Finance

Significantly reduce offboarding costs

Employee separations shouldn’t break the bank. Onwards HR helps companies save big by accelerating the offboarding process. The more efficient the process, the greater the savings. Onwards HR also provides detailed financial tracking, simplifying the process and easily accommodating changes. By forecasting severance benefits and proactively addressing changes, you can make sure your numbers are right on the money.

Two employees in front of financial data and next to two stacks of coins

Eliminate unnecessary spending

Time equals money — and this is particularly when offboarding employees.

  • Reduce payroll costs by creating a more expedited process

  • Increase productivity by automating administrative tasks

  • Mitigate risk by implementing a process with built-in compliance assessment tools

Two illustrated employees reviewing financial data on a calculator

Severance Pay Forecasting

During workforce reductions it’s important to have real-time severance pay data.

  • Easily access severance pay forecasting by viewing which employees will receive severance pay and when

  • Eliminate severance overpayments with the help of a severance pay calculator 

  • Manage the big picture by keeping track of total severance pay per event 

An illustrated employee sitting atop a pile of coins and next to a calculator

Change Management

Stay apprised of changes that impact your numbers.

  • Receive notifications when employee changes take place, such as internal transfers or early resignations 

  • Proactively access financials related to severance pay and timing based on certain employee circumstances, such as leaves and eligibility for severance

An illustrated woman reviewing financial data in front of a clipboard and next to a line graph

Accrual Status Tracking

Make it easy to comply with the WARN Act.

  • Evaluate and automatically generate legally mandated notices when a RIF qualifies for the WARN Act

  • Avoid costly penalties like 60 days of back pay and benefits to each employee, plus attorneys’ fees

  • Assess for WARN Act compliance across enterprise-wide or rolling RIFs using 90-day review periods that can look at the past and future