Innecto – the consultancy arm of Personal Group – has launched a free furlough calculator to support HR and business leaders as they make tough decisions.
The tool allows companies to quickly and easily model furlough arrangements and reductions in pay. Helping companies to track and understand the impact of decisions in the short term and in the next pay cycle.
Deborah Frost, Innecto founder and Personal Group CEO, commented,
“The government has put some incredibly helpful packages in place to support businessesthrough this time. Furlough – a word rarely heard in the English vocab before this crisis – has become commonplace. But companies need to be sure they are basing decisions on accurate numbers to make the right calls, at the right time. This calculator has been designed to cut through complex criteria and take the pain out the calculations.”
Furlough calculations
Innecto’s Excel modeller has been built based on guidance provided by the government. It operates on a monthly basis and takes into account Employee Contributions, Pension Type and Salary Sacrifice.
The new resource is part of a suite of initiatives launched by the Personal Group family in response to COVID-19. This includes:
- 24-hour online GP facility: This service is made available free of charge during this time to policyholders who have the HAPI mobile app. Hapiis a fully customisable rewards and benefits platform
- Emergency employer-paid insurance policies: Personal Group is offering emergency employer-paid insurance policies(six-month duration) with immediate effect
- Hapi notifications switched on for every customer: Rapid real-time communication with the wider workforce is key. Companies which are signed up to the Hapi app will be able to message all employees, or even individual employees, within the app
Frost continues,
“We are seeing that furloughing is being done in tranches, and what was unclear when the first phase was completed is clearer now. Our calculator gives HR and business leaders the ability to go back and run the numbers of the first tranche, as well as planning for the next. As requirements continue to evolve, the pay and rewards industry is stepping up to offer customers valuable insights and support. Now is the time they need us the most.”