{"id":1640,"date":"2024-11-13T23:16:42","date_gmt":"2024-11-13T10:16:42","guid":{"rendered":"https:\/\/www.workstem.com\/au\/blog\/auto-draft\/"},"modified":"2024-11-13T23:21:20","modified_gmt":"2024-11-13T10:21:20","slug":"why-was-1-billion-in-back-pay-needed-payroll-system","status":"publish","type":"post","link":"https:\/\/www.workstem.com\/au\/blog\/why-was-1-billion-in-back-pay-needed-payroll-system\/","title":{"rendered":"If Every Business Has a Payroll Software , Why Was $1 Billion in Back Pay Needed?"},"content":{"rendered":"<div class='post-index' id='post-index'><a href='###' id='post-index-close'><i class='fa fa-list'><\/i><\/a>\r\n\t\t\t\t<h3 class='post-index-title'>Table of content<\/h3>\r\n\t\t\t\t<div class='post-index-inner' id='post-index-inner'>\r\n\t\t\t\t<ol class='post-index-list'><li class=\"post-index-item\" data-tt=\"title-idx-0\" ><a href=\"###\"title=\"Today\u2019s Payroll Challenges\">Today\u2019s Payroll Challenges<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-1\" ><a href=\"###\"title=\"How Workstem is Different\">How Workstem is Different<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-2\" ><a href=\"###\"title=\"Ready for Your \u201cPerfect Payslip\u201d?\">Ready for Your \u201cPerfect Payslip\u201d?<\/a><\/li><\/ol>\r\n\t\t\t<\/div><\/div>\r\n\t\t\t<script>\r\n\t\t\t$(function(){\r\n\t\t\t\tvar contIdxHeight = $('#post-index-inner').height()+20;\r\n\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t$('#post-index-close').on('click',function(){\r\n\t\t\t\t\tif($('#post-index-inner').height()>20) {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',0);\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top',0);\r\n\t\t\t\t\t} else {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top','20px');\r\n\t\t\t\t\t}\r\n\t\t\t\t});\r\n\t\t\t\t$('.post-index-item').on('click',function(){\r\n\t\t\t\t\tvar tt=$(this).data('tt');\r\n\t\t\t\t\tscrollPosition(document.getElementById(tt));\r\n\t\t\t\t});\r\n\t\t\t});\t\r\n\t\t\t<\/script><div class='post-content-full'><p>Here\u2019s a situation that might sound all too familiar: a company invests in a <span style=\"color: #000000;\">payroll system<\/span>, expecting it to take care of payroll accuracy and compliance. Yet, despite their best efforts, mistakes slip through. This is more common than you might think\u2014in fact, the<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.fairwork.gov.au\/sites\/default\/files\/2023-10\/office-of-the-fair-work-ombudsman-annual-report-2022-23.pdf\" target=\"_blank\" rel=\"noopener\"> Fair Work Annual Report<\/a><\/span> revealed that over the past two years, businesses had to<strong> pay back more than $1 billion in wages to<\/strong> <strong>635,000 underpaid workers<\/strong>. That begs the question: If everyone has a <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.workstem.com\/au\/product\/payroll\/\" target=\"_blank\" rel=\"noopener\">payroll system<\/a><\/span>, why are we seeing so many costly errors?<\/p>\n<p>At Workstem, we saw this problem and knew something had to change. So we set out to do payroll differently\u2014to create what we call \u201cthe perfect payslip\u201d for you, one that gets everything right the first time.<\/p>\n<h2 id=\"title-idx-0\" class=\"icon-anchor\">Today\u2019s Payroll Challenges<\/h2>\n<p>The reality for most companies is that payroll is tangled up in a mix of different tools and systems. There\u2019s one for onboarding, another for tracking hours, yet another for calculating pay. This patchwork approach doesn\u2019t just add costs\u2014it creates technical risk and makes it nearly impossible to keep up with Fair Work and ATO regulations.<\/p>\n<p>One missed update, and suddenly a business is facing compliance issues and hefty fines.<\/p>\n<ul>\n<li aria-level=\"1\"><strong>Too Many Vendors:<\/strong> Multiple vendors utilise a range of technologies that add cost, complexity, and technical risk.<\/li>\n<li aria-level=\"1\"><strong>Regulatory Complexity:<\/strong> Fair Work and ATO regulations are difficult to begin with and change frequently, resulting in a significant compliance risk for businesses.