With Payroll costs driving upwards and constituting a large percentage of our business input costs, it will need to be a #1 focus in 2023
.McKinsey Global Institute found that “ that USA productivity growth has slowed in the last 15 years to 1.4% annual growth (as compared to long-term rates of 2.2% since 1948). It also found striking variations in productivity among leading and lagging firms within each sector — a gap that is only widening. Across sectors and geographies, the most productive companies follow a playbook with these four elements: 1) They capture value from digitization; 2) They invest in intangibles (such as R&D or workforce capabilities); 3) They build a future-ready workforce; and 4) They take a systems approach.” Charles Atkins, Asutosh Padhi, and Olivia White McKinsey
Competitive labour markets together with the government’s drive to increase overall payroll labour costs by moving to comply with accurate award interpretation of the industry rules and conditions is creating a tsunami coming to flatten us.
Implementing a system that will help protect us with efficient processes from Rostering, Timekeeping and Timesheet management with inbuilt Award Interpretation and Payroll, will improve efficiency, saving a lot of time whilst improving overall labour cost management.
Employee rostering and time management are critical elements of putting downward pressure on our payroll costs. These functions are undertaken at business unit level and we need to deliver efficient, easy to use tools for the team supervisors to use.
The FWO requires the maintenance and application of employee times into the timesheet with both supervisor and employee signing off the timesheet created.
These timesheets need to be maintained for most staff including many salaried employees that up to 2021 may have not kept such records.
Automating the award interpretation from the in-system approved timesheet for automated payroll reduces the risk of errors and omissions.
Having Rostering, Timekeeping and Timesheet management with in-built Award Interpretation and Payroll functions in one system will reduce complexity whilst improving compliance and employee satisfaction.
The McKinsey team found that companies that take on advantage of digitalization opportunities improved their productivity.
In Australia, we need to tackle our lack of productivity improvement now, with the government’s drive to increase pay rates and award conditions.This together with the government and FWO pay compliance activities brings these issues to the front of mind for business in 2023.
Having in one system, full integration from Recruitment, Onboarding, and HRM delivers cost-reducing efficiency, employee satisfaction, payroll accuracy.
The Inzenius package can include all the processes from employee Onboarding linked to Rostering, Time & Attendance, Australian Compliant Award Interpreter from the approved Electronic Timesheet and STP2-approved Payroll processing and distributions in one.
Employee device HRM Rostering Timekeeping and Payroll system in one include onboarding data entry efficiency.
Easy Rostering Development and Employee Notification is another feature that dries not only roster development and distribution efficiency. As the rosters are able to be costed through the Award Interpreter and using the Employee Rostering Software cost can be better managed.Electronic Timesheet Software with GPS locating reporting back to the staff rostering system. 
Electronic Timesheet Software with GPS locating reporting back to the staff rostering system.
