO TEAM

    HANOI, VIETNAM – July 06, 2021 

    To provide our users with a more fantastic experience as well as more business insights, GIMO’s mobile app and website has come back with a new look, and indeed, it is better than ever.  

    To make sure your experience will be pleasantly and seamlessly wonderful, we have added multiple assistive new features. This latest mobile app update includes:

    • A completely different interface which you will love
    • Earned wage access made easier with a few steps
    • A time-check calendar is at your fingertips

    On the other hand, GIMO’s new website includes not only a neat and sleek look but an abundance of exciting new content for you to discover: a comprehensive and detailed profile of GIMO as well as a diverse educational content library.   

    • Our Platform. Get an inside scoop on our solution and how we integrate our platform into the client’s existing infrastructure.    
    • For Corporates. Check out the estimation on how GIMO can enhance business performance with our brand new interactive calculator.  
    • For Employees. Listen to the voice of our clients sharing their experience with us and how GIMO has become essential in their daily life through valued testimonials and case studies.
    • Insights. The enriched content library includes Insightful blogs and news to keep you updated on what is going on in the financial technology world, tips and tricks for better personal financial management and more.  
    • About Us. For those who wish to understand our brand, here is our mission and what value we work harder every day to deliver. You will also get a glimpse of GIMO’s experienced leaders, one of the main driving forces of our success.    
    • Contact Us. Do not forget to connect with us via LinkedIn and Facebook to keep up with our latest news.   

    GIMO sincerely hopes that you will enjoy our new updates. Feel free to contact us with any inquiries.

    Contact Information  

    Hotline: 1900 232 360   

    Email: [email protected] 

    10 Basic HR metrics for non-HR managers

    Posted on by GIMO TEAM

    “To win in the marketplace, you must first win in the workplace” – Doug Conant, former president and CEO of Campbell’s Soup.

    People are the most critical assets of any organization.  

    Human resource is one of the factors that distinguishes one organization from another. It gives a company a competitive edge while also assisting in the development of sustainable long-term growth [1]. At the end of the day, whether you are a CMO, CFO or any line manager, you are still first and foremost leading and managing a team of people, which requires an understanding of human resource management.  

    According to a PWC’s survey findings, 93% of managers acknowledge the need to enhance their company’s talent acquisition, yet 61% haven’t made the initial move [2]. A possible reason for that would be not knowing where to start since most of them are not HR professionals. Understanding and measuring key HR metrics is how all managers can achieve this.  

    HR analytics and metrics  

    HR analytics is a methodology that employs statistical tools and techniques to unify and evaluate quantitative and qualitative data from employees, resulting in meaningful insights that can be used to improve future decision-making [3]. When utilized correctly and efficiently, HR analytics may provide firms with the information they need to address challenging issues such as a lack of diversity or a high turnover rate [4].

    However, analytics do not just come out of thin air; analytics are derived from metrics. Raw data are just numbers. Metrics are used to formulate and calculate those data into meaningful statistics, which then can be used to analyze and back up directive decisions. Therefore, to have a solid, fact-based and convincing decision, all managers should first understand basic metrics.  

    Basic HR metrics to wrap your head around 

    Down below are the ten most basic HR metrics that can give you a well-rounded overview of your business human resource’s performance: 

    Recruitment  

    Cost per hire: The cost of employing new staff on average. This figure is calculated by adding internal and external hiring costs, then dividing the total by the number of people hired in a specific period.  

    Acceptance rate: The number of offer letters sent out by your company divided by the number of candidates who accept it. 

    Training and development  

    Completion rate: The percentage is calculated by dividing the number of employees who completed a particular course by the total number of employees and multiplying by 100.  

    Training expense: The entire cost of training courses and programs at your company divided by the total number of employees. 

    Employee performance  

    Nine-box matrix: Employees are split into nine categories depending on their performance and potential in this well-known talent management tool. It allows you to categorize employees for better succession and leadership planning. 

    Time tracking  

    Absenteeism: The average number of days employees are absent in a given period, not including approved PTO  

    Engagement and retention  

    Turnover rate: The number of employees who leave your organization within a given period divided by the average number of total employees (then multiplied by 100 to come up with a percentage).  

    Employee satisfaction: The percentage of employees who would suggest your organization to a friend as an excellent place to work vs those who would not, reflecting overall employee happiness.

    HR service and software  

    Cost of HR per employee: The total amount your organization spends on HR functions divided by the total number of employees.  

    ROI (Return on investment) on HR software: Several factors contribute to the ROI of your HR software, but the core formula is the difference between how much the software costs your organization and the money it generates or saves your organization in terms of HR costs.  

    The HR metrics listed above will give you a basic understanding of your human resource performance. However, there are plenty more that might also be relevant depending on your business’s specific needs. Moreover, when researched in detail, each of the metrics can significantly affect different aspects of your business’s growth. 

    Reference

    [1] A Study on Talent Management and its Impact on Organization Performance, 2020 – International Journal of Engineering and Management Research

    [2] The talent challenge Adapting to growth, 2014 – PwC

    [3] HR analytics in Business: Role, Opportunities, and Challenges of Using It, 2020 – Shivam Tomar and Mamta Gaur

    [4] Why Your Human Resources Professionals Need HR Analytics, 2020 – Learn Hub