Empathy in Payroll: A Conversation with Amy Travis
This episode of 'It's About Payroll', hosted by Brian Escobar and Walter William Duncan II, delves into the significance of empathy in the payroll profession. The hosts share their personal journeys and growth towards understanding and advocating for empathy in the workplace. Special guest, Amy Travis, CPP and soon-to-be president of the Greater Atlantic Payroll Association, shares her unique entry into the payroll field, starting from buttering garlic bread to ascending into leadership. She emphasizes the importance of empathy, especially in leadership positions, to foster a supportive and efficient team environment that enhances both employee satisfaction and performance. The episode also covers potential dangers of modern technologies like AI and the necessity of continuous vigilance against payroll fraud. Additionally, a discussion on the impact of company culture on payroll departments, whether they fall under finance or HR, is explored, highlighting the evolving focus on the human element in HR. Amy Travis' story of perseverance and her emphasis on the importance of empathy in payroll make for an enlightening conversation.
00:00 Introduction to the Payroll Podcast
00:30 Celebrating Milestones and Personal Growth
01:34 Special Guest Announcement: Amy Travis
02:07 Deep Dive into Empathy and Personal Evolution
02:57 Payroll News Segment: Tackling Payroll Fraud
11:49 Exploring Technological Solutions to Prevent Fraud
19:10 Guest Spotlight: Amy Travis's Payroll Journey
22:15 Choosing a Career Path: Payroll or Dental Assistant?
22:44 The Professionalism and Planning Behind the Scenes
23:56 Empathy in Payroll: A Deep Dive
25:49 Building an Empathetic Team: Strategies and Successes
26:46 The Ripple Effect of Empathy in the Workplace
27:33 The Importance of Employee Experience in Today's Workforce
29:05 Navigating the Current Job Market: Insights and Advice
39:25 Exploring the Role of Empathy in Payroll Careers
43:39 Why We Love Payroll: A Personal Insight
45:01 Closing Remarks and Community Engagement
WALT
Key Points from the Article:
1. **Prevalence of Payroll Fraud**: Association of Certified Fraud Examiners (ACFE) revealed that Payroll fraud makes up 15% of all occupational fraud schemes in the United States and Canada. It often goes undetected for an average of 18 months, resulting in an average loss of $2,800 per month.
2. **Industries Affected**: While no industry is immune, payroll fraud is most common in the construction industry and in government and public administration.
3. **Common Types of Payroll Fraud**:
- Payroll diversion through phishing tactics.
- Ghost employees, where non-existent employees receive wages accessed by fraudsters.
- Overpayment schemes, such as inflating overtime payments.
- Embezzling withholding, involving pocketing legitimate withholdings from wages.
- Expense reimbursement fraud, including padding expenses or submitting fictitious expenses.
4. **Prevention Strategies**:
- Educating employees about phishing threats.
- Implementing two-factor authentication.
- Segregation of duties in employee onboarding and termination.
- Running exception reports to detect unusual patterns.
- Requiring original receipts for expense reimbursement.
5. **Future of Technology Solutions**:
- The use of AI and machine learning for fraud detection is expected to nearly triple over the next two years.
- Despite technological advancements, vigilance remains crucial as technology can both enable and prevent fraud.
6. **Ongoing Vigilance**: Employers and accounting professionals should remain vigilant even with technological solutions, as new tools for perpetuating fraud can emerge alongside advancements in technology.
BRIAN
Pay News Updates!
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