Come one, come all! We’ve got some exciting news to share… 🎉🔈
Our paperless onboarding process has been a cornerstone of our mission to make employment easier and more rewarding for everyone. Paperless onboarding is already helping thousands of businesses deliver the best onboarding experience in Australia. This digital onboarding process not only allows you to onboard in minutes but also digitally submits electronic TFN declarations to the ATO and creates a seamless submission and return of VEVO checks with the Office of Home Affairs.
Employment Hero is thrilled to announce another milestone on our mission. We’ve been working on another top-secret feature that’s going to continue our revolution of the paperless onboarding process for the better!
Managing superannuation for new employees is a regulatory requirement and brings with it manual, complex processes and growing risks for non-compliance.
The ATO has emphasised the obligation for employers to offer choice and carefully manage situations where an employee may default into the employer’s nominated fund. In talking to our customers, we know that the existing process can be difficult and result in a high level of non-compliance.
As a result, over the last 12 months, we’ve been working with the superannuation industry to create a better super solution for employers and employees alike.
Here’s everything you need to know about our new feature; Seamless Super.
What is Seamless Super? 🌟
Superannuation administration is an ongoing pain point for both employers and employees with antiquated workflows, leading to additional admin for employers and poor outcomes for Australian workers.
Seamless Super is the solution.
With Employment Hero, you can deliver employee information directly to super funds without any additional work for either the employee or the employer, making passive defaulting and multiple account creation a thing of the past when they onboard with Employment Hero.
Why is this important? 🤔
The Banking Royal Commission has shone a spotlight on the super fund’s industry. Commissioner Hayne’s recommendations included greater transparency for employees, reduction in the creation of multiple member accounts and a focus on reducing the costs of administering superannuation.
Under the current system, employees default into a new fund each time they start a new job, resulting in the loss of nearly $20 billion in lost super and the proliferation of low balance and inactive funds, costing Australian workers millions in retirement benefits. Specifically, Commissioner Hayne called upon the industry to develop better mechanisms for stapling an employee’s fund as they move jobs.
Where does Employment Hero step in? 👋
Together with the Employee Passport, which allows employees to continue accessing their employment data when they onboard at new employers, Seamless Super will deliver the transparency and accountability that Commissioner Hayne called for. Our comprehensive approach includes:
- Clearly displaying the details of funds to employees at the point of onboarding to proactively engage them in their super choice.
- Using digital data in a transparent and accountable manner that can be updated in real-time as products and regulations are updated.
- Delivering complete and accurate data directly to a fund without any additional form-filling by employees. This will completely eliminate the need for employers to remember to enter details into a fund’s portal, saving hours of administration and protection against human errors.
- Immediately commence member engagement from the fund, rather than waiting for quarterly super fund payments to trigger a request for more details months after an employee commences work.
- Using our Employee Passport feature, an employee’s details (including their existing super fund) can be carried forward into their new job.
How are we doing this? 💡
In order to make Seamless Super a reality, we have been collaborating with multiple funds to empower employees to make the best choice for them… and we look forward to adding even more funds in the future.
Seamless Super will be launched initially in partnership with Q Super, one of Australia’s leading funds and we look forward to working with new funds to embed Seamless Super across the industy. Q Super doesn’t have shareholders, so everything they do is aligned to members’ interests. The fund’s commitment to benefiting its members resonates deeply with Employment Hero, as we are equally as passionate about making all aspects of employment – including super – better for every Australian.
Q Super was rated number 1 for member satisfaction among large super funds in a 2018 Roy Morgan survey, recognising their commitment to members financial wellbeing. They were also rated number 1 for 1-year Returns for Growth Funds in 2018/19 by Chant West.
Employment Hero is dedicated to making employment easier and more rewarding for all Australians and our partnership with Q Super is just another way we’re making that a reality. Stay tuned for more product updates on this as the months continue.