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Computer Buying Program
Benefits & Compensation
Computer Buying Program
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Our company is interested in starting a computer purchase assistance program. I am looking for ideas on how this will work, both from a finance and a human resources perspective.
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Forums » Topic Forums » Benefits & Compensation » Computer Buying Program
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Computer Buying Program
posted at 9/24/1999 12:58 AM EDT
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Posts: 8
First: 8/27/1999 Last: 10/7/1999 |
Our company can tailor an employee computer purchase plan to your needs at minimal cost. I'll email you a program overview. They are excellent benefit enhancements, very well received by employees, and are easy to implement. |
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Computer Buying Program
posted at 9/26/1999 8:49 PM EDT
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Posts: 47
First: 9/26/1999 Last: 6/5/2003 |
We currently have a PC Loan program where employees can purchase their computers and the associate materials such as printers and monitors etc..., provide receipts for the purchases and then apply for the PC loan. The loan is taken from bi-weekly payroll deductions and is due immediately upon termination of employment whether voluntary or involuntary. |
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Computer Buying Program
posted at 9/26/1999 9:46 PM EDT
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Posts: 8
First: 8/27/1999 Last: 10/7/1999 |
So at your company, the employee purchases the equipment, then brings in their receipts and applies for a loan from the company. Are the employees actually purchasing the equipment first, or are they bringing in a qoute for the equipment, which they use for the application? Is the loan a 0% interest loan, and whats the utilization rate among your employees? How many employees does your company have? We're always interested in how companies implement computer purchase assistance plans. |
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Computer Buying Program
posted at 9/27/1999 7:04 PM EDT
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Posts: 47
First: 9/26/1999 Last: 6/5/2003 |
The meployee must purchase the equipment first and provide us with an invoice or credit card receipt. They can purchase monitors, software, printers, scanners and modems. It is an interest free loan that can be taken for up to 3 years. The employee must work at least 6 month with the company and be at an "effective" performance level. When they complete the application, a supervisor's statement must be attached stating that the employee meets the requirements for the loan.
We waive the interest during the repayment period. The amount of waived interest is "grossed-up" and appears as imputed income on the staff member's W-2. We also contribute amounts on behalf of staff members to approximate taxes due. |
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Computer Buying Program
posted at 9/28/1999 2:43 AM EDT
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Posts: 47
First: 9/26/1999 Last: 6/5/2003 |
The loan application is divided into different sections: Applicant information i.e., name, address, Loan amount with the stipulations below the requested amount - what happens in case of termination, loan repayment, interest, etc...signature by applicant agreeing to terms of the loan, approval by Finance and signature of the loan processor. We also have the employee sign a promissory note and loan disclosure statement. |
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Computer Buying Program
posted at 10/5/1999 2:01 AM EDT
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Posts: 47
First: 9/26/1999 Last: 6/5/2003 |
We currently have an outstanding balance of 130,000. I don't know the administrative time as it is run out of the payroll office and not human resources. Our only connection to the program is to collect the money from people that leave the company. |
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Computer Buying Program
posted at 10/7/1999 12:06 AM EDT
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Posts: 8
First: 8/27/1999 Last: 10/7/1999 |
Thats a significant amount of cost. A company could actually run that program for a fraction of that, by changing the approach a bit. Apparently its well received by your employees, considering the current balance. |
Forums » Topic Forums » Benefits & Compensation » Computer Buying Program
