Turnover rate is a huge factor in the corporate world. If your competitor is offering your employee a better package and compensation, then you can’t really blame your workers for jumping ship. And, if you lose your precious workers, think about the time and resource that you have to spend in training newer workforce. So, to achieve an impressive turnover rate is very vital for an organization and that is when flexible benefits come into the picture.
Flexible salary sacrifice platforms does multiple things – it keeps the employees excited and working, it saves you a lot of money that would eventually be spent on training new employees and it does not help your competitors to take your best talents. However, as an organization, you have to draw up a flexible sacrifice scheme that falls within the constraints of your budget.
Up until now, the salary sacrifice schemes have been profitable for both employers and employees. Employees save because they are not taxed for the portion of money that they put towards their benefit. Employers save because they pay less in National Insurance. Salary sacrifice software provides you with the rigour and will, and allows you to make real-time claims, calculations and scheduling checks to remain compliant with the dispensations you have agreed.
It offers a systematic set of tools for employers, to make best use of the tax efficient schemes put in place by the government.
Salary Sacrifice module provides employees and managers a simple way to track salary sacrifice agreements and integrate the calculations into the company’s payroll. It will save your payroll team time and resources by automating the salary sacrifice choices of your employees into your payroll. It’s very quick and simple to set up, salary sacrifice can be used for both pension and non-pension sacrifices, a pension salary sacrifice can be based either on a defined value or on a percentage.
Salary sacrifice information is printed on the pay slip, it contains a number of tools to help administer the schemes and to be assured it is doing all you can to deliver against the requirements of any agreed term. It is always up to the clients to make sure their scheme is compliant and that the software company is working for them, as it is required to do. The salary sacrifice scheme provides an option for companies to save cash and increase the take home pay or pension contributions made to employees.
The software gives you the reassurance that your payments are accurate, your records are correct, and your legal requirements are fully covered. All the basic features that you would expect from a payroll system, and many more as standard that you wouldn’t – including: Unlimited employees, in several different payment groups, with up to limitless payment and deduction types, multiple payment periods, plus online filing for both in-year and end-of-year returns, Auto Enrolment and RTI compliance, multiple pension schemes and retrospective National Insurance are all modules of the software. Visit http://www.teamrewards.co.uk/