We’re expanding our payroll software to assist companies needing to manage their Employee Benefits Package as part of the company payroll process.
What’s this all about? Employers of choice provide a comprehensive employee benefits package to attract and retain employees. In addition to a competitive salary, an employee benefits package is a standard, and expected, part of an employee total compensation package. For a benefit scheme to be successful it should be seen by both parties to be an investment in the employee by the company which is designed to improve the employee’s development and as a result to deliver an advantage to the company.
Approaches may vary, but often an employer provides a framework for employees to claim expenses against specific benefit items. This is where Totem comes in. How do we do it?
- Staff are assigned to receive Benefits by belonging to a Totem Benefit profile. Totem supports unlimited number of profiles.
- Totem Benefit profiles provide different templates for sets of benefits per employee as part of the onboarding process (at time of joining or later, when required).
- Once configured, the employee can review those details on their mobile phone (via the Totem Payroll App) and this ensures that all staff members are aware of their benefits.
- The setup process also identifies the manager or staff member who can approve the benefits.
- Totem provides a claim process for the employee to claim an individual benefit.
- This form is available either through the employee’s Payroll Mobile App and the dashboard of their Payroll website.
- Once the claim form is completed, it is sent by Totem to the nominated manager for approval.
- Supporting documents, receipts, or a photo, can be attached to the claim.
- Once the benefit is claimed and approved, Totem includes the approved amount in the employee’s next pay run.
- Benefit balances are then updated and displayed.
- Committed expenses for the pay period are included in the payroll summary and are allocated to General Ledger accounts identified when benefits are created.
- Managers and HR staff can review staff balances and expenditure through dashboard charts and tables on their Payroll web site.