Superannuation has the opportunity to create a bright future for those prepared or can be a wasted notion to those who are not set up correctly. When it comes to our employees, we are always striving for the former.
You may not think it so, but efficient payroll has a part to plan in superannuation success, with so many businesses failing to recognise and implement the basics. Rather than treating your team to another morning tea, spend that time researching payroll services that will give them the gift of a comfortable future. Hereβs how and why you should be exploring and enhancing your payroll capabilities and subsequent superannuation.
The term payroll can mean a company’s wage bill, the process of working out worker’s salaries, the department in a company that is in charge of salaries and wages.
Outsource your payroll and gain time back
Any payroll professional will tell you how long the list goes of items and considerations that go into executing payroll responsibilities. While superannuation is chief among those priorities, it can often be benched to make way for administrative work, reporting and general processing.
By tasking an outside provider with your payroll services, you can make sure all your payroll is compliant, and in the right hands to administer superannuation payments. It also frees up your time to explore the benefits of your chosen provider, and potentially seek out better inclusions or alternatives.
Educate your team about superannuation options
Superannuation has become ingrained in our psyche, but not many people could distinguish what makes the right superannuation package.. Or even what super is. This is a particularly alarming concept if your payroll and finance team are also in the dark about what your superannuation package includes.
Contact your chosen super fund provider, and have them come into your workplace to discuss options with your finance team and greater work community. This can be in the form or a formal talk, or even a branded desk in a lunchroom for employees to seek out information. Great superannuation advice too late in life will do nothing for a brighter future, so start the education process now and spread the knowledge.
Different business types call for different options
Business looks different for everyone. It could be a sole trader operation or a small team of six. For many, the headcount is much higher. Your payroll solution should be able to support the requirements of any sized team so that superannuation remains a core focus of the finance team. When businesses start small and grow with that agile mentality, employees can stay on starting contracts and tenuous agreements.
You should be reviewing your small business super options as your business grows. Whatever the size of your business today, make sure you have selected the best payroll system for your team with a superannuation option that makes sense for the business and employees.
Position yourself as a desirable employer
Candidates are looking for more than just a higher starting salary. Society has shifted, with perceived benefits taking a new form. Flexible working conditions are a key driver for candidates considering new roles, with superannuation packages also at the top of the list.
By selecting a high performing super fund with a high contributing percentage, you can be assured that this will turn the heads of many strong candidates, and will position your business as a desirable employer. As well as attracting talent, your superannuation can also be a great retention method.
When business is busy and there are many competing priorities, the importance of payroll can be lost in the chaos. Establishing a reliable and functional payroll service solution will allow your business to grow, and give you and your employees a greater superannuation offering. Start exploring outsourced payroll services today, and ask the key questions around superannuation management.