PaidRight launches their fixed price Health Check

Employee wage underpayments has become an increasing issue in recent years, with many of the country’s biggest and most well-resourced companies finding themselves dealing with large remediation projects.

Being payroll compliant can be challenging.

The complex industrial relations landscape, the challenges with setting up and maintaining multiple payroll systems and dealing with thousands of employees, all have contributed to payroll compliance becoming a huge risk area for Australian businesses.

What is a Health Check

PaidRight has launched Health Check, which for the first time will provide businesses in at-risk industries, like retail, the ability to gain extremely valuable insight into their current payroll compliance position.

Health Check can help validate how businesses have paid their employees.

The Health Check includes a one-off review of the latest three months of payroll for 500 employees on a single modern award or enterprise agreement.

The Health Check can be completed in less than four weeks and is charged at a fixed price of $15,000.

The purpose of a Health Check

PaidRight’s Health Check is a relatively new concept in the world of payroll compliance.

It focuses on providing you the ability to prove your compliance and aims to answer the question “Can I prove that I am paying my employees in accordance with their legal entitlements?”

The key features included in the Health Check aim to provide you with;

• An understanding of your ability to prove compliance;
• Confidence you are paying your people correctly; and
• Highlight your risk factors in proving your compliance.

What you, the customer, receives

During the Health Check, you will receive two key reports; a Pay Compliance Analysis Report and a Business Records Insights Report.

There are four key features within these reports that will provide you great visibility into your payroll:

• PaidRight’s 38 business record data validation check
  • 38 standard data validation checks are reported This will give you a thorough assessment of the overall health of your business records, whilst identifying gaps and outliers in the payroll data you collect.
• An overall pay compliance score out of 100
  • providing insight into the accuracy of actual employee payments compared to what you should have paid based on your interpretation of the relevant agreement.
• Total variance in employee pay
  • a detailed view into the total sum of variance as well as where variances have occurred including the number of employees that could be at risk of underpayment or overpayment.
• Root cause analysis
  • insights into the root cause of employee pay This includes a drill down into particular employees, pay categories, clauses or stores that are contributing to variance.

How PaidRight is helping Australian retailers

PaidRight continues to work with some of the biggest retailers in the country by helping them to prove and improve their payroll compliance.

In the past, businesses have taken a reactive approach to payroll compliance, having to undertake remediation projects after issues have already started to negatively impact the business.

Businesses now have the ability to take a proactive approach in being able to prove your compliance, and make changes to payroll systems and processes to improve the accuracy of your employee pay.

Health Check provides businesses with a very simple way to understand current compliance position.

Following a Health Check you should have:

1. An understanding of your current compliance score;
2. Insights into the health of your business records;
3. Knowledge on when, how much and why variances in pay have occurred;
4. The information to implement changes to reduce the number of employees at risk of underpayments and overpayments; and
5. Started to build confidence within your business that you are paying your employees

For more information or to book a demo go to paidright.io or reach out to CEO, Duncan Stone or Chair of PaidRight’s retail advisory board Stuart Harker.