Inadvertently giving staff incorrect pay or entitlements ranks as one the greatest business traps that SMEs face.
The scale of this risk is due largely to the complexity of the Industry Awards set down by the Government regulator, the Fair Work Commission. Currently, the awards guidance from Fair Work runs to over 100 densely written pages, prepared by lawyers. It’s not uncommon for SMEs to do their utmost to make sense of this document, only to find they’re breaching industry awards when they’re audited. At this stage, it’s too late to fix the issues, and the business may pay fines or face court hearings.
However, it’s important to note that complying with industry awards is a preventable HR risk.
Download Chapter 3 of our new Knowledge Guide and ensure your business has the correct HR policies, procedures and guidelines in place… and leave nothing to chance.
Download Chapter 3: Pay Compliance Risks.
If you have missed previous chapters of this Knowledge Guide, you can download them here.
TALK TO A PAY COMPLIANCE SPECIALIST
Managing pay compliance is a key capability at 360HR Solutions. Whether you need assistance managing or understanding pay compliance risk for your business, contact 360HR Solutions today.
Send us an email or contact the 360HR Solutions team on 02 4225 2223.