Pay modelling
Supporting employers to ensure that legislative requirements on pay are met and employees are paid fairly.
Get in touchWe support companies with complex pay modelling, using our bespoke data validation and pay calculation models
The problem
Ensuring that your people are paid the right amount and at the right time is a critical task for any employer. Not only could getting it wrong weaken the employer-employee relationship, but it could also lead to breaches of legislation, financial penalties and a very public ‘naming and shaming’. The rules around pay and pensions can be complex and nuanced and many companies can find themselves inadvertently falling foul of these rules. When errors do occur, the process of rectification can be time-consuming and complex, with data from multiple sources needing to be stitched together before a full quantification of the problem can take place. In addition, there are increasing regulatory requirements around the disclosure of pay information, in particular gender pay gap reporting obligations and an increasing focus on reporting pay based on ethnicity, disability or other employee characteristics.
Our approach
Isio employs over 1,100 individuals with strong data analytical skills and financial modelling expertise. We utilise this skillset to support companies with complex pay modelling, using our bespoke data validation and pay calculation models. The types of pay confidence projects for which we provide support typically fall into two categories: compliance and disclosure.
Insight
What the Budget and Employment Rights Bill mean for payroll
Rachel Reeves’ first Budget as Chancellor of the Exchequer unveiled significant changes for employers which, coupled with new legislation in the form of the Employment Rights Bill, will have an impact on employment costs and payroll implementation. Mark Jones, Partner at Isio, explores what employers need to consider.
Read moreData review and validation
- Identify scope of data requirements and, if required, integrate data from multiple systems (e.g. payroll system and timesheet system)
- Conduct data validation checks
- Review data recording processes
Calculation and modelling
- Undertake detailed calculations of required disclosures or rectification payments for each affected employee
- Work with your legal and/or tax advisers where appropriate to identify key judgements required
Visualisation of results
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- Use our dashboard, with deep dive functionality, to view your results
- Dissect and mine data by characteristic (e.g. gender, location, grade)
- Once results are finalised, employers can consider how best to rectify and communicate to employees and other stakeholders