In today’s extremely competitive business environment, it is essential for any business to critically analyse where it stands in relation to its strategic goals. By failing to do so, they may be gradually deviating from the desired goals over a period of time, ultimately finding themselves in a situation where they are not likely to achieve the desired goals at all. Among such capability gaps of an organization, shortage of skilled resources is a major area for consideration.
This is a key decision that most organizations today are faced with, whether they are big or small in size. Whatever your ultimate decision is, the benefits should always outweigh the costs. And by benefits it is not only adequate to consider the financial benefits in dollar terms, but there are many qualitative (non-financial) factors to be considered as well. If the decision is to have your payroll function internally within your organization, then the following characteris
Innovation is a much talked about word today especially in the business context. Although it is a vast area by itself to be discussed, stated in simple terms Innovation is the act of introducing something new. This could be a new product, a new service, process etc. which could lead to increased productivity and efficiency of the organization as well as adding value to its portfolio of customers. As much as the concept of innovation is important for an organization, what seem
We continue our discussion on payroll administration by further examining the provisions of three other extremely important areas .These are namely Superannuation, the Fair work Act and Payroll tax. All of these areas have considerable impact for a business from an operational and legal perspective and therefore has to be administered with due care and diligence. (1) The Superannuation Guarantee – All Australian employers are supposed to contribute a minimum amount towards su
A sound payroll administration system is an integral part of an organization aiming to instil industry best practices and maintain a reputation in the market as being “an employer of choice” that people love to work for. One of the most important aspects for an employer or an organization to know about a sound payroll administration system is to know that it is a specialised area and the payroll function’s complexity cannot be over simplified or its contribution underestimat