Looking back on the media headlines, changes, and anticipated shifts in the industrial relations landscape, it is clear that 2024 has been a year of learning, challenges, and progress for employers across various industries.
With the year coming to a close, we would like to share some key takeaways from our webinars this year to help you approach 2025 with confidence and inspiration for a clear action plan.
1. Small steps, big impact: Kickstarting your ESG strategy
When we think of ESG (Environmental, Social, Governance), it is easy to imagine big, complex projects. But progress does not have to be overwhelming. Marcus Zeltzer, our co-founder and Managing Director emphasised that even small wins can make a huge difference. Start with a few improvements throughout governance such as doing regular reviews to ensure payroll calculations are correct or having ESG top of mind during meetings. Over time, these small steps add up to big changes.
Tip: Focus on the 1% changes—small wins that lead to big results.
Watch the on-demand webinar here.
2. Asking the right questions about your payroll compliance status
Payroll compliance is not just about avoiding financial consequences; it is also about safeguarding employee wellbeing. Incorrect pay can leave employees feeling undervalued, which impacts both their performance and overall business success. This should be one of the primary motivators for leaders to understand their payroll compliance status.
Board members, who are not involved in day-to-day operations, need to know the right questions to ask to ensure they have the clarity and information needed to make informed decisions and manage compliance effectively.
Tip: Leaders should be equipped to ask the right questions, while management should be prepared to provide the right answers before being asked.
Watch the on-demand webinar here.
3. Close payroll system and process gaps through review & planning
Identifying compliance gaps is the first critical step in improving payroll processes. Start by assessing the current state before planning. Then, begin planning and reviewing your systems, processes, people, and integrations for the next 3 to 6 months to address these gaps effectively. Use a 'show me, don’t tell me' approach—leverage dashboards and clear data visualisations to provide actionable insights and transparent reporting.
Tip: Prioritise clarity in your data presentation. Ensure your dashboards are simple, intuitive, and aligned with the information that drives key decision-making and planning at the board level.
Watch the on-demand webinar here.
4. Uncovering hidden risks in superannuation compliance
Managing superannuation involves understanding the correct pay codes, navigating unique scenarios like calculating the Superannuation Guarantee Charge (SGC), keeping up with changing Superannuation Guarantee (SG) rates, and interpreting complex Enterprise Agreements (EAs). These intricacies can make it challenging to ensure accuracy, and risks are easily overlooked. While it might seem fine on the surface, a deeper dive into the details could reveal hidden risks you never anticipated.
Tip: Take the time to thoroughly review your organisation's superannuation process. Understanding the details, including pay codes, SG rates, and EAs, can help identify hidden risks that may otherwise go unnoticed.
Watch the on-demand webinar here.
5. Building a compliance culture through leadership and collaboration
Effective compliance is not just about using software; it is about building a culture of compliance, which starts with leadership. Clear, open communication from the top down ensures everyone understands their role and helps break down silos between departments. A good first step is initiating conversations between HR, legal, payroll, and other teams to keep compliance top of mind.
Tip: Encourage cross-departmental communication to address compliance issues and ensure pay accuracy across the organisation.
Watch the on-demand webinar here.
6. Managing SCHADS award compliance with payroll systems
The SCHADS award includes specific rules on classifications, allowances, and employee entitlements. While automated payroll systems can calculate and process these details, they cannot always verify if they are being applied correctly. Payroll systems cannot "check their own homework." This is why an independent review is necessary to ensure accuracy. There are several options for independent reviews, but the best choice depends on the board's risk appetite.
Tip: Do not rely solely on payroll systems for compliance, as they cannot verify their own calculations and data. Independent reviews are essential to ensure accuracy and mitigate risks.
Watch the on-demand webinar here.
Looking forward to 2025
As you wrap up this year and plan for the next, one key takeaway from this year’s webinars stands out: small, consistent improvements lead to long-term success. Whether it is starting with small ESG initiatives, starting the conversation around payroll compliance, or mapping out the end-to-end payroll process, every step contributes to building a stronger foundation.
We are looking forward to bringing you more valuable insights through our webinars next year, diving deeper into further key areas of payroll compliance.
*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.
.svg)