Employees are able to model a number of different selection scenarios that suit either their lifestyle or personal and family commitments before making their final benefit choices.
The full details of these choices are then available to them at any time through a Total Reward Statement that incorporates the other major components of their remuneration package, such as salary, allowances and statutory holiday.
Many organisations provide their employees with a Total Reward Statement. These statements give a full breakdown of benefits, including:
The Total Reward Statement shows an employee their full value to the company and the true cost of employment.
It is available to the employee at any time, is always up-to-date and a copy can be printed for the employee's own records.
Although the Total Reward Statement technology is included in our Flexible Benefits application, it can also be supplied separately to run standalone or, more typically, as an early phase of a full Flexible Benefits implementation.
This web-based, self-service benefit enrolment application, combined with a comprehensive administration tool, offers sophisticated benefits modelling capability through an exceptionally simple and clear user-interface.
Employees can make benefit choices tailored to suit their individual lifestyle.
Administrators have complete control over set-up and maintenance of the benefit scheme and the enrolment process
Employees are presented with their benefits choices through a secure, online benefit-modelling tool.
Hyperlinks to web sites, company policy documents and intranet web pages combined with an on-screen calculator give employees all the information they need in one place.
The application includes elegant business processes for the definition of scheme rules and the set up of benefits.
Definition of all types of benefit is supported. From core benefits, such as pensions, life assurance, medical care and company cars, through to voluntary benefits such as travel insurance, childcare and retail vouchers, PC purchase and buying or selling holidays.
Absence Management functionality comprises the following:
The absence administration module is used to configure the customer’s holiday and sickness rules. It covers the following functional areas:
Definition of a holiday scheme and its rules such as entitlement rates, statutory and company holidays and workflow authorisation rules.
Definition of an absence scheme and its rules such as sickness categories rates, workflow authorisation rules.
Definition of employee groups and absence rules related to those groups.
The management of employee absence rules including association of employee with group or individual absence rules such as entitlement, line manager or administrator recording of absences and workflow authorisation.
Absence self-service pages enable employees, managers and administrators to request and authorise absences. It includes a fully historical absence calendar for individuals or teams.
Pension calculator functionality is the perfect accompaniment to the Flexible Benefits application and covers the following functional areas:
Forecast a likely pension given existing funds, current contribution rates. The calculator will show four scenarios, each with or without a tax-free lump sum payment:
Perform what-if pension modelling to estimate changes required to existing contributions to achieve a target pension payment on reaching retirement age. The modeller takes into account existing pension funds and retirement age.
Reflex share trading application with the trade name, Equity, comprises a number of modules to manage the allocation, ownership and trading of a company’s shares by its employees.
The share scheme administration module is used to configure the customer’s processes for gifted and performance-related share awards. It covers the following functional areas:
The definition of the award rules, trading rules and share prices for the scheme year, including trading limits, multi-currency share price and dividend payments.
The definition of a type of share award and its rules such as employee eligibility, vesting and trading limits.
The processing of gifted and performance-related share awards including rules for vesting and employee share or cash allocation where employees may opt to take a bonus in the form of shares and/or cash.
General share awards made to new starters or all employees as a loyalty incentive.
Share awards tied to performance. Shares may be allocated on the basis of individual, team or overall company performance.
The management of employee share trading requests – buying and selling shares with the business – and administrator handling of requests through new allocations or company buy back.
The definition of share vesting rules for the deferment of share ownership, a mechanism to encourage loyalty to the business by the ownership of shares over the term of employment.
The management of dividends paid on owned and accrued on vesting shares.