Payroll Enhancements Your Employees Will Cherish Long After the Holidays
The holiday season brings joy to many in different ways, whether that’s through spending time with loved ones, rocking out to holiday music, or even giving and receiving gifts. And during this joyous time, we’d like to bring some holiday cheer to our UKG Ready® and UKG Dimensions® HCM customers. So in the spirit of giving, we’re providing you with not one but two special payroll enhancements that your employees won’t have to add to their shopping lists.
New and Improved: Total Compensation Statement
It’s year-end, and a gift your employees will enjoy is the newly revamped Total Compensation Statement. This statement gives your employees insight into everything that drives their compensation. The holistic view includes salary data, additional earnings, and benefits data. This value-driven enhancement can help your employees understand their compensation as a whole instead of just looking at the net amount on their paychecks. Employees can access their Total Compensation Statement through the self-service function. Managers can view and download multiple statements at one time. The details on the statements can also assist in driving conversations with their employees.
For system administrators, the configuration is easy! A new Company Settings widget is available to add to your tabs. Here you can update the details of what will appear on the PDF version of the statement. This includes custom messages for the cover letter, introduction, and summary details and what appears in the PDF headers, including the company logo, address, and contact information. These features allow you to brand the statement to align with your organization’s needs. Additionally, as the system administrator, you can create lists of earnings and deductions to include in each of the statement sections. These sections include Compensation, Discretionary Bonus, Statutory Benefits, Time Off, Benefits, Retirement, and Employee Paid Benefits. Each of these sections can be enabled or disabled on the Total Compensation Statement.
The Comeback: Predict My Pay
As we approach the end of the year, there are a lot of factors that affect employee compensation. Many employees may receive promotions, raises, bonuses, and other compensation changes. The Open Enrollment process for many organizations just took place, and that could bring changes to benefits deductions or even retirement contributions. And with tax season right around the corner, other thoughts are being considered, such as how adjustments to employee tax deductions or changes to tax brackets will impact take-home pay. Employees can rejoice because the paycheck simulator is back —and better than ever!
The comeback feature, now called Predict My Pay, will help employees understand how certain changes to their compensation and hours will affect their paychecks. Once in the Predict My Pay screen, users will view their current pay information from their most recent paycheck as a starting point. They will then be able to adjust the pay amount to see how this will affect their final pay. They can even see what it would be like switching from hourly to salary or vice versa. Hourly employees can also see what it would look like if they had an increase or decrease in hours for a particular pay period. Additionally, users can adjust certain earnings and deductions, such as overtime and medical deductions. And if a user makes a change to their tax information on their account, they can see what their adjusted pay will be before the first affected paycheck comes.
Now let us provide some peace of mind to you as an administrator. The Predict My Pay feature and the data can be adjusted without affecting the actual pay and time settings. The solution will essentially clone the employee information and place it on the Predict My Pay page, which then allows the information to be changed around, calculated, reset, and changed again without any impact or accidental changes to the employee’s official record. And the feature can be enabled or disabled by security profiles. How’s that for an extra special gift?
You can bet these payroll enhancements won’t be on your employees’ return list and will be something they can use in the long run. To learn more about these features, you can check out the release notes from the UKG Ready and Dimensions HCM December release.