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Payroll Consulting Practice
Raising the potential and profile of payroll
This Month in Payroll - May edition
This month in payroll covers the latest payroll updates in just over 10 minutes. This month we discuss the outcome of the Federal Election, the top priorities of the Fair Work Ombudsman for FY20 and changes to Awards.
Previous editions - 2019
January | February | March | April
Previous editions - 2018
November | October | September | August | July | June
Unlock the true value of your payroll function
The objective for payroll has always been simple – pay your employees accurately and on time. Payroll has historically been seen as a low risk function, generally automated (or outsourced) – one which rarely troubles the higher levels of management, as long as it is running smoothly. To that extent, you probably haven’t given it a great deal of management time or attention.
This means many organisations are not accessing the true value of payroll. Technological advancements, the power of data analytics and changing employee demographics provide the opportunity for organisations to take a critical look at their payroll function and identify where there are potential improvements, leading to cost savings, increased efficiencies and improved employee engagement.
Organisations should seize and address the opportunities and challenges facing payroll. Technology now provides an opportunity for payroll functions to evolve and become valued business partners. At the same time, they still need to manage the financial and reputational risks of processing payroll late or incorrectly, or of failing to adhere to evolving data privacy and protection regulations.
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