The Royal Bank of Canada Streamlines Print and Delivery of W-2’s with CIC Plus
When you’re the payroll team for one of the largest banks in the world, Royal Bank of Canada, you have a number of responsibilities. Time is limited to properly manage tax compliance efforts when you have employees spread across 46 states. That’s why RBC turned to CIC Plus to help produce year-end tax statements for their employees. RBC was managing the process internally, from preparing and printing statements to distribution, and found it challenging to deliver statements on time.
CIC Plus helped streamline the printing and delivery of W-2s for 15,000 RBC employees at the time. Yet, RBC didn’t want to stop there. The bank wished to further improve the experience for employees by encouraging them to register for electronic tax statements delivered through the CIC Plus portal. CIC Plus helped RBC drive online enrollment from an initial 30% to nearly 70% using various communications, which helped to significantly lower mailing costs and reduced employees’ calls. Access became even easier for employees when CIC Plus enabled Single Sign-On from the RBC Intranet site. This freed up a full-time payroll resource who had been tasked with answering employee questions every tax season.
RBC also looked to CIC Plus to transition its paper-based W-4 tax withholding forms process online to remove the administrative headaches of having to continually monitor state tax form changes and also manually entering the employee information from completed forms into the payroll system. Particularly challenging regulatory states, such as New York, are now addressed automatically, freeing up valuable time for the RBC Payroll team.
“We love the partnership we have with CIC Plus,” explains Ndikum Chi, Senior Manager, Payroll Funding & Internal Controls at RBC. “It’s that peace of mind knowing CIC Plus is managing all of our compliance efforts and our employees are having an excellent experience. We benefit from the experience of CIC Plus.”
More recently, RBC asked CIC Plus to support the ACA reporting needs of the bank as well. All of these advancements allow RBC’s Payroll team to focus their attention on addressing the priorities of the business, which is time well spent.