What’s New @Zaggle Save
Against a backdrop of rising inflation and economic instability, employees are feeling the constant pressure of meeting their immediate and long-term financial needs. Zaggle Save can help businesses embed financial wellness into its work culture, enabling employees to establish healthy financial habits and build financial resilience.
Zaggle Save provides corporates with a platform to automate and cost-efficiently manage the delivery of employee flexible benefit programs at scale. Zaggle Save digitizes and consolidates employee flexible benefits from food coupons, meal cards, fuel cards, travel vouchers, and gift cards onto a single reloadable prepaid card. Enterprises benefit from lower administrative complexity and improved visibility into key program metrics. Employees enjoy a seamless, digital-first transacting experience with wide acceptance at online and offline stores.
At the backend Zaggle Save provides flexibility to onboard employees, define and map benefits, and load prepaid cards using real-time funding, Zaggle Save is compliant with Income Tax and Central Bank regulations and supports the highest security and privacy standards, ensuring sensitive data is protected.
Zaggle has rolled out new functional enhancements to enable employee’s sign-up conveniently for the benefits program, receive faster reimbursements and plan tax savings. The enhancements include:
TaxOptimizer? - Promotes Employee Financial Well-Being
In the past, employer-provided financial wellness programs were available to a subset of employees: executives and high-net-worth individuals. In partnership with Tax Spanner, Zaggle Save is challenging this legacy industry, dominated by traditional financial services and advisors. Save extends digital financial wellness tools to enable any employee to take control of their finances, plan savings and achieve individual financial goals.
TaxOptimizer?, ?as the name suggests, enables individual taxpayers to maximize tax savings through deductions, exemptions, and investments in financial products permissible by organizational policy and taxation laws.?
Range of Benefits
How Does it Work?
Employees can log on to the Zaggle App and click the TaxOptimizer? link. On redirection, employees can enter compensation details. The tool automatically computes tax liability and generates a personalized report that details tax-saving options.?
Benefits Wizard – Simplifies Program Sign-Up
Manual, excel-driven opt-in mechanisms escalate administrative overheads of running the Flexi-benefits program for businesses and employees. Zaggle Save has been enhanced to enable employee’s sign-up for flexi-benefits directly from the Zaggle app, thereby improving convenience and reducing back-and-forth communication between employees and the Human Resources (HR) department.
Key Features
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How Does it Work?
Businesses can configure the benefits they want to extend to employees and define maximum and minimum limits for each benefit type based on employee designation, grade, and compensation. The system maps the benefits to individual employees. Employees receive an email with a link to the Zaggle app to opt-in for benefits. Using the Zaggle App, employees can select the benefits they would like to opt for.
Automated Wallet-to-Wallet Transfers
A multi-wallet card, Zaggle Save maps merchant category codes to each wallet. This ensures the system debits the correct wallet when employees transact.
In the event of a transaction failure at the point of purchase, employees may use another payment instrument to complete the transaction. For claiming the equivalent tax benefit, employees need to submit receipts using the Zaggle App. On verification, the operations team manually debits the transacted amount from the specific wallet account and credits it to the expense wallet. The reimbursement cycles are protracted due to the manual nature of the process, leading to avoidable friction between employees and the corporate.
This fund transfer process is now automated, improving employee convenience. On submission and verification of the receipt, the amount is immediately deducted from the expense wallet and credited to the reimbursement wallet. Employees benefit from timely payments and avoid any inconvenience caused due to delays.
Optimized Reimbursement Workflows
Zaggle Save has optimized reimbursement workflows for program administrators, drastically reducing time and effort in authorising claims and transferring monies to employee wallet accounts from days to a few minutes.
Earlier administrators had to download the list of claims approved and rejected by the Zaggle verification team, and filter exceptions prior to authorizing claims.
Administrators can now view approved claims on the dashboard and instantly authorize payments towards the same.?Once approved, intelligence built into Save automatically converts multiple claims from an employee into a single credit transaction.
Financial Wellness Incentives
According to industry reports, financial well-being positively impacts employee retention, and productivity levels. Businesses can improve the success of their financial wellness efforts by incentivizing employees on accomplishing personal financial milestones.?
Zaggle Propel a rewards and recognition platform can help corporates roll out incentive programs around various parameters – financial literacy, budgeting, savings, investments, and improvements in credit scores. Businesses can also gamify the program by conducting financial literacy contests, employee polls and surveys.
Watch out for more on financial incentives in our next blog.
Zaggle will demonstrate Save and Propel at the SHRM Conference, Hyderabad.?Visit our experts at Booth.?
Contact Zaggle today – [email protected] to launch your employee financial wellness program and fix a meeting at the conference or visit www.zagglesave.com