SAN FRANCISCO, Sept. 25, 2018 /PRNewswire/ -- Global Mobility Management (GMM) company Topia today launched its new Deferred Compensation tool, the only automated cost estimate solution on the market that enables HR and mobility managers to quickly and accurately calculate the cost and tax implications of deferred compensation packages for globally mobile employees.
Available now as part of Topia Plan, the company's end-to-end mobility scenario planning solution, the new Deferred Compensation feature eliminates the fees, complexity and uncertainty of manual cost estimation with an automated tool that dynamically accounts for sourcing and movement during and after the vesting period.
"Most companies are forced to rely on one of the Big 4 accounting firms for deferred compensation estimates, which can take days, cost thousands of dollars, and may still make simplifying assumptions which lead to inaccuracies for business lines and finance," said Topia CEO and co-founder, Brynne Kennedy. "Our solution is the first of its kind to automatically calculate deferred compensation accurately into the total cost of the move within minutes, and give companies the ability to easily adjust and recalculate the cost throughout the assignment."
Mobile employees present a considerable risk when it comes to deferred compensation due to the complexities involved in calculating the gain in the right countries and the related tax liabilities. The cost of compensation and income tax can fluctuate significantly based on the initial value of the award, vesting period, value at exercise date, movement during the vesting period and the length of time spent in each location.
Topia's cost estimate engine solves those issues with an automatic solution that delivers virtually instant, accurate calculations based on parameters that are customizable for each company and specific programs. The solution gives GMM teams the ability to:
- Centralize global mobile employee deferred compensation data, with integration across HRIS or other systems;
- Apportion the gain of each vesting event between home and host locations;
- Calculate tax equalization costs, including hypothetical tax deductions and home/host gross ups;
- Work with Finance to accrue for the relevant cost accurately in each financial period;
- Re-run cost estimate calculations with updated data throughout assignment periods; and
- Run configurable reports on grant data and estimated accrual data.
"The deferred compensation solution is not only more accurate and efficient, but it also substantially improves the value that mobility brings to the wider organization," Topia Chief Product Officer, Sten Tamkivi, said. "With this foresight and visibility from Topia, Global Mobility teams are no longer forced to pass this burden on to finance to figure it out after the fact, which elevates mobility program managers to a more strategic role within the organization."
Topia will host a series of live webinars and demonstrations of the new Deferred Compensation feature:
EMEA - Oct 31, 2018 @ 10.30am GMT. Register at https://www.topia.com/topia-passport-deferred-compensation-emea
Americas - Nov 1, 2018 @ 10:00am PT. Register at https://www.topia.com/topia-passport-deferred-compensation-us
Asia Pacific - Nov 1, 2018 @ 12pm AET. Register at https://www.topia.com/topia-passport-deferred-compensation-apac
To learn more about adding the Deferred Compensation feature to your Topia Plan tool, contact your Topia representative, or visit www.topia.com.
- Topia Plan Overview: https://www.topia.com/topia-plan
- Topia Deferred Compensation Video: https://youtu.be/eV12pqZ5CDI
- Topia Blog: https://www.topia.com/blog/deferred-compensation
Topia (formerly MOVE Guides and Polaris Global Mobility), the global mobility management company, reduces barriers between people and places to enable employees to work from anywhere through its integrated suite of mobility solutions and services. Over 100 global companies rely on Topia's technology and service platform for relocation and expatriate management, tax and payroll, and immigration data across more than 100 countries with maximum operational efficiency, employee satisfaction and engagement, and assured compliance. Topia's philanthropic initiative, Mobility4All, provides a portion of revenue and employee time to assist individuals fleeing poverty and conflict by moving to new locations.
Founded in 2012, Topia has raised over $90M from New Enterprise Associates and Notion Capital and operates headquarters in San Francisco and London with offices throughout the Americas, EMEA and APAC. For more information, go to www.topia.com and follow Topia on Twitter, Facebook and LinkedIn.