How many subscriptions do you have? Subscriptions have become fundamental in our daily lives, providing a convenient way to manage our day-to-day needs. While subscription services to support our business operations are becoming more common, what about a subscription solution to ensure your workforce remains compliant?
Workforce compliance is challenging
A huge issue faced by Australian businesses is the ability to manage their ongoing obligations to their employees for their pay, superannuation, and other entitlements. It can be tough going for businesses – even with top-notch people expertise and resources, for a number of reasons:
- There has been increased scrutiny around payroll compliance in recent years. Companies that have failed to meet the high compliance burden set by regulators – and failed to pay their employees the minimum entitlements as a result – have been met with substantial fines and suffered reputational damage.
- Businesses are faced with constantly changing laws and regulations. These can be overwhelming and hard to navigate. While many companies may have been advised that they can 'set and forget' when it comes to their workplace and payroll compliance, this is a misconception that can have legal consequences.
Remediation reviews are not the future
Retrospective remediation reviews are used by companies to correct workforce compliance issues that have already happened. But they are just that: reactive, retrospective reviews that are hugely resource intensive. Remediation reviews do not protect your business from future underpayments, or the potential fines, interest payments, reputation damage, and breakdown in employee relations that may result from non-compliance.
Remediation reviews allow you to correct the mistakes of the past, but they do not address your business’ future, evolving needs when it comes to workplace compliance.
Optimise compliance for your business
Fortunately, there are now real options available if you want to future-proof your business’ ongoing workforce compliance.
Yellow Canary’s Always on Compliance solution offers a cost-effective, enterprise software solution that exists within your current ecosystem, helps your business operate efficiently, and sustains your business’ recurring working compliance through ongoing monitoring and data driven insights.
Reach out to Yellow Canary to learn more about our Always on Compliance solution for your business.
* Yellow Canary content on this website is intended solely for the purpose of offering commentary and general knowledge. The content is not intended to constitute legal advice. You should seek legal or other professional advice before acting or relying on any of the content.
