Getting to know PaidRight

As one of the LFRA’s newest Associate Members, who is PaidRight and what products do you offer?

PaidRight is an independent employee pay compliance platform that provides retailers with the ability to monitor variances in their payroll by delivering insights and visibility into their own payroll systems and processes.

By analysing a business’ payroll data, against their own interpretation of the award or enterprise agreement, through our custom built pay model, we are able to assess their overall employee pay compliance position.

We have two core products:

1. Fixed Price Health Check – this provides a fast, one off check of a business’ current compliance position. This includes a detailed insight into the health of their business records as well as a compliance report looking at employee pay variances and analysis of the cause of these variances, including specific employees, stores and clauses.
2. Ongoing Payslip Checks – we review 100% of your workforce on a quarterly basis. This includes reviewing every employee on every legal agreement (award or EA). We then provide a compliance report every quarter which highlights any discrepancies in their payroll, so they can prove and improve their compliance going forward.

 

How did it all start?

PaidRight was initially established as a collaborative venture between PwC Australia and CSIRO’s Data61.

The two companies worked together in building and commercialising the PaidRight technology platform before a management buyout, leading to the founding of the company in 2020.

What led to PaidRight being created was the complexity and uncertainty when it came to paying employees under Modern Awards and Enterprise Agreements.

Many businesses are ill-equipped to make the accurate translation of the intent of clauses to the programming language of payroll software systems.

This has led to companies having different interpretations of clauses resulting in ongoing uncertainty in the application of clauses and calculation of employees pay.

As we began to notice well-resourced companies dealing with large underpayment scandals, we identified a need in the market for a company like ours that is able to translate written legislation into code to validate how businesses have paid their employees.

 

In what ways can PaidRight help protect businesses and employees?

Our Business Records Insights Report and Pay Compliance Analysis Report give our customers the ability to prove and improve their payroll compliance.

This gives our customers confidence in their payroll systems and processes as:

• It provides continuous and regular visibility into their compliance;
• Improves their employee pay compliance confidence going forward;
• Improves their payroll systems and processes; and
• Ensures stakeholder confidence including investors, employees and Fair Work.

In providing businesses with the records to prove their compliance and the insights into how they can improve their score and confidence overtime, this will help them avoid:

• Underpaying or overpaying their employees;
• Having to enter into a large-scale remediation project;
• Personal and company penalties from the Fair Work Ombudsman;
• Damage to investor and employee confidence; and
• Damage to their brand and reputation.

 

What can we expect from PaidRight in the coming months?

In the coming weeks we will be launching a campaign for our Fixed Price Health Check.

In a Health Check we look at your latest 3 months of payroll data for 500 employees on a single agreement (award or EA).

We then provide you with a Business Records Insights Report and a Pay Compliance Analysis Report.

This Health Check will take under four weeks to complete and costs $15,000.

The Health Check provides:

• A fast and accurate insight into the health of your business records;
• Your current compliance score out of 100;
•  An understanding of the root causes of any employee pay variance; and
• An easy way to understand your overall payroll compliance position.

The goal of the Fixed Price Health Check is to give the customer insight into their current compliance position.

We then assess with the customer whether or not moving into our Ongoing Payslip Check product is suitable, which involves conducting quarterly reviews to improve their payroll compliance score and confidence overtime.

 

How can interested LFRA Members find out more information about PaidRight?
Interested LFRA members can find out more information at www.paidright.io or on LinkedIn.

Alternatively, if any LFRA members are interested in having a more detailed look at the PaidRight products, features and processes we would be more than happy to set up an initial call or demo.

Please reach out to LFRA or directly to Stuart Harker, Chair of our Retail Advisory Board (stuart.harker@paidright.io) and Duncan Stone, Chief Executive Officer at PaidRight (duncan.stone@paidright.io).