Which tasks did you leave on Friday afternoon to pick up again this morning?
As the title explains, nobody wants to sit and do complex calculations on a Friday afternoon. So which ones have you left until Monday morning? You don't have to, you know?
Research commissioned by British Airways suggests that on a Friday, people put off at least three important things until a Monday. Would sitting and working out how much auto enrolment is going to cost you one of those three things?
But now it doesn't have to be that way. With auto enrolment contributions modeller from Aviva, you can simply input a few details and it will work out for you the amount that auto enrolment will cost you over a selected period of time.
But why is this useful?
Working out how much auto enrolment is going to cost you in contributions over a certain period allows you to properly align your strategy with a more efficient process. By working out early how much auto enrolment is going to cost you, you can then workout what your overall investment is going to be including training, processes and ultimately contributions to your employees' pension schemes.
The workplace pension reform was introduced in order to encourage more people to save for their retirement years. With the population getting older on average as the years go on, the proportion of those at working age in comparison to those that are retired; is decreasing.
This means that more people need to start saving for a pension and this is where auto enrolment comes in. But auto enrolment doesn't have to be a purely time consuming and costly affair.
You can actually use it as an opportunity to streamline your entire payroll process, let alone just to comply with the new workplace pension reform. Choosing your payroll is the most logical place to run your auto enrolment assessment. All of the data needed to assess your employees is in payroll already, so why would you do it anywhere else?
You also need to communicate with your employees about the new changes to their pension arrangements including their rights and what they need to do. And if you do this electronically, it cuts out all of the printing, sorting and envelope-licking (or sellotaping if you prefer). So why not include this as part of your auto enrolment software solution? Throw in the electronic payslips and P60s (why not?) and you have actually reduced the amount of time it takes to run your payroll full stop.
Working out the cost of auto enrolment contributions to your business and then offsetting this against the savings that could actually be made by streamlining your payroll process is definitely going to please those with the checkbook pens.
The IRIS AE Suite™ does all of this while helping to keep you compliant with auto enrolment legislation. But to put a "face to a name" why not take a free demonstration of the software. This gives you an excellent opportunity to see the software in all of its glory and also ask one of our auto enrolment experts any questions you may have about the software.