Zeta Simplifies Employee Tax Benefits And Rewards
Zeta unveiled 3 new digital solutions in the Employee Tax Benefits and Rewards space. These new solutions, available on mobile and card platforms will radically simplify- how companies manage medical claims & reimbursements, how employees receive tax-free gifts from their companies, and how companies manage their incentives & rewards programme for employees
Zeta provides solution for corporate companies to manage the Employee Tax Benefits and Rewards programmes electronically. Using a single web-based interface, an HR Manager is connected to every employee’s mobile phone. And at a click of button, HR Managers can send grants of meal vouchers, medical reimbursements, gifts etc to all their employees, across cities, instantly.
These grants are transferred to an employee’s cloud-based Zeta account in the form of multiple virtual cards - each card representing a specific tax benefit and can be used only to avail that specific benefit. For eg: If an employee receives medical reimbursements grant in a virtual medical card then the money granted here can be used only towards medical purchases.
The use of cloud based Human Capital Mangement (HCM) is one of the fastest trend in indiustry. “The upgrade cycle for cloud-based HCM is much faster than that of traditional on-premises software, so companies must be able to embrace change in order to take full advantage of the new features. If the business is more risk averse than to go full speed ahead, more organizational flexibility needs to be instilled to get the most from an HCM cloud investment,” Shailesh Singhla, Country Head and Director-Sales at Oracle said to CXO Today earlier.( Read full Article)
This ensures that the user has the convenience of accessing all his employee benefits in one place while adhering to the respective company policy.
Employees can access the grants and transact via the Zeta app on their smartphones or via a physical MasterCard-powered - Zeta Super Card - both of which are linked to his Zeta account. Employees can also upload bills as proofs of purchases on the Zeta app itself. These bills are verified and safely stored by Zeta for up to 7 years, freeing the HR Manager of these mundane tasks and any audit issues.
The solution is fully compliant as per laws defined by the Government of India and offers multiple benefits to HR Managers.An HR Manager can set up Zeta in under 5 minutes.
The solution saves time, is paper-free, customisable , outsources verification and lastly it provides a one-stop solution.
Zeta co-founder and CEO Bhavin Turakhia said, “Employee Benefits and Rewards as a space has remained the same for decades. Companies are forced to use age-old practices for the lack of a wholesome and better solution. This space was waiting for a disruption and Zeta is ushering in this revolution by being the first such solution in this space in India.”
Ramki Gaddipati, Co-founder and CTO at Zeta adds, “Zeta’s technology is cutting edge. We have built this system to be intuitive and intelligent. Be it security or compliance, Zeta understands the rules of usage and adheres to it.Zeta also brings down the allowance claim process timeline from weeks to just a few minutes. We use machine learning and image processing technologies which helps us achieve a reduction in both, time and cost of processing bill claims. It also improves reliability with every bill an employee uploads.”
Earlier this year, Zeta introduced its electronic meal voucher solution - Zeta Meal Vouchers. This solution has seen rapid acceptance in the market with over 200+ corporates across industries already using this product.
The Zeta app is available on all popular platforms like Android, iOS and Windows.
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