The last few months have been strange for all of us: first, we stopped seeing each other in person; then, we changed the way we interacted and worked together; and now we’ve arrived at a hybrid situation where human relationships are coexisting with technology more than ever before.
The resilience and agility of humans allow us to adapt and overcome the difficulties we encounter in our private and professional lives. Having been in regular contact with human resources (HR) professionals throughout this health crisis, I can say that they represent a living example of this ability to adapt. Overnight, they had to revise their priorities to focus on the most important thing of all: the health of their colleagues.
Digitalization to alleviate your administrative burden
This unprecedented crisis has reaffirmed the crucial role that the HR department plays in a company. It’s essential that their activities are not hindered by recurring and repetitive administrative tasks that lack added value.
Our KPMG 2020 CEO Outlook report showed that the recent crisis has accelerated strategies that were already in place, notably regarding digital transformation. It also emphasized the importance of companies’ workforce in sustaining and growing future businesses. According to the report, this “talent risk” has become CEOs’ number one concern over the past six months.
Therefore, HR departments will be once again under pressure to develop adequate strategies for attracting and retaining talent in the coming months. Digital and automated assistance in managing administrative tasks, which are necessary but offer no added value to the department and the company, is set to become an asset for HR professionals, in line with their CEOs’ medium/long-term visions and current digitalization trends.
Keen to harness this wave of digital development, we at KPMG Luxembourg brainstormed how to help HR departments focus on their core business. As well as simplifying administrative tasks, we also extended our thinking to delivering other benefits for both the employer and employee.
Interest Subsidies Calculator: an easy and secure tool
In this context, we developed the Interest Subsidies Calculator, a digital tool that allows you to:
- Drastically reduce the HR department’s administrative burden
- Adopt a paperless approach
- Potentially reduce the costs borne by the employer
- Maximize tax and social security efficiency for employees to increase their purchasing power.
And, all of this is available in a simple, easily accessible and secure environment.
The Interest Subsidies Calculator even allows companies with a large number of employees to grant this tax-efficient benefit to their workforce almost effortlessly. Indeed, this benefit is often not implemented because of its huge administrative burden.
This digital tool — tested and used by KPMG Luxembourg internally and by some of our clients since mid-2019 — also allows you to avoid errors related to preparing calculations on ad hoc Excel files and reduce the risks in case of audits by tax authorities.