<\/li>\n<li aria-level=\"1\"><strong>Significant Compliance Costs:<\/strong> Despite existing payroll systems, Fair Work has collected over $1 billion in remediations over the last two years, proving that today\u2019s systems are often inadequate.<\/li>\n<\/ul>\n<h2 id=\"title-idx-1\" class=\"icon-anchor\">How Workstem is Different<\/h2>\n<p>Workstem\u2019s approach addresses these challenges directly by:<\/p>\n<ul>\n<li aria-level=\"1\"><strong>Unified Platform:<\/strong> Say goodbye to outdated tech and patchwork systems. Workstem\u2019s fully integrated platform eliminates technical debt and keeps you up-to-date without the hassle of multiple vendors.<\/li>\n<li aria-level=\"1\"><strong>Full Compliance: <\/strong>With 156 Fair Work award templates and natural language tools for customising awards and built-in integration to Fair Work, Workstem ensures compliance, so you can rest easy knowing your payroll is accurate.<\/li>\n<li aria-level=\"1\"><strong>Single Touchpoint:<\/strong> With Workstem, everything you need is in one place. From onboarding and rostering to time management and payroll, our mobile-friendly platform lets employees check rosters, swap shifts, clock in\/out, request time off, and review payslips effortlessly.<\/li>\n<\/ul>\n<h2 style=\"text-align: left;\">Precision meets Payroll with Netsuite <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.workstem.com\/au\/product\/integrations\/netsuite\/\" target=\"_blank\" rel=\"noopener\">Integration<\/a><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.workstem.com\/au\/wp-content\/uploads\/sites\/7\/2024\/11\/thumbnail_image-min.png\" alt=\"Workstem believes in a \u201cperfect payslip\u201d that focuses on three main areas: Onboarding, Workforce Management, and Payroll Compliance. They\u2019re the foundation for creating a unified and reliable payroll system that you can trust. Here\u2019s how it works:\" width=\"790\" height=\"396\" \/><\/p>\n<p>Workstem believes in a \u201cperfect payslip\u201d that focuses on three main areas: Onboarding, Workforce Management, and Payroll Compliance. They\u2019re the foundation for creating a unified and reliable payroll system that you can trust. Here\u2019s how it works:<\/p>\n<ul>\n<li>Onboarding: From day one, each employee\u2019s record is set up accurately with award links, ensuring compliance and smooth employee self-service (ESS) for easy access to information.<\/li>\n<li>Workforce Management: Centralised tools for time tracking, rostering, leave, and award interpretation allow businesses to accurately capture hours and convert them into compliant gross wage files.<\/li>\n<li>Payroll Compliance: Workstem\u2019s system is always updated to meet ATO mandates, STP-2, and superannuation requirements, ensuring payroll accuracy without the hassle.<\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<h2 id=\"title-idx-2\" class=\"icon-anchor\">Ready for Your \u201cPerfect Payslip\u201d?<\/h2>\n<p>With <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.workstem.com\/au\/\" target=\"_blank\" rel=\"noopener\">Workstem<\/a><\/span>, you no longer have to worry about missed award rates or outdated systems. <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.workstem.com\/au\/contact\/\" target=\"_blank\" rel=\"noopener\">Contact<\/a><\/span> us to learn more about simplifying your payroll and workforce management today.<\/p>\n<p>Read More:<\/p>\n<p>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Table of content Today\u2019s Payroll ChallengesHow Workstem is DifferentReady for Your \u201cPerfect Payslip\u201d? Here\u2019s a situation that might sound all too familiar: a company invests in a payroll system, expecting it to take care of payroll accuracy and compliance. Yet, despite their best efforts, mistakes slip through. This is more common than you might think\u2014in&#8230;<\/p>\n","protected":false},"author":16,"featured_media":1644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[51,46],"class_list":["post-1640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-hr-tech","tag-payroll"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$1B in Remediation Despite Payroll Software - Workstem<\/title>\n<meta name=\"description\" content=\"Why did $1B in back pay happen despite payroll software? 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