Payroll is essential for any business. As explained by the Australian Payroll Association’s chief executive, Tracy Angwin: “No one thanks you for getting payroll right. But crikey, do you know when it’s wrong.”
This episode of The HR Leader unpacks the potential issues and the need to get payroll right. Here, Tracy shines a light on the complexities and critical nature of payroll management within organisations. The conversation delves into the risks associated with payroll, compliance issues, and the impact these have on company culture and employee morale.
Payroll is often perceived as a thankless task within the HR portfolio, where errors can lead to significant financial, regulatory, and cultural risks.
To manage payroll effectively, Tracy highlights three key areas: people, processes, and platforms. Ensuring a competent, well-trained payroll team with appropriate governance structures is vital.
The technology platform used for payroll must be fit for purpose, with proper integrations and functionality to meet the business’s needs. Those who do not realise this run the risk of falling behind in the modern workforce.
Compliance often refers to a company's and its workers' adherence to corporate rules, laws, and codes of conduct.
An employee is a person who has signed a contract with a company to provide services in exchange for pay or benefits. Employees vary from other employees like contractors in that their employer has the legal authority to set their working conditions, hours, and working practises.