As we draw closer to a time when tax talk becomes routine, corporates brace themselves to enact an intense payroll script. This is the time when HR specialists would be inundated with many tasks. Time seems to be racing and the quantum of work, increasing. While employees’ financial prosperity is every organisation’s concern, planning and processing of employee benefits are often a challenge.
Processing employee benefits may seem daunting during the tax season. The validation of documents and its repeats, a long chain of mails to send out, accounts reconciliation and many more arduous tasks dominate daylight. Manual tasks peak and call for a great degree of meticulousness for flawless processing. Inefficient processes and manual errors could have a profound impact. Therefore, a panacea that addresses these limitations is much awaited.
With the rapid digitisation agenda firmly established, the digital bug is gripping the country in the form of cutting-edge apps — and impacts the employee benefits space too
The digital movement is only set to grow and paint a lavish presence in the business world with the government’s support.
Given this business landscape, identifying digitised employee benefits programmes would be the first hurdle to cross before a victorious sprint of executing them.
In tandem with the times, an array of smart benefits have blossomed in the marketplace. Tax breaks unify with several services. Most smart benefits programmes are bonded to scores of monetary benefits, perfectly suited for employees. Innovation is everyone’s friend and the new breed of tax benefits solutions are cutting-edge, versatile and designed to use on-the-go. These smart benefits extend beyond insurance-related savings. Something as basic as meal vouchers could help save up to Rs. 12,000 in taxes. In contrast to paper vouchers, digitised meal vouchers are hassle-free, easy to distribute and saves a lot of resource time.
In a similar vein, medical, fuel and communications reimbursements, etc are also hot properties for tax exemption. One of the most functionally-rich services, medical reimbursements, becomes all the more simplified to manage with digitisation. We’re all aware of the complexities and the numerous bills that accompany medical claims. This time-consuming process of reimbursements could be resurrected with digital gear.
LTA claim management could also be expedited with the help of modern digitised solutions. These smart benefits solutions incorporate advanced technology and state-of-the-art processes for a seamless clearance of bills. In addition, fuel-related expenses could also be dealt with in an efficient way as opposed to the current time-consuming processes. Verification of claims could be completed within 1–2 days, and thereby allow HR professionals to focus on more critical tasks.
Technology that is specific to employee benefits space could help ease the burdens of running these programmes. All the critical steps involved in managing employee benefits — from identifying the best programmes to processing claims and disbursal of funds — can be made more efficient by leaps and bounds with digitised products and services. Whether it is managing conveyance allowance, or fuel and car lease benefits, processing time can be reduced significantly. Payroll specialists can be free from the hassle of managing vendor payments.
Exhaustive paperwork is an ordeal for everyone. Claims management for frequently-used services such as employees’ phone and internet bill claims could be made more simpler with a digital dashboard. Similarly, corporate-relevant offerings such as gift cards, gadget cards also present a substantial monetary benefit.
Tapping into these digitally-nuanced products and services not only make it easy for employees to use, but also help payroll professionals expedite processing of claims. Organisations could help employees save up to 30% in taxes. In addition, organisations also save up to 90% of their resource time with digitisation of employee benefits. Tracking claims and transfer of grants are almost instant. Accessing and storing bills are simplified. In summary, everything ranging from simple tasks to more meaty responsibilities could receive an efficiency boost.
The digital sun has risen in our country. It would be interesting to see how the business community embraces a digitised suite of products.
As appeared in People Matters magazine on March 7th, 2017