Admin
As an admin, I want to configure the logic and rules for loans in the Payroll Configuration section.
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Enable and disable loan requests for my company.
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Set eligibility criteria (everyone, everyone except certain types of employees or enabled only for specific employees).
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Set a maximum for the amount that can be requested (either a fixed amount for everyone or a percentage of the annual salary).
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Set a minimum and maximum for the loan payback period.
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Upload the legal agreement that must be signed by the employee.
As an employee, I want to request a loan on the mobile app.
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See the maximum amount I am eligible for as well as the repayment terms.
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Put in the amount I want to request.
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Put in when I want to start paying back as well as over what period.
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Customize specific amounts for each month and ensuring that I pay back the total amount at the end of the payback period.
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View and e-sign the legal agreement.
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Add some notes.
As an admin, I want to approve or reject employee loan requests.
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See the relevant details of the loan request (you should decide what those details are).
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Approve or reject the request.
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See and e-sign the legal agreement.
As an employee, I want to see my previous and upcoming loan installments a. See paid installments and their details.
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See upcoming installments that haven’t been yet.
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See how much of the loan is still outstanding.
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View the version of the agreement that has been signed by both employee and admin.
Employee
User Stories
User Flows
Persona
Admin
Employee
Admin
Employee
Admin
Employee
The Problem
It is been noticed that there is a large volume of deductions going through the platform. Upon further investigation, it uncovered a popular use case. On average, 20% of employees working for a company request loans from the company. The company extends the loan to the employees and then deducts the installments from their salaries for a certain number of months.
A typical workflow:
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An employee sends an email to the finance admin asking for a loan.
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The finance admin sends back a form and a legal agreement for the employee to fill out then sign.
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The loan gets disbursed at the end of the month along with payroll.
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Depending on the agreed terms (repayment term and amounts), the finance admin will go on Bayzat Benefits and create a deduction every month for the employee until the loan is paid off.
This process is prone to error and takes up too much of the admin’s time. The goal of the payroll squad is to automate this process for both the employer and the employee.
Background
All companies have a process to pay their employees each month. They usually record it in a system (predominantly Excel-based) where a payroll admin calculates the wages payable to the entire workforce and then arranges for the amount to be paid to each employee.
Regardless of the system used, every HR or Finance person (depending on what function “owns” the payroll process within the business) must carry out the following basic process steps to calculate payroll:
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Calculating how much pay each should employee should receive (i.e. basic salaries plus approved expenses, net of any deductions).
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Disbursing the salaries to employees (i.e. taking the payroll data and getting it processed by a payroll processor). This usually happens at the end of the month.
PAYROLL
BAYZAT BENEFITS
Notes & Scribbles
Organisational benefits
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Companies were able to process employee loans 25% faster.
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Chances of error compared to manual loan processing is brought to 0%.
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Communication gap between departments were almost none.
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Reports and documentation were quick and effective.
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Manual work reduced by 60%.
Impact and success metrics
Emplyee benefits
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Employees were happy and their confidence towards employer increased by 60%.
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EMI payment delays from employees decreased by 35%.
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Immediate feedback and communication allowed employees to plan and organize necessary documentation on time.
Learnings
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LISTEN to the user and do not react.
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Features are good but does it serve the purpose now and to what extend.
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Revisit your approach and always make sure you are in the right direction.