Are you underpaying your staff?
Are you underpaying your staff without realising it?
Despite the years that have passed since the introduction of Modern Awards, because of their complex nature, many businesses still don’t have a firm grasp on employee entitlements, leaving them exposed to legal fees, penalties and reimbursement. This is often a result of missing entitlements (such as failing to pay penalty rates/allowances) or failure to account for additional benefits stipulated within the Modern Award (such as annual leave loading).
Remember, just last year a Franchise owner was fined over $330,000 total (in a mixture of personal fines for the Franchise Owner and fines for the business itself) as a result of underpayment of employees. Don’t let your business be next!
So how do we mitigate this risk to your business? The first step is to audit your employee entitlements (including base rate, penalty rates, shift loading/s and other entitlements such as annual leave loading. This is a good check to do each year, particularly following the July period as this is when Modern Award rates often increase.
Are you sure you’re paying your staff correctly? Advice On-Demand can help with a review of your current pay rates! Simply call 1300 55 99 62